Greenlight Capital Re (NASDAQ:GLRE) Issues Quarterly Earnings Results

Greenlight Capital Re (NASDAQ:GLRE) posted its quarterly earnings data on Tuesday. The financial services provider reported ($0.89) EPS for the quarter, missing analysts’ consensus estimates of ($0.35) by ($0.54), FiscalAI reports. The company had revenue of $137.46 million for the quarter, compared to analyst estimates of $163.43 million. Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%.

Greenlight Capital Re Stock Down 1.7%

Greenlight Capital Re stock traded down $0.28 during midday trading on Tuesday, hitting $16.36. The stock had a trading volume of 126,348 shares, compared to its average volume of 176,491. The business has a fifty day moving average price of $16.29 and a 200 day moving average price of $16.10. Greenlight Capital Re has a 12 month low of $11.56 and a 12 month high of $19.39. The stock has a market cap of $542.66 million, a P/E ratio of 6.90 and a beta of 0.33. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.01.

Analyst Ratings Changes

A number of brokerages have recently commented on GLRE. Zacks Research raised shares of Greenlight Capital Re to a “hold” rating in a research note on Wednesday, May 27th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Greenlight Capital Re in a research report on Monday, July 6th. Finally, Wall Street Zen cut Greenlight Capital Re from a “buy” rating to a “hold” rating in a research note on Sunday, June 7th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy”.

Insider Buying and Selling at Greenlight Capital Re

In other news, COO Patrick O’brien sold 3,026 shares of Greenlight Capital Re stock in a transaction dated Tuesday, June 23rd. The shares were sold at an average price of $16.36, for a total value of $49,505.36. Following the completion of the transaction, the chief operating officer directly owned 208,633 shares of the company’s stock, valued at approximately $3,413,235.88. The trade was a 1.43% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, General Counsel David Sigmon sold 7,500 shares of the company’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $17.33, for a total value of $129,975.00. Following the transaction, the general counsel directly owned 32,678 shares of the company’s stock, valued at $566,309.74. This trade represents a 18.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. In the last three months, insiders sold 85,472 shares of company stock worth $1,472,107. Company insiders own 24.67% of the company’s stock.

Hedge Funds Weigh In On Greenlight Capital Re

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GLRE. Vanguard Group Inc. grew its position in Greenlight Capital Re by 3.5% in the third quarter. Vanguard Group Inc. now owns 1,469,818 shares of the financial services provider’s stock worth $18,667,000 after buying an additional 49,929 shares during the last quarter. Ameriprise Financial Inc. lifted its position in shares of Greenlight Capital Re by 0.3% during the 2nd quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider’s stock valued at $9,532,000 after acquiring an additional 2,180 shares during the last quarter. Wells Fargo & Company MN lifted its position in shares of Greenlight Capital Re by 4.1% during the 4th quarter. Wells Fargo & Company MN now owns 340,375 shares of the financial services provider’s stock valued at $4,963,000 after acquiring an additional 13,430 shares during the last quarter. Goldman Sachs Group Inc. boosted its stake in shares of Greenlight Capital Re by 73.1% during the 4th quarter. Goldman Sachs Group Inc. now owns 229,630 shares of the financial services provider’s stock worth $3,348,000 after acquiring an additional 96,983 shares in the last quarter. Finally, Bridgeway Capital Management LLC boosted its stake in shares of Greenlight Capital Re by 8.3% during the 4th quarter. Bridgeway Capital Management LLC now owns 210,684 shares of the financial services provider’s stock worth $3,072,000 after acquiring an additional 16,062 shares in the last quarter. 41.52% of the stock is owned by institutional investors.

About Greenlight Capital Re

Greenlight Capital Re Ltd. (NASDAQ: GLRE) is a Bermuda?incorporated reinsurer externally managed by Greenlight Capital Re Services Ltd., a subsidiary of Greenlight Capital, Inc Since its formation in 2016 and subsequent initial public offering in 2017, the company has focused on providing customized reinsurance solutions to insurers worldwide. Greenlight Capital Re operates as an independent, publicly traded entity, leveraging the investment expertise and underwriting rigor that underpin its parent’s investment platform.

The company’s core business activities encompass both treaty and facultative reinsurance across a broad spectrum of property and casualty lines.