Pinnacle Associates Ltd. Makes New $2.48 Million Investment in Greenlight Capital Re, Ltd. $GLRE

Pinnacle Associates Ltd. bought a new position in Greenlight Capital Re, Ltd. (NASDAQ:GLRE) in the fourth quarter, according to the company in its most recent disclosure with the SEC. The fund bought 170,100 shares of the financial services provider’s stock, valued at approximately $2,480,000.

A number of other large investors have also added to or reduced their stakes in GLRE. AQR Capital Management LLC grew its position in Greenlight Capital Re by 61.1% in the 1st quarter. AQR Capital Management LLC now owns 44,893 shares of the financial services provider’s stock worth $608,000 after purchasing an additional 17,029 shares during the period. Empowered Funds LLC grew its position in Greenlight Capital Re by 8.3% in the 1st quarter. Empowered Funds LLC now owns 117,805 shares of the financial services provider’s stock worth $1,596,000 after purchasing an additional 9,066 shares during the period. Jane Street Group LLC bought a new stake in Greenlight Capital Re in the 1st quarter worth approximately $335,000. First Trust Advisors LP grew its position in Greenlight Capital Re by 3.2% in the 2nd quarter. First Trust Advisors LP now owns 81,531 shares of the financial services provider’s stock worth $1,172,000 after purchasing an additional 2,553 shares during the period. Finally, Ameriprise Financial Inc. grew its position in Greenlight Capital Re by 0.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider’s stock worth $9,532,000 after purchasing an additional 2,180 shares during the period. Institutional investors own 41.52% of the company’s stock.

Analyst Ratings Changes

A number of equities research analysts have commented on GLRE shares. Wall Street Zen downgraded shares of Greenlight Capital Re from a “strong-buy” rating to a “hold” rating in a research report on Saturday, May 9th. Weiss Ratings upgraded shares of Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a research note on Tuesday, March 17th. One analyst has rated the stock with a Buy rating, According to MarketBeat, Greenlight Capital Re has a consensus rating of “Buy”.

Insiders Place Their Bets

In related news, Director Joseph P. Platt, Jr. sold 6,820 shares of Greenlight Capital Re stock in a transaction on Tuesday, May 12th. The shares were sold at an average price of $17.50, for a total transaction of $119,350.00. Following the transaction, the director owned 48,180 shares in the company, valued at approximately $843,150. The trade was a 12.40% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, General Counsel David Sigmon sold 7,500 shares of Greenlight Capital Re stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $17.33, for a total transaction of $129,975.00. Following the transaction, the general counsel owned 32,678 shares in the company, valued at approximately $566,309.74. This trade represents a 18.67% decrease in their position. 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 90 days, insiders have sold 15,140 shares of company stock worth $263,675. 24.67% of the stock is owned by corporate insiders.

Greenlight Capital Re Stock Up 1.0%

GLRE opened at $17.52 on Friday. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.46 and a current ratio of 2.46. Greenlight Capital Re, Ltd. has a fifty-two week low of $11.56 and a fifty-two week high of $19.39. The firm’s fifty day moving average is $17.32 and its 200 day moving average is $14.95. The stock has a market cap of $581.14 million, a price-to-earnings ratio of 7.39 and a beta of 0.38.

Greenlight Capital Re (NASDAQ:GLRE) last released its earnings results on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share for the quarter, missing analysts’ consensus estimates of $1.25 by ($0.20). Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. The firm had revenue of $189.66 million for the quarter, compared to analysts’ expectations of $160.88 million.

Greenlight Capital Re Profile

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.