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

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

Greenlight Capital Re Trading Down 6.4%

Shares of NASDAQ:GLRE traded down $1.05 during trading on Wednesday, hitting $15.31. 95,704 shares of the company’s stock were exchanged, compared to its average volume of 175,859. Greenlight Capital Re has a 1-year low of $11.56 and a 1-year high of $19.39. The firm has a market cap of $507.77 million, a P/E ratio of 6.46 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. The firm has a 50-day moving average price of $16.28 and a two-hundred day moving average price of $16.12.

Insider Buying and Selling

In related news, Director Ian Isaacs sold 9,230 shares of the stock in a transaction that occurred on Tuesday, June 23rd. The shares were sold at an average price of $16.33, for a total value of $150,725.90. Following the completion of the transaction, the director owned 60,191 shares of the company’s stock, valued at $982,919.03. This represents a 13.30% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, General Counsel David Sigmon sold 7,500 shares of the stock in a transaction that occurred 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 sale, the general counsel directly owned 32,678 shares of the company’s stock, valued at $566,309.74. This 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. Insiders have sold 85,472 shares of company stock worth $1,472,107 over the last 90 days. 24.67% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Greenlight Capital Re

Several institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets lifted its position in Greenlight Capital Re by 4.9% during the second quarter. BNP Paribas Financial Markets now owns 30,659 shares of the financial services provider’s stock valued at $441,000 after purchasing an additional 1,429 shares during the last quarter. Bank of America Corp DE raised its holdings in Greenlight Capital Re by 3.8% in the 2nd quarter. Bank of America Corp DE now owns 39,239 shares of the financial services provider’s stock worth $564,000 after acquiring an additional 1,451 shares during the last quarter. Tower Research Capital LLC TRC increased its position in Greenlight Capital Re by 90.2% during the second quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 1,627 shares during the last quarter. State of Wisconsin Investment Board grew its stake in shares of Greenlight Capital Re by 6.7% during the 4th quarter. State of Wisconsin Investment Board now owns 31,981 shares of the financial services provider’s stock valued at $466,000 after acquiring an additional 2,000 shares during the period. Finally, Ameriprise Financial Inc. boosted its position in shares of Greenlight Capital Re by 0.3% during the second quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider’s stock worth $9,532,000 after acquiring an additional 2,180 shares during the last quarter. 41.52% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently weighed in on GLRE shares. Wall Street Zen downgraded Greenlight Capital Re from a “buy” rating to a “hold” rating in a research note on Sunday, June 7th. Zacks Research raised Greenlight Capital Re to a “hold” rating in a report on Wednesday, May 27th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Greenlight Capital Re in a research note on Monday, July 6th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy”.

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.