Greenlight Reinsurance (GLRE) Downgraded by Zacks Investment Research

Zacks Investment Research cut shares of Greenlight Reinsurance (NASDAQ:GLRE) from a buy rating to a hold rating in a research report sent to investors on Friday morning.

According to Zacks, “GREENLIGHT CAPITAL REINSURANCE LTD. is an AM Best A- (Excellent) rated specialty property and casualty reinsurance company based in the Cayman Islands. The Company provides a variety of custom-tailored reinsurance solutions to the insurance, risk retention group, captive and financial marketplaces. Greenlight Re selectively offers customized reinsurance solutions in markets where capacity and alternatives are limited. With a focus on deriving superior returns from both sides of the balance sheet, Greenlight Re’s assets are managed according to a value-oriented equity-focused strategy that complements the Company’s business goal of long-term growth in book value per share. “

Several other equities analysts also recently commented on the stock. TheStreet raised shares of Greenlight Reinsurance from a c rating to a b- rating in a report on Wednesday, November 1st. ValuEngine downgraded shares of Greenlight Reinsurance from a buy rating to a hold rating in a report on Friday, September 1st.

Greenlight Reinsurance (GLRE) opened at $21.05 on Friday. Greenlight Reinsurance has a 1-year low of $19.70 and a 1-year high of $24.10. The company has a market cap of $780.55, a price-to-earnings ratio of 19.00 and a beta of 0.77.

Greenlight Reinsurance (NASDAQ:GLRE) last released its earnings results on Monday, October 30th. The financial services provider reported $0.53 EPS for the quarter, missing the consensus estimate of $0.79 by ($0.26). Greenlight Reinsurance had a return on equity of 4.74% and a net margin of 5.91%. The company had revenue of $236.15 million during the quarter, compared to analysts’ expectations of $200.80 million. analysts anticipate that Greenlight Reinsurance will post -0.95 earnings per share for the current fiscal year.

Institutional investors and hedge funds have recently made changes to their positions in the stock. SG Americas Securities LLC bought a new stake in Greenlight Reinsurance in the second quarter worth $113,000. Stevens Capital Management LP bought a new stake in Greenlight Reinsurance in the third quarter worth $270,000. Advisory Services Network LLC increased its position in Greenlight Reinsurance by 22.1% in the second quarter. Advisory Services Network LLC now owns 13,113 shares of the financial services provider’s stock worth $274,000 after purchasing an additional 2,370 shares during the last quarter. Aperio Group LLC increased its position in Greenlight Reinsurance by 44.5% in the second quarter. Aperio Group LLC now owns 13,926 shares of the financial services provider’s stock worth $291,000 after purchasing an additional 4,288 shares during the last quarter. Finally, Voya Investment Management LLC increased its position in Greenlight Reinsurance by 12.9% in the second quarter. Voya Investment Management LLC now owns 15,340 shares of the financial services provider’s stock worth $321,000 after purchasing an additional 1,752 shares during the last quarter. Institutional investors own 46.96% of the company’s stock.

WARNING: This story was first reported by Stock Observer and is the sole property of of Stock Observer. If you are reading this story on another domain, it was stolen and reposted in violation of United States & international copyright law. The original version of this story can be accessed at https://www.thestockobserver.com/2017/12/12/greenlight-reinsurance-glre-downgraded-by-zacks-investment-research.html.

About Greenlight Reinsurance

Greenlight Capital Re, Ltd. is a holding company. The Company analyzes its underwriting operations using two categories: frequency business, which is characterized as contracts containing a number of small losses emanating from multiple events, and severity business, which is characterized as contracts with the potential for significant losses emanating from one event or multiple events.

Get a free copy of the Zacks research report on Greenlight Reinsurance (GLRE)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Greenlight Reinsurance Ltd. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Greenlight Reinsurance Ltd. and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply