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.
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.
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