Greenlight Capital Re (NASDAQ:GLRE) Sets New 52-Week High on Earnings Beat

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) reached a new 52-week high during mid-day trading on Tuesday after the company announced better than expected quarterly earnings. The stock traded as high as $14.39 and last traded at $14.31, with a volume of 40424 shares. The stock had previously closed at $13.56.

The financial services provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.65 by $0.36. The firm had revenue of $188.01 million for the quarter. Greenlight Capital Re had a return on equity of 10.88% and a net margin of 9.60%. During the same quarter in the prior year, the firm earned $0.39 EPS.

Analysts Set New Price Targets

Separately, StockNews.com cut Greenlight Capital Re from a “buy” rating to a “hold” rating in a report on Thursday, October 31st.

Insider Activity at Greenlight Capital Re

In related news, Director Ian Isaacs sold 7,159 shares of Greenlight Capital Re stock in a transaction that occurred on Friday, September 27th. The shares were sold at an average price of $13.81, for a total value of $98,865.79. Following the completion of the transaction, the director now directly owns 86,984 shares in the company, valued at approximately $1,201,249.04. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 22.79% of the stock is owned by insiders.

Hedge Funds Weigh In On Greenlight Capital Re

A number of large investors have recently modified their holdings of GLRE. Ridgewood Investments LLC purchased a new stake in shares of Greenlight Capital Re in the 2nd quarter valued at $37,000. CWM LLC boosted its position in Greenlight Capital Re by 37.3% during the second quarter. CWM LLC now owns 3,702 shares of the financial services provider’s stock valued at $48,000 after buying an additional 1,005 shares during the period. Bfsg LLC grew its stake in shares of Greenlight Capital Re by 25.8% during the third quarter. Bfsg LLC now owns 6,535 shares of the financial services provider’s stock valued at $89,000 after buying an additional 1,340 shares during the last quarter. SG Americas Securities LLC purchased a new stake in Greenlight Capital Re during the 3rd quarter valued at about $133,000. Finally, Vanguard Personalized Indexing Management LLC bought a new stake in Greenlight Capital Re in the second quarter valued at approximately $138,000. 41.52% of the stock is owned by hedge funds and other institutional investors.

Greenlight Capital Re Stock Up 6.1 %

The company’s 50-day simple moving average is $13.72 and its two-hundred day simple moving average is $13.21. The firm has a market cap of $508.27 million, a PE ratio of 7.14 and a beta of 0.85. The company has a debt-to-equity ratio of 0.10, a quick ratio of 3.00 and a current ratio of 3.00.

Greenlight Capital Re Company Profile

Greenlight Capital Re, Ltd., through its subsidiaries, operates as a property and casualty reinsurance company worldwide. The company offers various property reinsurance products and services, including automobile physical damage, personal lines, and commercial lines. It also provides casualty reinsurance products and services comprising general liability, motor liability, professional liability, and worker's compensation; and accident and health, transactional liability, mortgage insurance, surety, trade credit, marine, and energy, as well as other specialty products, such as aviation, crop, cyber, political, and terrorism products.