Greenlight Capital Re (NASDAQ:GLRE) Releases Earnings Results, Misses Expectations By $0.23 EPS

Greenlight Capital Re (NASDAQ:GLRE) released its earnings results on Monday. The financial services provider reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of $0.10 by ($0.23), Zacks reports. The firm had revenue of $184.38 million for the quarter. Greenlight Capital Re had a return on equity of 5.75% and a net margin of 5.37%.

Greenlight Capital Re Trading Up 2.2%

Shares of GLRE stock traded up $0.26 during mid-day trading on Wednesday, hitting $12.21. 3,856 shares of the company’s stock were exchanged, compared to its average volume of 115,802. Greenlight Capital Re has a fifty-two week low of $11.56 and a fifty-two week high of $15.82. The stock has a 50-day simple moving average of $12.56 and a two-hundred day simple moving average of $13.25. The company has a quick ratio of 2.83, a current ratio of 2.83 and a debt-to-equity ratio of 0.09. The stock has a market cap of $417.56 million, a price-to-earnings ratio of 11.40 and a beta of 0.60.

Wall Street Analyst Weigh In

Separately, Weiss Ratings lowered Greenlight Capital Re from a “buy (b-)” rating to a “hold (c+)” rating in a research note on Thursday, October 30th. One research analyst has rated the stock with a Hold rating, According to data from MarketBeat, the stock currently has an average rating of “Hold”.

Insiders Place Their Bets

In related news, insider Thomas James Curnock sold 11,500 shares of Greenlight Capital Re stock in a transaction on Friday, August 8th. The stock was sold at an average price of $12.93, for a total value of $148,695.00. Following the transaction, the insider owned 179,832 shares in the company, valued at approximately $2,325,227.76. This trade represents a 6.01% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Ian Isaacs sold 8,393 shares of the business’s stock in a transaction dated Wednesday, September 17th. The shares were sold at an average price of $12.79, for a total value of $107,346.47. Following the completion of the sale, the director directly owned 71,137 shares of the company’s stock, valued at approximately $909,842.23. This represents a 10.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 23.55% of the stock is currently owned by company insiders.

Institutional Trading of Greenlight Capital Re

Hedge funds and other institutional investors have recently modified their holdings of the company. AQR Capital Management LLC raised its holdings in Greenlight Capital Re by 61.1% during the first quarter. AQR Capital Management LLC now owns 44,893 shares of the financial services provider’s stock valued at $608,000 after buying an additional 17,029 shares in the last quarter. Empowered Funds LLC lifted its stake in shares of 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 valued at $1,596,000 after purchasing an additional 9,066 shares during the period. Jane Street Group LLC bought a new stake in shares of Greenlight Capital Re in the 1st quarter valued at $335,000. First Trust Advisors LP increased its position in shares of 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 valued at $1,172,000 after buying an additional 2,553 shares in the last quarter. Finally, Ameriprise Financial Inc. boosted its stake 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. 41.52% of the stock is currently owned by hedge funds and other institutional investors.

About Greenlight Capital Re

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.