StockNews.com Initiates Coverage on Global Indemnity Group (NASDAQ:GBLI)

StockNews.com started coverage on shares of Global Indemnity Group (NASDAQ:GBLI - Free Report) in a report issued on Wednesday morning. The firm issued a buy rating on the insurance provider's stock.

Global Indemnity Group Stock Performance

GBLI traded up $0.16 during trading on Wednesday, reaching $29.98. The company's stock had a trading volume of 650 shares, compared to its average volume of 3,698. The company's fifty day moving average price is $33.86 and its 200-day moving average price is $34.68. Global Indemnity Group has a 52-week low of $28.75 and a 52-week high of $37.00. The company has a market capitalization of $427.38 million, a price-to-earnings ratio of 10.30 and a beta of 0.29.

Global Indemnity Group Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 28th. Shareholders of record on Friday, March 21st were given a $0.35 dividend. This represents a $1.40 annualized dividend and a yield of 4.67%. The ex-dividend date of this dividend was Friday, March 21st. Global Indemnity Group's payout ratio is 44.87%.

Insiders Place Their Bets

In related news, CEO Praveen Kotha Reddy acquired 1,500 shares of Global Indemnity Group stock in a transaction that occurred on Friday, March 14th. The stock was purchased at an average price of $35.96 per share, for a total transaction of $53,940.00. Following the completion of the purchase, the chief executive officer now directly owns 1,500 shares of the company's stock, valued at approximately $53,940. This trade represents a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 52.80% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in GBLI. State of Wyoming grew its holdings in shares of Global Indemnity Group by 56.3% in the 4th quarter. State of Wyoming now owns 1,901 shares of the insurance provider's stock worth $68,000 after acquiring an additional 685 shares during the period. Huber Capital Management LLC acquired a new stake in Global Indemnity Group in the fourth quarter valued at $232,000. Boston Partners increased its position in shares of Global Indemnity Group by 34.9% in the fourth quarter. Boston Partners now owns 103,947 shares of the insurance provider's stock valued at $3,742,000 after buying an additional 26,893 shares in the last quarter. Finally, Cannell Capital LLC raised its stake in shares of Global Indemnity Group by 23.1% during the 4th quarter. Cannell Capital LLC now owns 245,934 shares of the insurance provider's stock worth $8,854,000 after buying an additional 46,167 shares during the last quarter. 37.40% of the stock is owned by hedge funds and other institutional investors.

Global Indemnity Group Company Profile

Global Indemnity Group, LLC, through its subsidiaries, provides specialty property and casualty insurance, and reinsurance products worldwide. It operates in two segments, Penn-America and Non-Core Operations. The company distributes property and general liability products for small commercial businesses through a network of wholesale general agents; and property and general liability niche products through program administrators with specific binding authority.