Greenlight Capital Re (NASDAQ:GLRE) Hits New 1-Year High Following Strong Earnings

Shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Get Free Report) hit a new 52-week high during trading on Tuesday following a stronger than expected earnings report. The stock traded as high as $14.39 and last traded at $14.31, with a volume of 40424 shares changing hands. The stock had previously closed at $13.56.

The financial services provider reported $1.01 earnings per share for the quarter, beating analysts' consensus estimates of $0.65 by $0.36. Greenlight Capital Re had a net margin of 9.60% and a return on equity of 10.88%. The business had revenue of $188.01 million during the quarter. During the same period in the previous year, the business posted $0.39 earnings per share.

Analyst Upgrades and Downgrades

Separately, StockNews.com cut Greenlight Capital Re from a "buy" rating to a "hold" rating in a research note on Thursday, October 31st.

Insider Buying and Selling at Greenlight Capital Re

In related news, Director Ian Isaacs sold 7,159 shares of Greenlight Capital Re stock in a transaction 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 sale, the director now owns 86,984 shares in the company, valued at approximately $1,201,249.04. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. 22.79% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Greenlight Capital Re

A number of hedge funds have recently bought and sold shares of the company. CWM LLC lifted its holdings in Greenlight Capital Re by 37.3% during the 2nd quarter. CWM LLC now owns 3,702 shares of the financial services provider's stock worth $48,000 after buying an additional 1,005 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Greenlight Capital Re by 3.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 38,958 shares of the financial services provider's stock worth $486,000 after purchasing an additional 1,323 shares during the last quarter. Bfsg LLC boosted its holdings in Greenlight Capital Re by 25.8% in the third quarter. Bfsg LLC now owns 6,535 shares of the financial services provider's stock worth $89,000 after purchasing an additional 1,340 shares during the period. BNP Paribas Financial Markets increased its stake in Greenlight Capital Re by 2.9% during the first quarter. BNP Paribas Financial Markets now owns 51,052 shares of the financial services provider's stock valued at $637,000 after purchasing an additional 1,418 shares during the last quarter. Finally, Ridgewood Investments LLC acquired a new stake in shares of Greenlight Capital Re during the second quarter worth $37,000. 41.52% of the stock is currently owned by institutional investors and hedge funds.

Greenlight Capital Re Stock Performance

The stock's 50-day moving average price is $13.74 and its 200-day moving average price is $13.23. The company has a current ratio of 3.00, a quick ratio of 3.00 and a debt-to-equity ratio of 0.10. The company has a market capitalization of $515.33 million, a P/E ratio of 7.68 and a beta of 0.85.

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.