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

Equities researchers at StockNews.com began coverage on shares of Global Indemnity Group (NASDAQ:GBLI) in a research report issued on Thursday. The brokerage set a “buy” rating on the insurance provider’s stock.

Global Indemnity Group Price Performance

GBLI stock opened at $28.81 on Thursday. The firm has a market cap of $410.70 million, a PE ratio of 9.90 and a beta of 0.29. Global Indemnity Group has a 12 month low of $28.75 and a 12 month high of $37.00. The firm has a 50 day simple moving average of $33.48 and a 200 day simple moving average of $34.57.

Insiders Place Their Bets

In other news, CEO Praveen Kotha Reddy bought 1,500 shares of the company’s stock in a transaction dated Friday, March 14th. The shares were acquired at an average cost of $35.96 per share, with a total value of $53,940.00. Following the completion of the transaction, the chief executive officer now directly owns 1,500 shares in the company, valued at approximately $53,940. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 52.80% of the company’s stock.

Hedge Funds Weigh In On Global Indemnity Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Boston Partners boosted 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 worth $3,742,000 after buying an additional 26,893 shares during the period. Cannell Capital LLC boosted its position in 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 acquiring an additional 46,167 shares during the period. Huber Capital Management LLC purchased a new position in Global Indemnity Group during the 4th quarter valued at about $232,000. Finally, State of Wyoming grew its stake in Global Indemnity Group by 56.3% during the 4th quarter. State of Wyoming now owns 1,901 shares of the insurance provider’s stock valued at $68,000 after acquiring an additional 685 shares in the last quarter. 37.40% of the stock is currently owned by hedge funds and other institutional investors.

About Global Indemnity Group

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.