Greenlight Capital Re (NASDAQ:GLRE) Sets New 12-Month High on Better-Than-Expected Earnings

Greenlight Capital Re, Ltd. (NASDAQ:GLRE) reached a new 52-week high on Tuesday following a stronger than expected earnings report. The stock traded as high as $15.12 and last traded at $14.95, with a volume of 56710 shares changing hands. The stock had previously closed at $14.20.

The financial services provider reported $1.44 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.32. The business had revenue of $210.30 million for the quarter. Greenlight Capital Re had a net margin of 10.25% and a return on equity of 11.29%.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reiterated a “hold (c-)” rating on shares of Greenlight Capital Re in a research note on Monday, December 29th. One equities research analyst has rated the stock with a Hold rating, According to MarketBeat.com, Greenlight Capital Re has a consensus rating of “Hold”.

Institutional Investors Weigh In On Greenlight Capital Re

A number of hedge funds have recently modified their holdings of GLRE. Quadrant Capital Group LLC boosted its position in Greenlight Capital Re by 7,213.6% during the fourth quarter. Quadrant Capital Group LLC now owns 3,218 shares of the financial services provider’s stock worth $47,000 after acquiring an additional 3,174 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in Greenlight Capital Re by 90.2% in the 2nd quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider’s stock valued at $49,000 after acquiring an additional 1,627 shares during the last quarter. Russell Investments Group Ltd. raised its holdings in Greenlight Capital Re by 184.6% in the 3rd quarter. Russell Investments Group Ltd. now owns 4,238 shares of the financial services provider’s stock valued at $54,000 after acquiring an additional 2,749 shares during the last quarter. Financial Consulate Inc. purchased a new position in Greenlight Capital Re in the 3rd quarter worth approximately $124,000. Finally, Vanguard Personalized Indexing Management LLC boosted its holdings in shares of Greenlight Capital Re by 12.8% during the 3rd quarter. Vanguard Personalized Indexing Management LLC now owns 11,445 shares of the financial services provider’s stock worth $145,000 after purchasing an additional 1,296 shares during the last quarter. 41.52% of the stock is currently owned by institutional investors and hedge funds.

Greenlight Capital Re Trading Up 5.4%

The company has a current ratio of 2.89, a quick ratio of 2.89 and a debt-to-equity ratio of 0.05. The company has a fifty day moving average price of $13.97 and a two-hundred day moving average price of $13.36. The firm has a market capitalization of $510.14 million, a price-to-earnings ratio of 6.86 and a beta of 0.54.

Greenlight Capital Re Company Profile

Greenlight Capital Re Ltd. (NASDAQ: GLRE) is a Bermuda‐incorporated reinsurer externally managed by Greenlight Capital Re Services Ltd., a subsidiary of Greenlight Capital, Inc Since its formation in 2016 and subsequent initial public offering in 2017, the company has focused on providing customized reinsurance solutions to insurers worldwide. Greenlight Capital Re operates as an independent, publicly traded entity, leveraging the investment expertise and underwriting rigor that underpin its parent’s investment platform.

The company’s core business activities encompass both treaty and facultative reinsurance across a broad spectrum of property and casualty lines.