Dimensional Fund Advisors LP Trims Stock Position in Greenlight Capital Re, Ltd. $GLRE

Key Points

• Dimensional Fund Advisors reduced its Greenlight Capital Re stake by 10.4%, selling 198,440 shares, but still held 1.70 million shares worth approximately $29.4 million, or 5.01% of the company.
• Analyst sentiment remains positive overall, with Greenlight Capital Re carrying a “Moderate Buy” consensus rating, although some coverage was lowered to “Hold.” Institutional investors collectively own 41.52% of the stock.
• Greenlight Capital Re reported quarterly EPS of -$0.89, missing the consensus estimate of -$0.35, while revenue of $137.46 million also fell short of the $163.43 million estimate.

Dimensional Fund Advisors LP trimmed its holdings in Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Free Report) by 10.4% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 1,703,214 shares of the financial services provider's stock after selling 198,440 shares during the period. Dimensional Fund Advisors LP owned 5.01% of Greenlight Capital Re worth $29,448,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently modified their holdings of the company. Pinnacle Associates Ltd. acquired a new position in Greenlight Capital Re during the fourth quarter worth approximately $2,480,000. Pinnacle Wealth Management Advisory Group LLC purchased a new stake in shares of Greenlight Capital Re during the 4th quarter valued at $2,479,000. Private Management Group Inc. increased its holdings in shares of Greenlight Capital Re by 25.6% during the 4th quarter. Private Management Group Inc. now owns 1,502,235 shares of the financial services provider's stock worth $21,903,000 after buying an additional 306,468 shares during the last quarter. Hsbc Holdings PLC purchased a new position in shares of Greenlight Capital Re in the 1st quarter worth $813,000. Finally, Hillsdale Investment Management Inc. acquired a new position in Greenlight Capital Re in the first quarter valued at $1,117,000. Institutional investors and hedge funds own 41.52% of the company's stock.

Analysts Set New Price Targets

Several equities research analysts have commented on the company. Weiss Ratings restated a "buy (b)" rating on shares of Greenlight Capital Re in a research note on Monday, July 6th. Wall Street Zen lowered Greenlight Capital Re from a "buy" rating to a "hold" rating in a research note on Sunday, June 7th. Finally, Zacks Research upgraded Greenlight Capital Re to a "hold" rating in a report on Wednesday, May 27th. One investment analyst has rated the stock with a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, Greenlight Capital Re presently has a consensus rating of "Moderate Buy".

Insider Buying and Selling

In related news, COO Patrick O'brien sold 3,026 shares of the firm's stock in a transaction dated Tuesday, June 23rd. The stock was sold at an average price of $16.36, for a total transaction of $49,505.36. Following the sale, the chief operating officer directly owned 208,633 shares in the company, valued at approximately $3,413,235.88. This trade represents a 1.43% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Ian Isaacs sold 4,000 shares of the company's stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $16.06, for a total value of $64,240.00. Following the completion of the transaction, the director owned 51,191 shares of the company's stock, valued at approximately $822,127.46. This represents a 7.25% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 85,472 shares of company stock worth $1,472,107 in the last ninety days. 24.67% of the stock is owned by corporate insiders.

Greenlight Capital Re Stock Performance

NASDAQ:GLRE opened at $16.36 on Wednesday. The firm's fifty day simple moving average is $16.28 and its 200 day simple moving average is $16.12. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.01. Greenlight Capital Re, Ltd. has a twelve month low of $11.56 and a twelve month high of $19.39. The firm has a market capitalization of $542.66 million, a price-to-earnings ratio of 6.90 and a beta of 0.33.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported ($0.89) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.35) by ($0.54). The company had revenue of $137.46 million during the quarter, compared to analyst estimates of $163.43 million. Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. As a group, equities research analysts expect that Greenlight Capital Re, Ltd. will post 1.8 earnings per share for the current fiscal year.

About Greenlight Capital Re

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.

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