Greenlight Capital Re, Ltd. $GLRE Stock: CWA Asset Management Group LLC Decreases Stake

Key Points

• CWA Asset Management Group LLC cut its Greenlight Capital Re stake by 92.1% in the third quarter, selling 490,217 shares and retaining 41,842 shares worth approximately $607,000.
• Analyst sentiment remains cautious: Wall Street Zen downgraded GLRE to “sell,” Weiss Ratings lowered its assessment to “hold (c),” and the broader consensus is “hold.”
• Greenlight Re’s latest quarterly results missed expectations, with an EPS loss of $0.89 versus the expected $0.35 loss and revenue of $137.46 million versus the $165.31 million estimate; shares were recently trading around $15.30.

CWA Asset Management Group LLC decreased its position in shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Free Report) by 92.1% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 41,842 shares of the financial services provider's stock after selling 490,217 shares during the quarter. CWA Asset Management Group LLC owned approximately 0.13% of Greenlight Capital Re worth $607,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. PNC Financial Services Group Inc. lifted its position in shares of Greenlight Capital Re by 3,773.3% in the first quarter. PNC Financial Services Group Inc. now owns 1,743 shares of the financial services provider's stock valued at $30,000 after acquiring an additional 1,698 shares in the last quarter. Engineers Gate Manager LP grew its position in shares of Greenlight Capital Re by 9.1% during the second quarter. Engineers Gate Manager LP now owns 20,460 shares of the financial services provider's stock worth $331,000 after purchasing an additional 1,705 shares in the last quarter. Janney Montgomery Scott LLC raised its stake in Greenlight Capital Re by 14.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,921 shares of the financial services provider's stock valued at $310,000 after purchasing an additional 2,309 shares during the period. Wedge Capital Management L L P NC raised its stake in Greenlight Capital Re by 10.9% during the 2nd quarter. Wedge Capital Management L L P NC now owns 62,951 shares of the financial services provider's stock valued at $1,019,000 after purchasing an additional 6,178 shares during the period. Finally, Bank of America Corp DE raised its stake in Greenlight Capital Re by 14.9% during the 1st quarter. Bank of America Corp DE now owns 88,059 shares of the financial services provider's stock valued at $1,523,000 after purchasing an additional 11,416 shares during the period. Institutional investors own 41.52% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently weighed in on GLRE shares. Wall Street Zen lowered shares of Greenlight Capital Re from a "hold" rating to a "sell" rating in a research report on Saturday, October 3rd. Weiss Ratings cut Greenlight Capital Re from a "hold (c+)" rating to a "hold (c)" rating in a research note on Friday, October 2nd. Two analysts have rated the stock with a Hold rating. Based on data from MarketBeat.com, the company presently has a consensus rating of "Hold".

Insider Transactions at Greenlight Capital Re

In other news, Director Leonard Goldberg bought 6,000 shares of the firm's stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average price of $15.42 per share, with a total value of $92,520.00. Following the completion of the transaction, the director directly owned 36,000 shares of the company's stock, valued at approximately $555,120. The trade was a 20.00% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Ian Isaacs sold 10,000 shares of the firm's stock in a transaction on Friday, September 25th. The stock was sold at an average price of $14.95, for a total value of $149,500.00. Following the completion of the sale, the director directly owned 43,142 shares of the company's stock, valued at $644,972.90. The trade was a 18.82% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 38,500 shares of company stock valued at $580,305 in the last 90 days. Insiders own 24.67% of the company's stock.

Greenlight Capital Re Trading Up 2.4%

Shares of NASDAQ GLRE opened at $15.30 on Friday. 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 cap of $499.39 million, a PE ratio of 10.16 and a beta of 0.27. The business has a fifty day simple moving average of $15.08 and a two-hundred day simple moving average of $16.26. The company has a quick ratio of 2.43, a current ratio of 2.43 and a debt-to-equity ratio of 0.01.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported ($0.89) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.35) by ($0.54). Greenlight Capital Re had a return on equity of 7.28% and a net margin of 7.47%. The firm had revenue of $137.46 million for the quarter, compared to the consensus estimate of $165.31 million. Analysts expect that Greenlight Capital Re, Ltd. will post 0.50 earnings per share for the current fiscal year.

Greenlight Capital Re Profile

Greenlight Capital Re, Ltd. is a Bermuda-based specialty property and casualty reinsurance company that provides customized reinsurance solutions to insurance and reinsurance companies. Its offerings are designed to help clients manage and transfer risks across a range of property and casualty insurance lines.

The company conducts business primarily through its Bermuda operations and has served clients in international insurance markets. Greenlight Re has historically combined specialty underwriting with an investment approach associated with its Greenlight Capital affiliation, seeking to generate returns from both its insurance portfolio and investment activities.

Founded in 2004, Greenlight Re has focused on flexible, relationship-driven underwriting rather than offering standardized insurance products directly to consumers.

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