Private Management Group Inc. Purchases 103,886 Shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE)

Key Points

• Private Management Group Inc. increased its stake in Greenlight Capital Re, acquiring an additional 103,886 shares, bringing its total ownership to approximately 2.99% of the company valued at $14 million.
• Wall Street analysts downgraded Greenlight Capital Re's rating from "buy" to "hold," indicating a more cautious outlook on the stock's future performance.
• The company reported strong quarterly earnings, with an EPS of $0.86 exceeding analysts' estimates by $0.36, and a revenue of $247.95 million.

Private Management Group Inc. raised its position in Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Free Report) by 11.2% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,034,365 shares of the financial services provider's stock after buying an additional 103,886 shares during the quarter. Private Management Group Inc. owned about 2.99% of Greenlight Capital Re worth $14,016,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Dimensional Fund Advisors LP increased its holdings in shares of Greenlight Capital Re by 0.9% in the fourth quarter. Dimensional Fund Advisors LP now owns 2,112,254 shares of the financial services provider's stock worth $29,571,000 after purchasing an additional 18,533 shares during the period. CWA Asset Management Group LLC boosted its holdings in Greenlight Capital Re by 88.5% during the 1st quarter. CWA Asset Management Group LLC now owns 677,566 shares of the financial services provider's stock valued at $9,181,000 after acquiring an additional 318,047 shares during the period. Ameriprise Financial Inc. grew its position in Greenlight Capital Re by 13.3% during the 4th quarter. Ameriprise Financial Inc. now owns 622,743 shares of the financial services provider's stock worth $8,718,000 after acquiring an additional 73,317 shares during the last quarter. American Century Companies Inc. increased its stake in shares of Greenlight Capital Re by 13.6% in the fourth quarter. American Century Companies Inc. now owns 469,760 shares of the financial services provider's stock worth $6,577,000 after buying an additional 56,281 shares during the period. Finally, Deutsche Bank AG boosted its holdings in shares of Greenlight Capital Re by 0.9% during the fourth quarter. Deutsche Bank AG now owns 329,979 shares of the financial services provider's stock worth $4,620,000 after purchasing an additional 3,060 shares during the period. Institutional investors own 41.52% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Wall Street Zen cut Greenlight Capital Re from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th.

Greenlight Capital Re Stock Down 0.1%

Greenlight Capital Re stock traded down $0.01 during mid-day trading on Monday, hitting $13.26. The company had a trading volume of 46,410 shares, compared to its average volume of 106,718. Greenlight Capital Re, Ltd. has a 12 month low of $11.95 and a 12 month high of $15.82. The company has a market capitalization of $458.06 million, a PE ratio of 10.30 and a beta of 0.66. The stock's 50 day moving average price is $14.03 and its two-hundred day moving average price is $13.66. The company has a current ratio of 2.90, a quick ratio of 2.90 and a debt-to-equity ratio of 0.09.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last released its quarterly earnings data on Wednesday, May 7th. The financial services provider reported $0.86 EPS for the quarter, topping the consensus estimate of $0.50 by $0.36. The company had revenue of $247.95 million during the quarter. Greenlight Capital Re had a return on equity of 6.99% and a net margin of 6.33%.

Insider Activity

In related news, COO Patrick O'brien sold 7,500 shares of Greenlight Capital Re stock in a transaction on Monday, May 12th. The stock was sold at an average price of $13.48, for a total transaction of $101,100.00. Following the transaction, the chief operating officer directly owned 182,925 shares in the company, valued at approximately $2,465,829. The trade was a 3.94% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Ian Isaacs sold 13,000 shares of the firm's stock in a transaction dated Wednesday, June 25th. The shares were sold at an average price of $14.92, for a total value of $193,960.00. Following the sale, the director directly owned 71,484 shares in the company, valued at approximately $1,066,541.28. This represents a 15.39% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 25,500 shares of company stock worth $361,160 over the last three months. Insiders own 23.55% of the company's stock.

Greenlight Capital Re Company Profile

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.