Private Management Group Inc. Increases Stock Holdings in 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 stake in Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Free Report) by 11.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 1,034,365 shares of the financial services provider's stock after purchasing an additional 103,886 shares during the period. Private Management Group Inc. owned 2.99% of Greenlight Capital Re worth $14,016,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Bailard Inc. bought a new stake in Greenlight Capital Re during the first quarter worth about $138,000. CWA Asset Management Group LLC grew its position in shares of 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 worth $9,181,000 after buying an additional 318,047 shares during the period. Bfsg LLC grew its position in shares of Greenlight Capital Re by 11.5% during the 1st quarter. Bfsg LLC now owns 8,260 shares of the financial services provider's stock worth $112,000 after buying an additional 855 shares during the period. GAMMA Investing LLC grew its position in Greenlight Capital Re by 5,284.0% in the 1st quarter. GAMMA Investing LLC now owns 4,038 shares of the financial services provider's stock valued at $55,000 after purchasing an additional 3,963 shares during the period. Finally, Squarepoint Ops LLC acquired a new stake in Greenlight Capital Re in the 4th quarter valued at $186,000. 41.52% of the stock is currently owned by institutional investors and hedge funds.

Greenlight Capital Re Stock Performance

Greenlight Capital Re stock traded down $0.01 during midday trading on Tuesday, reaching $13.25. The stock had a trading volume of 14,821 shares, compared to its average volume of 106,330. The firm's 50-day moving average price is $14.02 and its 200 day moving average price is $13.66. Greenlight Capital Re, Ltd. has a 12 month low of $11.95 and a 12 month high of $15.82. The firm has a market capitalization of $458.06 million, a PE ratio of 10.27 and a beta of 0.66. The company has a quick ratio of 2.90, a current ratio of 2.90 and a debt-to-equity ratio of 0.09.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last issued 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. Greenlight Capital Re had a return on equity of 6.99% and a net margin of 6.33%. The company had revenue of $247.95 million during the quarter.

Insider Activity

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

Wall Street Analyst Weigh In

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

About Greenlight Capital Re

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.