Pinnacle Associates Ltd. Takes $2.48 Million Position in Greenlight Capital Re, Ltd. $GLRE

Key Points

• Pinnacle Associates Ltd. initiated a new stake in Greenlight Capital Re, buying 170,100 shares valued at about $2.48 million in the fourth quarter. The position represented roughly 0.50% of the company.
• Other institutional investors also increased holdings, including Vanguard and Private Management Group, and overall 41.52% of GLRE is owned by hedge funds and other institutions.
• Greenlight Capital Re reported quarterly earnings of $1.05 per share, missing expectations, while revenue of $189.66 million came in above forecasts. The stock also saw recent insider selling by the general counsel and a director.

Pinnacle Associates Ltd. bought a new stake in shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Free Report) in the 4th quarter, according to its most recent filing with the Securities & Exchange Commission. The firm bought 170,100 shares of the financial services provider's stock, valued at approximately $2,480,000. Pinnacle Associates Ltd. owned about 0.50% of Greenlight Capital Re as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently made changes to their positions in the business. Vanguard Group Inc. lifted its holdings in shares of Greenlight Capital Re by 3.5% during the third quarter. Vanguard Group Inc. now owns 1,469,818 shares of the financial services provider's stock valued at $18,667,000 after purchasing an additional 49,929 shares during the last quarter. Private Management Group Inc. lifted its holdings in shares of Greenlight Capital Re by 12.8% during the third quarter. Private Management Group Inc. now owns 1,195,767 shares of the financial services provider's stock valued at $15,186,000 after purchasing an additional 136,041 shares during the last quarter. CWA Asset Management Group LLC lifted its holdings in shares of Greenlight Capital Re by 6.9% during the fourth quarter. CWA Asset Management Group LLC now owns 977,105 shares of the financial services provider's stock valued at $14,246,000 after purchasing an additional 62,707 shares during the last quarter. Ameriprise Financial Inc. lifted its holdings in shares of Greenlight Capital Re by 0.3% during the second quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider's stock valued at $9,532,000 after purchasing an additional 2,180 shares during the last quarter. Finally, Orchard Capital Management LLC lifted its holdings in shares of Greenlight Capital Re by 2.6% during the third quarter. Orchard Capital Management LLC now owns 244,869 shares of the financial services provider's stock valued at $3,110,000 after purchasing an additional 6,098 shares during the last quarter. 41.52% of the stock is currently owned by hedge funds and other institutional investors.

Greenlight Capital Re Price Performance

Shares of GLRE opened at $17.52 on Friday. The company has a market capitalization of $581.14 million, a P/E ratio of 7.39 and a beta of 0.38. The company has a quick ratio of 2.46, a current ratio of 2.46 and a debt-to-equity ratio of 0.01. The firm has a 50 day moving average of $17.32 and a 200 day moving average of $14.95. Greenlight Capital Re, Ltd. has a twelve month low of $11.56 and a twelve month high of $19.39.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $1.05 earnings per share for the quarter, missing the consensus estimate of $1.25 by ($0.20). The firm had revenue of $189.66 million for the quarter, compared to the consensus estimate of $160.88 million. Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%.

Insider Activity at Greenlight Capital Re

In related news, General Counsel David Sigmon sold 7,500 shares of the firm's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $17.33, for a total transaction of $129,975.00. Following the completion of the sale, the general counsel owned 32,678 shares of the company's stock, valued at $566,309.74. This trade represents a 18.67% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph P. Platt, Jr. sold 6,820 shares of the firm's stock in a transaction that occurred on Tuesday, May 12th. The shares were sold at an average price of $17.50, for a total transaction of $119,350.00. Following the sale, the director directly owned 48,180 shares of the company's stock, valued at $843,150. This trade represents a 12.40% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 15,140 shares of company stock valued at $263,675 in the last three months. 24.67% of the stock is owned by insiders.

Analyst Ratings Changes

GLRE has been the subject of several recent research reports. Wall Street Zen lowered shares of Greenlight Capital Re from a "strong-buy" rating to a "hold" rating in a report on Saturday, May 9th. Weiss Ratings upgraded shares of Greenlight Capital Re from a "hold (c)" rating to a "buy (b+)" rating in a report on Tuesday, March 17th. One research analyst has rated the stock with a Buy rating, According to MarketBeat.com, Greenlight Capital Re has a consensus rating of "Buy".

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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