Private Management Group Inc. Purchases 306,468 Shares of Greenlight Capital Re, Ltd. $GLRE

Key Points

• Private Management Group Inc. boosted its Greenlight Capital Re stake by 25.6% in the fourth quarter, buying 306,468 shares and ending with 1,502,235 shares valued at about $21.9 million.
• Other institutional investors were also active, including Vanguard, CWA Asset Management, and Goldman Sachs, while institutions collectively own 41.52% of the company.
• Greenlight Capital Re reported Q1 earnings of $1.05 per share, missing estimates, even though revenue came in above expectations at $189.66 million; analysts currently rate the stock a Moderate Buy.

Private Management Group Inc. increased its position in Greenlight Capital Re, Ltd. (NASDAQ:GLRE - Free Report) by 25.6% during the 4th quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 1,502,235 shares of the financial services provider's stock after acquiring an additional 306,468 shares during the quarter. Private Management Group Inc. owned about 4.41% of Greenlight Capital Re worth $21,903,000 at the end of the most recent quarter.

Several other institutional investors have also recently bought and sold shares of the company. Vanguard Group Inc. raised its holdings in Greenlight Capital Re by 3.5% in the 3rd quarter. Vanguard Group Inc. now owns 1,469,818 shares of the financial services provider's stock worth $18,667,000 after acquiring an additional 49,929 shares during the period. CWA Asset Management Group LLC grew its position in Greenlight Capital Re by 6.9% in the 4th quarter. CWA Asset Management Group LLC now owns 977,105 shares of the financial services provider's stock worth $14,246,000 after purchasing an additional 62,707 shares during the last quarter. Ameriprise Financial Inc. grew its position in Greenlight Capital Re by 0.3% in the 2nd quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider's stock worth $9,532,000 after purchasing an additional 2,180 shares during the last quarter. Orchard Capital Management LLC grew its position in Greenlight Capital Re by 2.6% in the 3rd quarter. Orchard Capital Management LLC now owns 244,869 shares of the financial services provider's stock worth $3,110,000 after purchasing an additional 6,098 shares during the last quarter. Finally, Goldman Sachs Group Inc. grew its position in Greenlight Capital Re by 73.1% in the 4th quarter. Goldman Sachs Group Inc. now owns 229,630 shares of the financial services provider's stock worth $3,348,000 after purchasing an additional 96,983 shares during the last quarter. Institutional investors own 41.52% of the company's stock.

Greenlight Capital Re Stock Performance

NASDAQ GLRE opened at $15.88 on Friday. The company has a debt-to-equity ratio of 0.01, a current ratio of 2.46 and a quick ratio of 2.46. The firm has a market capitalization of $526.74 million, a price-to-earnings ratio of 6.70 and a beta of 0.33. The company's fifty day moving average is $17.41 and its two-hundred day moving average is $15.45. Greenlight Capital Re, Ltd. has a 52-week low of $11.56 and a 52-week high of $19.39.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) last issued its 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). Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. The business had revenue of $189.66 million for the quarter, compared to analyst estimates of $160.88 million. Equities research analysts forecast that Greenlight Capital Re, Ltd. will post 2 EPS for the current year.

Insider Activity

In other news, Director Joseph P. Platt, Jr. sold 11,747 shares of Greenlight Capital Re stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $16.87, for a total transaction of $198,171.89. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, General Counsel David Sigmon sold 7,500 shares of Greenlight Capital Re stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $17.33, for a total transaction of $129,975.00. Following the sale, the general counsel owned 32,678 shares in the company, valued at approximately $566,309.74. This trade represents a 18.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Over the last quarter, insiders have sold 62,500 shares of company stock worth $1,097,117. 24.67% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

GLRE has been the topic of several research analyst reports. Zacks Research upgraded shares of Greenlight Capital Re to a "hold" rating in a research report on Wednesday, May 27th. Weiss Ratings upgraded shares of Greenlight Capital Re from a "hold (c)" rating to a "buy (b+)" rating in a research report on Tuesday, March 17th. Finally, Wall Street Zen lowered shares of Greenlight Capital Re from a "buy" rating to a "hold" rating in a research report on Sunday, June 7th. One equities research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy".

Greenlight Capital Re Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.