StockNews.com Initiates Coverage on Global Indemnity Group (NASDAQ:GBLI)

Investment analysts at StockNews.com started coverage on shares of Global Indemnity Group (NASDAQ:GBLI - Get Free Report) in a research note issued on Saturday. The brokerage set a "buy" rating on the insurance provider's stock.

Global Indemnity Group Stock Down 1.0%

Shares of Global Indemnity Group stock traded down $0.29 during trading on Friday, reaching $29.59. The company's stock had a trading volume of 35,475 shares, compared to its average volume of 3,955. Global Indemnity Group has a 52-week low of $26.94 and a 52-week high of $37.00. The company has a market cap of $421.84 million, a price-to-earnings ratio of 10.17 and a beta of 0.39. The firm's 50-day moving average is $31.67 and its two-hundred day moving average is $34.04.

Insider Activity

In other news, CEO Praveen Kotha Reddy purchased 1,500 shares of the company's stock in a transaction on Friday, March 14th. The stock was acquired at an average price of $35.96 per share, with a total value of $53,940.00. Following the transaction, the chief executive officer now directly owns 1,500 shares of the company's stock, valued at approximately $53,940. This represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Joseph W. Brown purchased 5,000 shares of the company's stock in a transaction on Monday, May 12th. The shares were purchased at an average cost of $28.45 per share, with a total value of $142,250.00. Following the transaction, the insider now directly owns 162,404 shares in the company, valued at $4,620,393.80. This trade represents a 3.18% increase in their ownership of the stock. The disclosure for this purchase can be found here. 52.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Global Indemnity Group

Institutional investors and hedge funds have recently modified their holdings of the stock. State of Wyoming lifted its position in shares of Global Indemnity Group by 56.3% in the 4th quarter. State of Wyoming now owns 1,901 shares of the insurance provider's stock worth $68,000 after purchasing an additional 685 shares during the period. Huber Capital Management LLC bought a new position in shares of Global Indemnity Group in the 4th quarter worth about $232,000. Boston Partners increased its stake in shares of Global Indemnity Group by 34.9% in the 4th quarter. Boston Partners now owns 103,947 shares of the insurance provider's stock worth $3,742,000 after acquiring an additional 26,893 shares in the last quarter. Finally, Cannell Capital LLC increased its stake in shares of Global Indemnity Group by 23.1% in the 4th quarter. Cannell Capital LLC now owns 245,934 shares of the insurance provider's stock worth $8,854,000 after acquiring an additional 46,167 shares in the last quarter. 37.40% of the stock is owned by hedge funds and other institutional investors.

Global Indemnity Group Company Profile

Global Indemnity Group, LLC, through its subsidiaries, provides specialty property and casualty insurance, and reinsurance products worldwide. It operates in two segments, Penn-America and Non-Core Operations. The company distributes property and general liability products for small commercial businesses through a network of wholesale general agents; and property and general liability niche products through program administrators with specific binding authority.