Greenlight Capital Re (NASDAQ:GLRE) Announces Quarterly Earnings Results

Key Points

• Quarterly results: Greenlight reported EPS of $1.05, missing consensus by $0.20, while revenue beat expectations at $189.66 million versus $180.76 million.
• Market and analyst reaction: Shares rose about 1.9% to $17.90 after the report, and several firms upgraded the stock (Wall Street Zen to "strong-buy," Weiss to "buy"), leaving an average rating of "Buy."
• Valuation and profitability: The company has a market cap of $608.24M, a P/E of 8.21, return on equity of 11.1% and a net margin of 10.25%, with roughly 41.5% of shares held by institutions.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) released its quarterly earnings data on Tuesday. The financial services provider reported $1.05 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.25 by ($0.20), FiscalAI reports. Greenlight Capital Re had a return on equity of 11.10% and a net margin of 10.25%.The business had revenue of $189.66 million during the quarter, compared to analyst estimates of $180.76 million.

Greenlight Capital Re Stock Up 1.9%

NASDAQ GLRE traded up $0.33 during mid-day trading on Tuesday, reaching $17.90. 146,908 shares of the company's stock traded hands, compared to its average volume of 205,108. The company has a current ratio of 2.84, a quick ratio of 2.84 and a debt-to-equity ratio of 0.01. The company has a market cap of $608.24 million, a price-to-earnings ratio of 8.21 and a beta of 0.38. Greenlight Capital Re has a 1-year low of $11.56 and a 1-year high of $19.39. The company has a fifty day simple moving average of $16.78 and a 200-day simple moving average of $14.66.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Wall Street Zen upgraded Greenlight Capital Re from a "buy" rating to a "strong-buy" rating in a report on Saturday, April 25th. Weiss Ratings raised Greenlight Capital Re from a "hold (c)" rating to a "buy (b+)" rating in a research report on Tuesday, March 17th. One equities research analyst has rated the stock with a Buy rating, According to data from MarketBeat, the company has an average rating of "Buy".

Hedge Funds Weigh In On Greenlight Capital Re

Several institutional investors have recently made changes to their positions in GLRE. BNP Paribas Financial Markets raised its stake in shares of Greenlight Capital Re by 4.9% during the second quarter. BNP Paribas Financial Markets now owns 30,659 shares of the financial services provider's stock valued at $441,000 after purchasing an additional 1,429 shares in the last quarter. Bank of America Corp DE lifted its holdings in shares of Greenlight Capital Re by 3.8% during the second quarter. Bank of America Corp DE now owns 39,239 shares of the financial services provider's stock valued at $564,000 after purchasing an additional 1,451 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of Greenlight Capital Re by 90.2% in the second quarter. Tower Research Capital LLC TRC now owns 3,431 shares of the financial services provider's stock worth $49,000 after buying an additional 1,627 shares during the period. State of Wisconsin Investment Board grew its position in Greenlight Capital Re by 6.7% during the 4th quarter. State of Wisconsin Investment Board now owns 31,981 shares of the financial services provider's stock worth $466,000 after purchasing an additional 2,000 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its position in 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 buying an additional 2,180 shares during the period. 41.52% of the stock is owned by institutional investors.

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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