Greenlight Capital Re (NASDAQ:GLRE) Releases Earnings Results, Misses Expectations By $0.54 EPS

Key Points

• Greenlight Capital Re missed quarterly expectations: It reported a loss of $0.89 per share, $0.54 worse than the consensus estimate, while revenue of $137.46 million fell short of analysts’ $163.43 million forecast.
• Shares declined modestly to $16.36 following the results. GLRE has a market capitalization of approximately $542.7 million and trades at a price-to-earnings ratio of 6.90.
• Insiders have been net sellers: Company insiders sold 85,472 shares worth about $1.47 million over the past 90 days, although institutional investors own 41.52% of the stock and analysts maintain a “Moderate Buy” consensus rating.

Greenlight Capital Re (NASDAQ:GLRE - Get Free Report) posted its quarterly earnings results on Tuesday. The financial services provider reported ($0.89) earnings per share for the quarter, missing the consensus estimate of ($0.35) by ($0.54), FiscalAI reports. Greenlight Capital Re had a return on equity of 11.69% and a net margin of 11.47%.The business had revenue of $137.46 million during the quarter, compared to analysts' expectations of $163.43 million.

Greenlight Capital Re Stock Performance

GLRE traded down $0.28 on Tuesday, reaching $16.36. The company had a trading volume of 126,348 shares, compared to its average volume of 176,491. Greenlight Capital Re has a 1 year low of $11.56 and a 1 year high of $19.39. The stock has a market capitalization of $542.66 million, a PE ratio of 6.90 and a beta of 0.33. 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 stock has a 50-day moving average price of $16.29 and a 200-day moving average price of $16.10.

Insider Transactions at Greenlight Capital Re

In related news, COO Patrick O'brien sold 3,026 shares of the stock in a transaction on Tuesday, June 23rd. The stock was sold at an average price of $16.36, for a total transaction of $49,505.36. Following the completion of the sale, the chief operating officer directly owned 208,633 shares of the company's stock, valued at $3,413,235.88. This trade represents a 1.43% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, Director Joseph P. Platt, Jr. sold 23,613 shares of the business's stock in a transaction dated Tuesday, May 19th. The stock was sold at an average price of $18.01, for a total transaction of $425,270.13. Following the transaction, the director owned 11,747 shares in the company, valued at approximately $211,563.47. This trade represents a 66.78% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders sold 85,472 shares of company stock worth $1,472,107. 24.67% of the stock is currently owned by corporate insiders.

Institutional Trading of Greenlight Capital Re

Institutional investors have recently bought and sold shares of the company. AQR Capital Management LLC increased its stake in shares of Greenlight Capital Re by 61.1% during the 1st quarter. AQR Capital Management LLC now owns 44,893 shares of the financial services provider's stock worth $608,000 after purchasing an additional 17,029 shares in the last quarter. Empowered Funds LLC grew its holdings in Greenlight Capital Re by 8.3% during the 1st quarter. Empowered Funds LLC now owns 117,805 shares of the financial services provider's stock valued at $1,596,000 after buying an additional 9,066 shares during the last quarter. Jane Street Group LLC acquired a new stake in Greenlight Capital Re during the 1st quarter valued at $335,000. First Trust Advisors LP increased its position in Greenlight Capital Re by 3.2% during the second quarter. First Trust Advisors LP now owns 81,531 shares of the financial services provider's stock worth $1,172,000 after buying an additional 2,553 shares in the last quarter. Finally, Ameriprise Financial Inc. raised its holdings in shares of Greenlight Capital Re by 0.3% in the second quarter. Ameriprise Financial Inc. now owns 663,297 shares of the financial services provider's stock worth $9,532,000 after acquiring an additional 2,180 shares during the last quarter. 41.52% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have commented on GLRE shares. Weiss Ratings restated a "buy (b)" rating on shares of Greenlight Capital Re in a research report on Monday, July 6th. Zacks Research raised Greenlight Capital Re to a "hold" rating in a research report on Wednesday, May 27th. Finally, Wall Street Zen lowered shares of Greenlight Capital Re from a "buy" rating to a "hold" rating in a report on Sunday, June 7th. One investment 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, the stock has a consensus rating of "Moderate Buy".

Greenlight Capital Re Company 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.

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