Global Indemnity Group (NASDAQ:GBLI) Coverage Initiated at StockNews.com

StockNews.com assumed coverage on shares of Global Indemnity Group (NASDAQ:GBLI) in a research note issued to investors on Sunday. The firm set a “buy” rating on the insurance provider’s stock.

Global Indemnity Group Stock Up 3.6%

Shares of Global Indemnity Group stock opened at $31.08 on Friday. The firm has a market cap of $443.14 million, a price-to-earnings ratio of 10.68 and a beta of 0.39. The business has a fifty day simple moving average of $31.37 and a 200-day simple moving average of $33.97. Global Indemnity Group has a fifty-two week low of $26.94 and a fifty-two week high of $37.00.

Insider Activity at Global Indemnity Group

In other news, insider Joseph W. Brown purchased 5,000 shares of Global Indemnity Group stock in a transaction dated Monday, May 12th. The stock was acquired at an average cost of $28.45 per share, for a total transaction of $142,250.00. Following the acquisition, the insider now directly owns 162,404 shares in the company, valued at $4,620,393.80. This represents a 3.18% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Saul A. Fox bought 22,400 shares of Global Indemnity Group stock in a transaction that occurred on Wednesday, May 14th. The stock was bought at an average price of $30.31 per share, with a total value of $678,944.00. Following the completion of the acquisition, the director now owns 1,818,685 shares in the company, valued at approximately $55,124,342.35. The trade was a 1.25% increase in their position. The disclosure for this purchase can be found here. Insiders purchased 40,300 shares of company stock worth $1,207,900 in the last quarter. 52.50% of the stock is owned by company insiders.

Institutional Investors Weigh In On Global Indemnity Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. State of Wyoming increased its position in Global Indemnity Group by 39.6% in the 1st quarter. State of Wyoming now owns 2,654 shares of the insurance provider’s stock worth $91,000 after buying an additional 753 shares during the period. Boston Partners increased its position in Global Indemnity Group by 25.9% in the 1st quarter. Boston Partners now owns 130,833 shares of the insurance provider’s stock worth $4,507,000 after buying an additional 26,886 shares during the period. Cannell Capital LLC increased its position in shares of Global Indemnity Group by 23.1% during the fourth quarter. Cannell Capital LLC now owns 245,934 shares of the insurance provider’s stock valued at $8,854,000 after purchasing an additional 46,167 shares during the period. Finally, Huber Capital Management LLC bought a new stake in shares of Global Indemnity Group during the fourth quarter valued at approximately $232,000. 37.40% of the stock is currently owned by institutional investors and hedge funds.

About Global Indemnity Group

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.