Greenlight Capital Re (NASDAQ:GLRE) Posts Quarterly Earnings Results, Beats Expectations By $0.35 EPS

Greenlight Capital Re (NASDAQ:GLRE) issued its quarterly earnings results on Monday. The financial services provider reported $0.10 earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.25) by $0.35, FiscalAI reports. Greenlight Capital Re had a net margin of 7.47% and a return on equity of 7.28%. The business had revenue of $148.29 million for the quarter, compared to analysts’ expectations of $167.94 million.

Greenlight Capital Re Stock Up 2.9%

GLRE stock opened at $15.09 on Tuesday. The company’s 50 day moving average price is $15.00 and its 200 day moving average price is $15.80. The company has a debt-to-equity ratio of 0.01, a quick ratio of 2.43 and a current ratio of 2.43. Greenlight Capital Re has a fifty-two week low of $11.56 and a fifty-two week high of $19.39. The firm has a market capitalization of $492.54 million, a price-to-earnings ratio of 10.27 and a beta of 0.27.

Insider Activity at Greenlight Capital Re

In other news, Director Leonard Goldberg purchased 6,000 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was bought at an average price of $15.42 per share, for a total transaction of $92,520.00. Following the completion of the purchase, the director directly owned 36,000 shares of the company’s stock, valued at $555,120. The trade was a 20.00% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Ian Isaacs sold 5,150 shares of Greenlight Capital Re stock in a transaction that occurred on Monday, September 28th. The stock was sold at an average price of $14.90, for a total transaction of $76,735.00. Following the completion of the transaction, the director owned 37,992 shares of the company’s stock, valued at $566,080.80. This represents a 11.94% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 38,500 shares of company stock valued at $580,305 over the last 90 days. 24.67% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

GLRE has been the topic of several recent research reports. Wall Street Zen raised shares of Greenlight Capital Re from a “sell” rating to a “hold” rating in a research note on Saturday. Weiss Ratings cut shares of Greenlight Capital Re from a “hold (c+)” rating to a “hold (c)” rating in a research report on Friday, October 2nd. Two equities research analysts have rated the stock with a Hold rating. According to data from MarketBeat, Greenlight Capital Re currently has a consensus rating of “Hold”.

About Greenlight Capital Re

Greenlight Capital Re, Ltd. is a Bermuda-based specialty property and casualty reinsurance company that provides customized reinsurance solutions to insurance and reinsurance companies. Its offerings are designed to help clients manage and transfer risks across a range of property and casualty insurance lines.

The company conducts business primarily through its Bermuda operations and has served clients in international insurance markets. Greenlight Re has historically combined specialty underwriting with an investment approach associated with its Greenlight Capital affiliation, seeking to generate returns from both its insurance portfolio and investment activities.

Founded in 2004, Greenlight Re has focused on flexible, relationship-driven underwriting rather than offering standardized insurance products directly to consumers.