Shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE) have been assigned an average broker rating score of 1.00 (Strong Buy) from the two brokers that provide coverage for the stock, Zacks Investment Research reports. Two research analysts have rated the stock with a strong buy rating.
Brokerages have set a twelve-month consensus price target of $25.00 for the company and are expecting that the company will post $0.04 EPS for the current quarter, according to Zacks. Zacks has also given Greenlight Capital Re an industry rank of 90 out of 255 based on the ratings given to its competitors.
A number of equities research analysts have recently weighed in on GLRE shares. BidaskClub downgraded Greenlight Capital Re from a “hold” rating to a “sell” rating in a report on Saturday, May 12th. ValuEngine downgraded Greenlight Capital Re from a “hold” rating to a “sell” rating in a report on Tuesday, May 29th. Finally, Zacks Investment Research upgraded Greenlight Capital Re from a “strong sell” rating to a “hold” rating in a report on Wednesday, June 6th.
Several hedge funds and other institutional investors have recently modified their holdings of GLRE. BlackRock Inc. increased its holdings in shares of Greenlight Capital Re by 26.6% in the 2nd quarter. BlackRock Inc. now owns 2,513,604 shares of the financial services provider’s stock valued at $35,693,000 after acquiring an additional 527,963 shares during the last quarter. Continental Advisors LLC bought a new stake in shares of Greenlight Capital Re in the 1st quarter valued at approximately $5,657,000. River & Mercantile Asset Management LLP bought a new stake in shares of Greenlight Capital Re in the 1st quarter valued at approximately $4,974,000. Bank of America Corp DE increased its holdings in shares of Greenlight Capital Re by 351.2% in the 2nd quarter. Bank of America Corp DE now owns 214,274 shares of the financial services provider’s stock valued at $3,043,000 after acquiring an additional 166,783 shares during the last quarter. Finally, Wells Fargo & Company MN increased its holdings in shares of Greenlight Capital Re by 110.3% in the 1st quarter. Wells Fargo & Company MN now owns 291,485 shares of the financial services provider’s stock valued at $4,678,000 after acquiring an additional 152,863 shares during the last quarter. Institutional investors and hedge funds own 43.31% of the company’s stock.
Shares of GLRE opened at $12.10 on Friday. Greenlight Capital Re has a 52-week low of $11.75 and a 52-week high of $23.00. The company has a market capitalization of $457.95 million, a price-to-earnings ratio of -10.00 and a beta of 0.84.
Greenlight Capital Re (NASDAQ:GLRE) last announced its earnings results on Tuesday, July 31st. The financial services provider reported ($1.01) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($1.05) by $0.04. Greenlight Capital Re had a negative return on equity of 25.61% and a negative net margin of 44.10%. The company had revenue of $88.08 million for the quarter, compared to analyst estimates of $103.40 million. equities research analysts anticipate that Greenlight Capital Re will post -4.45 earnings per share for the current year.
About Greenlight Capital Re
Greenlight Capital Re, Ltd., through its subsidiaries, engages in the provision of property and casualty reinsurance products and services worldwide. Its frequency business comprises contracts containing small losses emanating from multiple events and enables the clients to increase their underwriting capacity; and severity business includes contracts with the potential for significant losses emanating from one event or various events.
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