Punch & Associates Investment Management Inc. Decreases Stock Position in Greenlight Capital Re, Ltd. $GLRE

Punch & Associates Investment Management Inc. lessened its stake in shares of Greenlight Capital Re, Ltd. (NASDAQ:GLRE) by 34.3% during the 4th quarter, according to its most recent 13F filing with the SEC. The firm owned 317,000 shares of the financial services provider’s stock after selling 165,250 shares during the period. Punch & Associates Investment Management Inc.’s holdings in Greenlight Capital Re were worth $4,622,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also bought and sold shares of the business. BNP Paribas Financial Markets increased its stake in Greenlight Capital Re by 4.9% in the second quarter. BNP Paribas Financial Markets now owns 30,659 shares of the financial services provider’s stock worth $441,000 after purchasing an additional 1,429 shares during the period. Bank of America Corp DE increased its stake in Greenlight Capital Re by 3.8% in the second quarter. Bank of America Corp DE now owns 39,239 shares of the financial services provider’s stock worth $564,000 after purchasing an additional 1,451 shares during the period. Tower Research Capital LLC TRC increased its stake in 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 purchasing an additional 1,627 shares during the period. Independent Advisor Alliance increased its stake in Greenlight Capital Re by 2.8% in the fourth quarter. Independent Advisor Alliance now owns 64,561 shares of the financial services provider’s stock worth $941,000 after purchasing an additional 1,751 shares during the period. Finally, State of Wisconsin Investment Board increased its stake in Greenlight Capital Re by 6.7% in the fourth 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 during the period. Hedge funds and other institutional investors own 41.52% of the company’s stock.

Insider Buying and Selling at Greenlight Capital Re

In other news, General Counsel David Sigmon sold 7,500 shares of the firm’s stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $17.33, for a total transaction of $129,975.00. Following the transaction, the general counsel owned 32,678 shares in the company, valued at approximately $566,309.74. This trade represents a 18.67% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible 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 firm’s stock in a transaction on Tuesday, May 19th. The shares were sold at an average price of $18.01, for a total value of $425,270.13. Following the transaction, the director owned 11,747 shares in the company, valued at approximately $211,563.47. This represents a 66.78% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders have sold 62,500 shares of company stock worth $1,097,117. Insiders own 24.67% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have weighed in on GLRE. Zacks Research upgraded Greenlight Capital Re to a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen lowered Greenlight Capital Re from a “buy” rating to a “hold” rating in a research note on Sunday, June 7th. Finally, Weiss Ratings upgraded Greenlight Capital Re from a “hold (c)” rating to a “buy (b+)” rating in a research note on Tuesday, March 17th. One research analyst has rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy”.

Greenlight Capital Re Stock Performance

Shares of Greenlight Capital Re stock opened at $16.24 on Wednesday. The firm has a market cap of $538.62 million, a P/E ratio of 6.85 and a beta of 0.33. The company has a current ratio of 2.46, a quick ratio of 2.46 and a debt-to-equity ratio of 0.01. Greenlight Capital Re, Ltd. has a 12 month low of $11.56 and a 12 month high of $19.39. The stock’s fifty day moving average price is $17.32 and its 200-day moving average price is $15.51.

Greenlight Capital Re (NASDAQ:GLRE) last announced its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $1.05 EPS for the quarter, missing the consensus estimate of $1.25 by ($0.20). The firm had revenue of $189.66 million for the quarter, compared to analysts’ expectations of $160.88 million. Greenlight Capital Re had a net margin of 11.47% and a return on equity of 11.69%. On average, equities research analysts expect that Greenlight Capital Re, Ltd. will post 2 earnings per share for the current fiscal year.

Greenlight Capital Re 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.