StockNews.com Initiates Coverage on Global Indemnity Group (NASDAQ:GBLI)

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

Global Indemnity Group Stock Performance

Shares of Global Indemnity Group stock opened at $32.13 on Wednesday. Global Indemnity Group has a 52-week low of $26.50 and a 52-week high of $37.00. The stock’s 50-day simple moving average is $31.23 and its 200 day simple moving average is $30.96. The stock has a market capitalization of $437.10 million, a P/E ratio of 12.96 and a beta of 0.43.

Global Indemnity Group (NASDAQ:GBLI) last announced its quarterly earnings data on Wednesday, August 7th. The insurance provider reported $0.72 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.53 by $0.19. Global Indemnity Group had a return on equity of 5.79% and a net margin of 7.66%. The business had revenue of $108.69 million for the quarter, compared to analysts’ expectations of $114.00 million. Equities research analysts forecast that Global Indemnity Group will post 2.71 EPS for the current fiscal year.

Institutional Investors Weigh In On Global Indemnity Group

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Innealta Capital LLC bought a new stake in shares of Global Indemnity Group during the second quarter valued at about $55,000. Harbor Capital Advisors Inc. increased its position in shares of Global Indemnity Group by 223.7% during the second quarter. Harbor Capital Advisors Inc. now owns 28,696 shares of the insurance provider’s stock valued at $892,000 after buying an additional 19,830 shares during the period. Boston Partners bought a new stake in shares of Global Indemnity Group during the first quarter valued at about $2,488,000. Finally, Cannell Capital LLC bought a new stake in shares of Global Indemnity Group during the fourth quarter valued at about $3,562,000. 37.40% of the stock is currently owned by institutional investors.

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.