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

Equities researchers at StockNews.com initiated coverage on shares of Global Indemnity Group (NASDAQ:GBLI) in a research note issued on Monday. The firm set a “buy” rating on the insurance provider’s stock.

Global Indemnity Group Price Performance

Shares of NASDAQ:GBLI opened at $34.40 on Monday. Global Indemnity Group has a 1 year low of $29.55 and a 1 year high of $37.00. The stock’s fifty day moving average price is $35.38 and its 200-day moving average price is $34.89. The company has a market cap of $490.48 million, a P/E ratio of 11.82 and a beta of 0.46.

Insiders Place Their Bets

In related news, CEO Praveen Kotha Reddy bought 1,500 shares of the company’s stock in a transaction on Friday, March 14th. The shares were acquired at an average cost of $35.96 per share, for a total transaction of $53,940.00. Following the purchase, the chief executive officer now directly owns 1,500 shares of the company’s stock, valued at approximately $53,940. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 52.80% of the company’s stock.

Institutional Investors Weigh In On Global Indemnity Group

Hedge funds have recently added to or reduced their stakes in the business. Boston Partners increased its stake in Global Indemnity Group by 34.9% during the 4th quarter. Boston Partners now owns 103,947 shares of the insurance provider’s stock worth $3,742,000 after buying an additional 26,893 shares in the last quarter. Huber Capital Management LLC acquired a new stake in Global Indemnity Group during the fourth quarter worth approximately $232,000. Cannell Capital LLC increased its holdings in shares of Global Indemnity Group by 23.1% in the 4th quarter. Cannell Capital LLC now owns 245,934 shares of the insurance provider’s stock valued at $8,854,000 after acquiring an additional 46,167 shares during the period. Finally, State of Wyoming raised its holdings in Global Indemnity Group by 56.3% during the fourth quarter. State of Wyoming now owns 1,901 shares of the insurance provider’s stock worth $68,000 after purchasing an additional 685 shares in the last quarter. 37.40% of the stock is owned by hedge funds and other 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.