Third Point Reinsurance (TPRE) Upgraded to “Hold” at Zacks Investment Research

Third Point Reinsurance (NYSE:TPRE) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.

According to Zacks, “Third Point Reinsurance Ltd. is a property and casualty reinsurance company. The Company operates in two segments: Property and Casualty Reinsurance and Catastrophe Risk Management. Third Point engages in underwriting property, auto, workers compensation, and crop quota share contracts for insurance and reinsurance companies. It also underwrites property catastrophe exposures and writes excess of loss catastrophe reinsurance. Third Point Reinsurance Ltd. is based in Bermuda. “

Several other research analysts have also issued reports on TPRE. Keefe, Bruyette & Woods restated a “market perform” rating and set a $16.50 price target on shares of Third Point Reinsurance in a report on Thursday, October 12th. Morgan Stanley raised their price target on shares of Third Point Reinsurance from $15.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, November 10th. Finally, ValuEngine lowered shares of Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $17.33.

Third Point Reinsurance (TPRE) opened at $13.75 on Tuesday. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.07. Third Point Reinsurance has a fifty-two week low of $11.35 and a fifty-two week high of $17.10. The stock has a market cap of $1,503.37, a P/E ratio of 7.81, a price-to-earnings-growth ratio of 0.41 and a beta of 1.17.

Third Point Reinsurance (NYSE:TPRE) last released its quarterly earnings results on Wednesday, November 8th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.53 by ($0.01). Third Point Reinsurance had a return on equity of 12.12% and a net margin of 20.78%. sell-side analysts forecast that Third Point Reinsurance will post 2.71 earnings per share for the current year.

In other Third Point Reinsurance news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the firm’s stock in a transaction that occurred on Thursday, November 16th. The shares were sold at an average price of $15.57, for a total transaction of $233,550,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 36.93% of the stock is currently owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Amalgamated Bank acquired a new stake in shares of Third Point Reinsurance during the 3rd quarter worth approximately $163,000. Virtu KCG Holdings LLC acquired a new stake in shares of Third Point Reinsurance during the 2nd quarter worth approximately $167,000. LS Investment Advisors LLC grew its position in shares of Third Point Reinsurance by 441.5% during the 4th quarter. LS Investment Advisors LLC now owns 11,778 shares of the insurance provider’s stock worth $173,000 after buying an additional 9,603 shares during the period. Hotchkis & Wiley Capital Management LLC acquired a new stake in shares of Third Point Reinsurance during the 3rd quarter worth approximately $185,000. Finally, Algert Global LLC acquired a new stake in shares of Third Point Reinsurance during the 3rd quarter worth approximately $197,000. Hedge funds and other institutional investors own 61.12% of the company’s stock.

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Third Point Reinsurance Company Profile

Third Point Reinsurance Ltd. is a holding company. Through the Company’s reinsurance subsidiaries, it provides property and casualty reinsurance coverage to insurance and reinsurance companies. The Company’s segments include Property and Casualty Reinsurance, and Corporate. The Company’s investable assets are managed by its investment manager, Third Point LLC.

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