Short Interest in Third Point Reinsurance (TPRE) Rises By 45.3%

Third Point Reinsurance (NYSE:TPRE) saw a significant increase in short interest in the month of April. As of April 30th, there was short interest totalling 1,355,599 shares, an increase of 45.3% from the April 13th total of 932,980 shares. Currently, 1.7% of the shares of the stock are sold short. Based on an average trading volume of 328,453 shares, the days-to-cover ratio is currently 4.1 days.

TPRE has been the subject of a number of analyst reports. Zacks Investment Research cut Third Point Reinsurance from a “hold” rating to a “sell” rating in a report on Tuesday, March 6th. ValuEngine cut Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a report on Monday, April 2nd. Bank of America cut their price objective on Third Point Reinsurance from $18.00 to $17.00 and set a “buy” rating for the company in a report on Tuesday, April 3rd. Keefe, Bruyette & Woods raised Third Point Reinsurance from a “market perform” rating to an “outperform” rating in a report on Thursday, May 10th. Finally, TheStreet lowered Third Point Reinsurance from a “b-” rating to a “c” rating in a research note on Wednesday, May 9th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $17.25.

In other Third Point Reinsurance news, insider J. Robert Bredahl sold 100,000 shares of Third Point Reinsurance stock in a transaction on Wednesday, March 21st. The stock was sold at an average price of $14.70, for a total transaction of $1,470,000.00. Following the completion of the transaction, the insider now directly owns 849,391 shares of the company’s stock, valued at $12,486,047.70. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.10% of the stock is currently owned by company insiders.

Several large investors have recently made changes to their positions in TPRE. Xact Kapitalforvaltning AB acquired a new stake in shares of Third Point Reinsurance in the fourth quarter valued at $154,000. BlueCrest Capital Management Ltd acquired a new stake in shares of Third Point Reinsurance in the fourth quarter valued at $159,000. LS Investment Advisors LLC increased its stake in shares of Third Point Reinsurance by 441.5% in the fourth quarter. LS Investment Advisors LLC now owns 11,778 shares of the insurance provider’s stock valued at $173,000 after buying an additional 9,603 shares in the last quarter. Glacier Peak Capital LLC acquired a new stake in shares of Third Point Reinsurance in the fourth quarter valued at $184,000. Finally, Element Capital Management LLC acquired a new stake in shares of Third Point Reinsurance in the first quarter valued at $219,000. Institutional investors own 77.11% of the company’s stock.

Shares of NYSE:TPRE opened at $13.20 on Friday. Third Point Reinsurance has a twelve month low of $13.10 and a twelve month high of $13.32. The firm has a market capitalization of $1.35 billion, a PE ratio of 5.02, a price-to-earnings-growth ratio of 0.71 and a beta of 1.11. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.62 and a quick ratio of 0.62.

Third Point Reinsurance (NYSE:TPRE) last announced its earnings results on Wednesday, February 28th. The insurance provider reported $0.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.04). Third Point Reinsurance had a net margin of 18.16% and a return on equity of 9.08%. The business had revenue of $196.67 million during the quarter. equities analysts anticipate that Third Point Reinsurance will post 1.25 earnings per share for the current year.

Third Point Reinsurance announced that its Board of Directors has authorized a share buyback plan on Wednesday, February 28th that allows the company to repurchase $148.30 million in shares. This repurchase authorization allows the insurance provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

About Third Point Reinsurance

Third Point Reinsurance Ltd., through its subsidiaries, provides specialty property and casualty reinsurance products to insurance and reinsurance companies worldwide. It underwrites homeowners, workers compensation, personal automobile, mortgage, and multi-line reinsurance; professional, transactional, and general liability reinsurance; and marine, travel, and extended warranty reinsurance products.

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