Zacks Investment Research cut shares of Third Point Reinsurance (NYSE:TPRE) from a buy rating to a hold rating in a report issued on Wednesday.
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 equities research analysts have also weighed in on TPRE. Keefe, Bruyette & Woods lowered Third Point Reinsurance from an outperform rating to a market perform rating in a report on Monday, October 16th. BidaskClub upgraded Third Point Reinsurance from a sell rating to a hold rating in a report on Tuesday, September 12th. ValuEngine upgraded Third Point Reinsurance from a buy rating to a strong-buy rating in a report on Friday, September 22nd. Finally, Morgan Stanley boosted their target price on Third Point Reinsurance from $15.00 to $17.00 and gave the stock an equal weight rating in a report on Friday, November 10th. Four equities research analysts have rated the stock with a hold rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of Hold and a consensus target price of $18.00.
Shares of Third Point Reinsurance (TPRE) traded down $0.20 during midday trading on Wednesday, hitting $15.55. The company had a trading volume of 510,000 shares, compared to its average volume of 670,522. The company has a market cap of $1,691.29, a PE ratio of 8.95, a price-to-earnings-growth ratio of 0.36 and a beta of 1.27. Third Point Reinsurance has a 1-year low of $11.05 and a 1-year high of $17.10. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.07.
In related news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $15.57, for a total value of $233,550,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 36.93% of the stock is currently owned by insiders.
Several hedge funds have recently modified their holdings of TPRE. Capital World Investors lifted its holdings in shares of Third Point Reinsurance by 23.3% during the second quarter. Capital World Investors now owns 5,325,506 shares of the insurance provider’s stock worth $74,025,000 after buying an additional 1,008,053 shares during the last quarter. Systematic Financial Management LP acquired a new position in shares of Third Point Reinsurance during the second quarter worth approximately $12,817,000. JPMorgan Chase & Co. lifted its holdings in shares of Third Point Reinsurance by 1,824.6% during the second quarter. JPMorgan Chase & Co. now owns 869,101 shares of the insurance provider’s stock worth $12,081,000 after buying an additional 823,943 shares during the last quarter. Robeco Institutional Asset Management B.V. lifted its holdings in shares of Third Point Reinsurance by 308.1% during the third quarter. Robeco Institutional Asset Management B.V. now owns 1,026,288 shares of the insurance provider’s stock worth $16,009,000 after buying an additional 774,808 shares during the last quarter. Finally, Teachers Advisors LLC lifted its holdings in shares of Third Point Reinsurance by 461.3% during the second quarter. Teachers Advisors LLC now owns 771,100 shares of the insurance provider’s stock worth $10,718,000 after buying an additional 633,720 shares during the last quarter. Institutional investors own 74.59% of the company’s stock.
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About Third Point Reinsurance
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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