Third Point Reinsurance Ltd (NYSE:TPRE) Short Interest Up 44.4% in June

Third Point Reinsurance Ltd (NYSE:TPRE) was the target of a large growth in short interest in June. As of June 30th, there was short interest totalling 922,200 shares, a growth of 44.4% from the May 30th total of 638,600 shares. Based on an average daily volume of 657,900 shares, the days-to-cover ratio is presently 1.4 days. Approximately 1.2% of the shares of the company are short sold.

Several large investors have recently added to or reduced their stakes in the company. Oregon Public Employees Retirement Fund purchased a new position in shares of Third Point Reinsurance during the 4th quarter worth $273,000. PNC Financial Services Group Inc. boosted its stake in shares of Third Point Reinsurance by 92.7% during the 4th quarter. PNC Financial Services Group Inc. now owns 2,809 shares of the insurance provider’s stock worth $27,000 after acquiring an additional 1,351 shares during the last quarter. California Public Employees Retirement System boosted its stake in shares of Third Point Reinsurance by 72.6% during the 4th quarter. California Public Employees Retirement System now owns 54,230 shares of the insurance provider’s stock worth $523,000 after acquiring an additional 22,812 shares during the last quarter. GSA Capital Partners LLP purchased a new position in shares of Third Point Reinsurance during the 4th quarter worth $152,000. Finally, Hsbc Holdings PLC boosted its stake in shares of Third Point Reinsurance by 77.2% during the 4th quarter. Hsbc Holdings PLC now owns 96,905 shares of the insurance provider’s stock worth $934,000 after acquiring an additional 42,218 shares during the last quarter. Hedge funds and other institutional investors own 67.25% of the company’s stock.

A number of research analysts have issued reports on the stock. Zacks Investment Research upgraded shares of Jack Henry & Associates from a “sell” rating to a “hold” rating in a research note on Wednesday, March 27th. ValuEngine lowered shares of Zumiez from a “hold” rating to a “sell” rating in a research note on Tuesday, July 2nd. Finally, TheStreet upgraded shares of Third Point Reinsurance from a “d+” rating to a “c-” rating in a research note on Tuesday, May 14th.

Third Point Reinsurance stock traded up $0.16 during mid-day trading on Friday, reaching $10.62. 628,835 shares of the company traded hands, compared to its average volume of 478,891. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.09. Third Point Reinsurance has a fifty-two week low of $8.85 and a fifty-two week high of $14.40. The firm has a market capitalization of $986.30 million, a P/E ratio of -3.25, a price-to-earnings-growth ratio of 0.23 and a beta of 1.08. The company has a fifty day moving average price of $10.38.

Third Point Reinsurance (NYSE:TPRE) last released its quarterly earnings data on Thursday, May 9th. The insurance provider reported $1.43 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.44 by ($0.01). The firm had revenue of $308.00 million for the quarter. Research analysts anticipate that Third Point Reinsurance will post 3.05 EPS for the current year.

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' and commercial, workers' compensation, personal automobile, mortgage, and multi-line reinsurance products; professional, transactional, and general liability reinsurance products; and marine, travel, and extended warranty reinsurance products.

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