Shares of Third Point Reinsurance Ltd. (NYSE:TPRE) have been assigned an average rating of “Buy” from the seven brokerages that are covering the firm, MarketBeat reports. Four equities research analysts have rated the stock with a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company. The average 1-year price objective among analysts that have covered the stock in the last year is $16.00.

Several brokerages have recently weighed in on TPRE. Zacks Investment Research downgraded Third Point Reinsurance from a “buy” rating to a “hold” rating in a research note on Wednesday, August 9th. Keefe, Bruyette & Woods downgraded Third Point Reinsurance from an “outperform” rating to a “market perform” rating in a research note on Monday, October 16th. Finally, BidaskClub downgraded Third Point Reinsurance from a “buy” rating to a “hold” rating in a research note on Wednesday, August 23rd.

Several hedge funds have recently modified their holdings of the company. Capital World Investors lifted its position 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 purchasing an additional 1,008,053 shares during the last quarter. Vanguard Group Inc. lifted its position in shares of Third Point Reinsurance by 4.7% during the second quarter. Vanguard Group Inc. now owns 4,907,325 shares of the insurance provider’s stock worth $68,213,000 after purchasing an additional 221,683 shares during the last quarter. State Street Corp lifted its position in shares of Third Point Reinsurance by 13.1% during the second quarter. State Street Corp now owns 1,357,110 shares of the insurance provider’s stock worth $18,860,000 after purchasing an additional 157,443 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Third Point Reinsurance by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,227,241 shares of the insurance provider’s stock worth $17,059,000 after purchasing an additional 448,036 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. lifted its position 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 purchasing an additional 774,808 shares during the last quarter. 69.56% of the stock is currently owned by institutional investors and hedge funds.

Shares of Third Point Reinsurance (NYSE TPRE) traded up 1.52% during mid-day trading on Thursday, reaching $16.70. The company’s stock had a trading volume of 467,802 shares. The firm has a 50-day moving average of $15.50 and a 200-day moving average of $13.95. The firm has a market capitalization of $1.72 billion, a PE ratio of 8.64 and a beta of 1.26. Third Point Reinsurance has a 52 week low of $11.05 and a 52 week high of $16.95.

Third Point Reinsurance (NYSE:TPRE) last announced its earnings results on Wednesday, August 2nd. The insurance provider reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.70 by $0.01. The company had revenue of $280.88 million during the quarter. Third Point Reinsurance had a return on equity of 13.56% and a net margin of 22.18%. Equities research analysts forecast that Third Point Reinsurance will post $2.75 earnings per share for the current fiscal year.

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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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