Third Point Reinsurance (NYSE:TPRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.

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 brokerages also recently issued reports on TPRE. Morgan Stanley upped their target price on shares of Third Point Reinsurance from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday, November 10th. Keefe, Bruyette & Woods downgraded shares of Third Point Reinsurance from an “outperform” rating to a “market perform” rating in a research note on Monday, October 16th. Finally, ValuEngine upgraded shares of Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 22nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has given a buy rating to the company. Third Point Reinsurance presently has a consensus rating of “Hold” and a consensus target price of $17.33.

Shares of Third Point Reinsurance (NYSE:TPRE) traded up $0.15 on Thursday, reaching $13.80. 565,400 shares of the company’s stock were exchanged, compared to its average volume of 1,164,286. The stock has a market capitalization of $1,480.00, a PE ratio of 7.75, a PEG ratio of 0.45 and a beta of 1.27. 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 twelve month low of $11.05 and a twelve month high of $17.10.

In other news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the company’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 value of $233,550,000.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 36.93% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Schwab Charles Investment Management Inc. lifted its position in Third Point Reinsurance by 6.9% during the second quarter. Schwab Charles Investment Management Inc. now owns 291,608 shares of the insurance provider’s stock valued at $4,054,000 after purchasing an additional 18,818 shares during the period. Rhumbline Advisers lifted its position in Third Point Reinsurance by 4.6% during the second quarter. Rhumbline Advisers now owns 86,854 shares of the insurance provider’s stock valued at $1,207,000 after purchasing an additional 3,853 shares during the period. SG Americas Securities LLC bought a new position in Third Point Reinsurance during the second quarter valued at approximately $122,000. Bank of New York Mellon Corp lifted its position in Third Point Reinsurance by 4.4% during the second quarter. Bank of New York Mellon Corp now owns 291,820 shares of the insurance provider’s stock valued at $4,056,000 after purchasing an additional 12,317 shares during the period. Finally, Legal & General Group Plc lifted its position in Third Point Reinsurance by 60.2% during the second quarter. Legal & General Group Plc now owns 25,173 shares of the insurance provider’s stock valued at $350,000 after purchasing an additional 9,456 shares during the period. Hedge funds and other institutional investors own 74.58% 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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