Short Interest in Third Point Reinsurance Ltd (TPRE) Drops By 43.0%

Third Point Reinsurance Ltd (NYSE:TPRE) was the target of a significant decrease in short interest in December. As of December 29th, there was short interest totalling 775,002 shares, a decrease of 43.0% from the December 15th total of 1,359,613 shares. Approximately 0.9% of the company’s stock are short sold. Based on an average trading volume of 558,194 shares, the short-interest ratio is currently 1.4 days.

TPRE has been the topic of several recent research reports. Zacks Investment Research upgraded Third Point Reinsurance from a “hold” rating to a “buy” rating and set a $16.00 price target on the stock in a report on Friday, January 5th. ValuEngine lowered Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. Morgan Stanley increased their price target 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. Finally, Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $19.00 price target on shares of Third Point Reinsurance in a report on Wednesday, December 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $17.33.

Third Point Reinsurance (NYSE:TPRE) opened at $14.20 on Friday. Third Point Reinsurance has a fifty-two week low of $11.05 and a fifty-two week high of $17.10. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.07. The firm has a market capitalization of $1,530.00, a P/E ratio of 7.98, a PEG ratio of 0.46 and a beta of 1.27.

Third Point Reinsurance (NYSE:TPRE) last posted its earnings results on Wednesday, November 8th. The insurance provider reported $0.52 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.53 by ($0.01). Third Point Reinsurance had a net margin of 20.78% and a return on equity of 12.12%. sell-side analysts forecast that Third Point Reinsurance will post 2.71 EPS for the current fiscal year.

In other Third Point Reinsurance news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the 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 sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 36.93% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of TPRE. BNP Paribas Arbitrage SA lifted its holdings in shares of Third Point Reinsurance by 650.7% in the second quarter. BNP Paribas Arbitrage SA now owns 8,093 shares of the insurance provider’s stock valued at $112,000 after purchasing an additional 7,015 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Third Point Reinsurance in the second quarter valued at approximately $122,000. Amalgamated Bank bought a new position in shares of Third Point Reinsurance in the third quarter valued at approximately $163,000. Virtu KCG Holdings LLC bought a new position in shares of Third Point Reinsurance in the second quarter valued at approximately $167,000. Finally, Hotchkis & Wiley Capital Management LLC bought a new position in shares of Third Point Reinsurance in the third quarter valued at approximately $185,000. Institutional investors own 74.58% 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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