Third Point Reinsurance (TPRE) Upgraded to “Hold” by Zacks Investment Research

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

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 have also issued reports on TPRE. ValuEngine lowered Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 7th. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $16.50 target price on shares of Third Point Reinsurance in a research report on Thursday, October 12th. Finally, Morgan Stanley upped their target price on Third Point Reinsurance from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, November 10th. Four equities research analysts have rated the stock with a hold rating and one has assigned a buy rating to the stock. Third Point Reinsurance currently has a consensus rating of “Hold” and a consensus price target of $17.33.

Third Point Reinsurance (NYSE TPRE) traded down $0.38 on Tuesday, hitting $13.62. The stock had a trading volume of 399,642 shares, compared to its average volume of 762,877. The company has a market cap of $1,470.00, a price-to-earnings ratio of 7.65, a price-to-earnings-growth ratio of 0.41 and a beta of 1.17. 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 52-week low of $11.35 and a 52-week high of $17.10.

Third Point Reinsurance (NYSE:TPRE) last announced its earnings results on Wednesday, November 8th. The insurance provider reported $0.52 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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%. research analysts forecast that Third Point Reinsurance will post 2.71 earnings per share for the current fiscal year.

In other news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the stock in a transaction dated 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 through this link. 36.93% of the stock is currently owned by corporate insiders.

Several hedge funds have recently made changes to their positions in the company. Dean Investment Associates LLC acquired a new position in shares of Third Point Reinsurance in the fourth quarter valued at about $4,572,000. Crossmark Global Holdings Inc. acquired a new position in shares of Third Point Reinsurance in the fourth quarter valued at about $339,000. Comerica Bank increased its holdings in shares of Third Point Reinsurance by 32.8% in the fourth quarter. Comerica Bank now owns 89,360 shares of the insurance provider’s stock valued at $1,296,000 after purchasing an additional 22,066 shares during the period. Chicago Equity Partners LLC increased its holdings in shares of Third Point Reinsurance by 7.7% in the fourth quarter. Chicago Equity Partners LLC now owns 690,965 shares of the insurance provider’s stock valued at $10,123,000 after purchasing an additional 49,290 shares during the period. Finally, Robeco Institutional Asset Management B.V. increased its holdings in shares of Third Point Reinsurance by 31.6% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 1,350,704 shares of the insurance provider’s stock valued at $19,788,000 after purchasing an additional 324,416 shares during the period. 61.12% of the stock is currently owned by institutional investors and hedge funds.

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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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