Schwab Charles Investment Management Inc. raised its stake in shares of Third Point Reinsurance Ltd (NYSE:TPRE) by 25.3% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 421,483 shares of the insurance provider’s stock after buying an additional 85,154 shares during the quarter. Schwab Charles Investment Management Inc. owned about 0.39% of Third Point Reinsurance worth $6,175,000 at the end of the most recent reporting period.
A number of other hedge funds also recently bought and sold shares of TPRE. Ameriprise Financial Inc. purchased a new position in Third Point Reinsurance during the 2nd quarter valued at about $300,000. Parametric Portfolio Associates LLC grew its holdings in Third Point Reinsurance by 21.4% during the 2nd quarter. Parametric Portfolio Associates LLC now owns 70,858 shares of the insurance provider’s stock valued at $985,000 after buying an additional 12,476 shares in the last quarter. State Street Corp grew its holdings in Third Point Reinsurance by 13.1% during the 2nd quarter. State Street Corp now owns 1,357,110 shares of the insurance provider’s stock valued at $18,860,000 after buying an additional 157,443 shares in the last quarter. The Manufacturers Life Insurance Company grew its holdings in shares of Third Point Reinsurance by 11.7% during the second quarter. The Manufacturers Life Insurance Company now owns 55,386 shares of the insurance provider’s stock worth $769,000 after purchasing an additional 5,808 shares in the last quarter. Finally, California State Teachers Retirement System grew its holdings in shares of Third Point Reinsurance by 4.5% during the second quarter. California State Teachers Retirement System now owns 136,079 shares of the insurance provider’s stock worth $1,891,000 after purchasing an additional 5,894 shares in the last quarter. 78.10% of the stock is owned by institutional investors and hedge funds.
Several research analysts have recently commented on the company. Zacks Investment Research lowered Third Point Reinsurance from a “hold” rating to a “sell” rating in a report on Tuesday, March 6th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $19.00 price objective on shares of Third Point Reinsurance in a report on Wednesday, December 6th. Finally, ValuEngine lowered Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.33.
Third Point Reinsurance announced that its Board of Directors has initiated a stock buyback program on Wednesday, February 28th that permits the company to repurchase $148.30 million in shares. This repurchase authorization permits the insurance provider to buy shares of its stock through open market purchases. Shares repurchase programs are usually an indication that the company’s board of directors believes its shares are undervalued.
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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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