Bank of New York Mellon Corp reduced its position in shares of Third Point Reinsurance Ltd (NYSE:TPRE) by 7.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,032,710 shares of the insurance provider’s stock after selling 84,603 shares during the period. Bank of New York Mellon Corp owned 1.04% of Third Point Reinsurance worth $12,909,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently added to or reduced their stakes in TPRE. Massachusetts Financial Services Co. MA lifted its position in shares of Third Point Reinsurance by 14.7% during the second quarter. Massachusetts Financial Services Co. MA now owns 596,244 shares of the insurance provider’s stock valued at $7,453,000 after purchasing an additional 76,481 shares in the last quarter. First Trust Advisors LP lifted its position in shares of Third Point Reinsurance by 9.7% during the second quarter. First Trust Advisors LP now owns 173,932 shares of the insurance provider’s stock valued at $2,174,000 after purchasing an additional 15,417 shares in the last quarter. LMR Partners LLP bought a new stake in Third Point Reinsurance in the second quarter worth about $222,000. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in Third Point Reinsurance in the second quarter worth about $219,000. Finally, Robeco Institutional Asset Management B.V. raised its position in Third Point Reinsurance by 6.5% in the second quarter. Robeco Institutional Asset Management B.V. now owns 1,649,000 shares of the insurance provider’s stock worth $20,614,000 after acquiring an additional 101,288 shares during the period. 71.79% of the stock is currently owned by institutional investors.
TPRE has been the topic of several research reports. ValuEngine raised shares of Third Point Reinsurance from a “sell” rating to a “hold” rating in a research report on Friday, August 17th. Morgan Stanley set a $13.00 price objective on shares of Third Point Reinsurance and gave the stock a “hold” rating in a research report on Monday, November 12th. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $14.67.
Shares of TPRE stock opened at $9.81 on Friday. The stock has a market capitalization of $936.05 million, a price-to-earnings ratio of 3.73 and a beta of 1.12. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.77 and a current ratio of 0.77. Third Point Reinsurance Ltd has a 52 week low of $9.62 and a 52 week high of $15.50.
Third Point Reinsurance (NYSE:TPRE) last announced its quarterly earnings data on Tuesday, November 6th. The insurance provider reported ($0.14) EPS for the quarter, topping the consensus estimate of ($0.19) by $0.05. The business had revenue of $124.40 million for the quarter. Third Point Reinsurance had a net margin of 3.89% and a return on equity of 1.50%. Research analysts predict that Third Point Reinsurance Ltd will post -1.67 earnings per share for the current year.
In other Third Point Reinsurance news, insider Nicholas J. D. Campbell bought 5,000 shares of Third Point Reinsurance stock in a transaction dated Thursday, November 15th. The stock was purchased at an average price of $10.29 per share, for a total transaction of $51,450.00. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, major shareholder Daniel S. Loeb sold 800,000 shares of Third Point Reinsurance stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $13.15, for a total transaction of $10,520,000.00. Following the completion of the transaction, the insider now owns 1,293,591 shares of the company’s stock, valued at approximately $17,010,721.65. The disclosure for this sale can be found here. Insiders own 12.10% of the company’s stock.
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Third Point Reinsurance Company Profile
Third Point Reinsurance Ltd., through its subsidiaries, provides specialty property and casualty reinsurance products to insurance and reinsurance companies worldwide. It underwrites homeowners, workers compensation, personal automobile, mortgage, and multi-line reinsurance; professional, transactional, and general liability reinsurance; and marine, travel, and extended warranty reinsurance products.
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