ValuEngine Downgrades Third Point Reinsurance (TPRE) to Buy

Third Point Reinsurance (NYSE:TPRE) was downgraded by stock analysts at ValuEngine from a “strong-buy” rating to a “buy” rating in a research report issued on Thursday.

TPRE has been the subject of a number of other reports. Morgan Stanley raised their target price on shares of Third Point Reinsurance from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Friday, November 10th. Keefe, Bruyette & Woods lowered shares of Third Point Reinsurance from an “outperform” rating to a “market perform” rating in a report on Monday, October 16th. Zacks Investment Research raised shares of Third Point Reinsurance from a “hold” rating to a “buy” rating and set a $18.00 target price for the company in a report on Thursday, October 5th. Finally, BidaskClub raised shares of Third Point Reinsurance from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Four analysts have rated the stock with a hold rating and one has assigned a buy rating to the company. Third Point Reinsurance presently has a consensus rating of “Hold” and an average target price of $18.00.

Third Point Reinsurance (NYSE TPRE) traded down $0.20 during trading on Thursday, hitting $15.35. 577,548 shares of the stock traded hands, compared to its average volume of 670,053. The company has a market capitalization of $1,691.29, a PE ratio of 8.95, a P/E/G ratio of 0.36 and a beta of 1.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.68 and a current ratio of 0.68. Third Point Reinsurance has a 52-week low of $11.05 and a 52-week high of $17.10.

In related news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the firm’s stock in a transaction 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 36.93% of the company’s stock.

Several hedge funds have recently bought and sold shares of TPRE. Teachers Advisors LLC grew its holdings in shares of Third Point Reinsurance by 3.2% in the first quarter. Teachers Advisors LLC now owns 137,380 shares of the insurance provider’s stock valued at $1,662,000 after purchasing an additional 4,251 shares in the last quarter. Geode Capital Management LLC grew its holdings in shares of Third Point Reinsurance by 3.0% in the first quarter. Geode Capital Management LLC now owns 457,365 shares of the insurance provider’s stock valued at $5,534,000 after purchasing an additional 13,132 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Third Point Reinsurance by 52.9% in the first quarter. Dimensional Fund Advisors LP now owns 779,205 shares of the insurance provider’s stock valued at $9,428,000 after purchasing an additional 269,525 shares in the last quarter. Schwab Charles Investment Management Inc. boosted its stake in Third Point Reinsurance by 5.1% during the first quarter. Schwab Charles Investment Management Inc. now owns 272,790 shares of the insurance provider’s stock worth $3,301,000 after buying an additional 13,266 shares during the period. Finally, Russell Investments Group Ltd. boosted its stake in Third Point Reinsurance by 284.0% during the second quarter. Russell Investments Group Ltd. now owns 268,566 shares of the insurance provider’s stock worth $3,733,000 after buying an additional 198,624 shares during the period. 74.59% of the stock is owned by hedge funds and other institutional investors.

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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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