Third Point Reinsurance (NYSE:TPRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Friday, January 5th. The firm presently has a $16.00 target price on the insurance provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 14.29% from the company’s previous close.
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 equities research analysts also recently issued reports on the company. ValuEngine downgraded Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a report on Thursday, December 7th. Keefe, Bruyette & Woods restated a “hold” rating and set a $19.00 price objective on shares of Third Point Reinsurance in a report on Wednesday, December 6th. Morgan Stanley lifted their target price on Third Point Reinsurance from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research report on Friday, November 10th. Finally, BidaskClub upgraded Third Point Reinsurance from a “sell” rating to a “hold” rating in a research report on Tuesday, September 12th. 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 company has a consensus rating of “Hold” and an average target price of $17.33.
Third Point Reinsurance (TPRE) traded up $0.20 during mid-day trading on Friday, reaching $14.00. The company’s stock had a trading volume of 721,100 shares, compared to its average volume of 1,108,887. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.07. Third Point Reinsurance has a 52 week low of $11.05 and a 52 week high of $17.10. The stock has a market cap of $1,510.00, a P/E ratio of 7.87, a PEG ratio of 0.45 and a beta of 1.27.
In related news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the business’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $15.57, for a total transaction of $233,550,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 36.93% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in the stock. Capital World Investors raised its stake in Third Point Reinsurance by 23.3% during the 2nd quarter. Capital World Investors now owns 5,325,506 shares of the insurance provider’s stock valued at $74,025,000 after acquiring an additional 1,008,053 shares in the last quarter. Systematic Financial Management LP bought a new stake in Third Point Reinsurance during the 2nd quarter valued at $12,817,000. JPMorgan Chase & Co. raised its stake in Third Point Reinsurance by 1,824.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 869,101 shares of the insurance provider’s stock valued at $12,081,000 after acquiring an additional 823,943 shares in the last quarter. Robeco Institutional Asset Management B.V. raised its stake in Third Point Reinsurance by 308.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,026,288 shares of the insurance provider’s stock valued at $16,009,000 after acquiring an additional 774,808 shares in the last quarter. Finally, Teachers Advisors LLC raised its stake in Third Point Reinsurance by 461.3% during the 2nd quarter. Teachers Advisors LLC now owns 771,100 shares of the insurance provider’s stock valued at $10,718,000 after acquiring an additional 633,720 shares in the last quarter. Institutional investors and hedge funds 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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