Third Point Reinsurance (NYSE:TPRE) was upgraded by analysts at ValuEngine from a “buy” rating to a “strong-buy” rating in a research report issued on Thursday.
A number of other analysts have also issued reports on TPRE. Zacks Investment Research lowered shares of Third Point Reinsurance from a “buy” rating to a “hold” rating in a research report on Wednesday, December 6th. Keefe, Bruyette & Woods reissued a “hold” rating and issued a $19.00 price target on shares of Third Point Reinsurance in a research report on Wednesday, December 6th. One investment analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $17.33.
Third Point Reinsurance (NYSE:TPRE) traded up $0.05 during midday trading on Thursday, hitting $14.65. 697,325 shares of the stock were exchanged, compared to its average volume of 737,812. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.07. The stock has a market capitalization of $1,502.76, a price-to-earnings ratio of 5.57, a price-to-earnings-growth ratio of 0.55 and a beta of 1.14. Third Point Reinsurance has a 1-year low of $11.45 and a 1-year high of $17.10.
Third Point Reinsurance announced that its board has initiated a share repurchase program on Wednesday, February 28th that authorizes the company to repurchase $148.30 million in shares. This repurchase authorization authorizes the insurance provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are typically a sign that the company’s board of directors believes its shares are undervalued.
Several hedge funds and other institutional investors have recently bought and sold shares of TPRE. Xact Kapitalforvaltning AB purchased a new stake in shares of Third Point Reinsurance in the fourth quarter worth approximately $154,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Third Point Reinsurance in the fourth quarter worth approximately $159,000. Amalgamated Bank purchased a new stake in shares of Third Point Reinsurance in the third quarter worth approximately $163,000. LS Investment Advisors LLC lifted its position in shares of Third Point Reinsurance by 441.5% in the fourth quarter. LS Investment Advisors LLC now owns 11,778 shares of the insurance provider’s stock worth $173,000 after purchasing an additional 9,603 shares in the last quarter. Finally, Glacier Peak Capital LLC purchased a new stake in shares of Third Point Reinsurance in the fourth quarter worth approximately $184,000. 78.10% of the stock is owned by institutional investors and hedge funds.
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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