Zacks Investment Research Downgrades Third Point Reinsurance (TPRE) to Hold

Zacks Investment Research lowered shares of Third Point Reinsurance (NYSE:TPRE) from a buy rating to a hold rating in a research report report published on Wednesday morning.

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 analysts also recently weighed in on the company. Morgan Stanley boosted their target price on Third Point Reinsurance from $15.00 to $17.00 and gave the company an equal weight rating in a research report on Friday, November 10th. Keefe, Bruyette & Woods downgraded Third Point Reinsurance from an outperform rating to a market perform rating in a research report on Monday, October 16th. ValuEngine raised Third Point Reinsurance from a buy rating to a strong-buy rating in a research report on Friday, September 22nd. Finally, BidaskClub raised Third Point Reinsurance from a sell rating to a hold rating in a research report on Tuesday, September 12th. Four investment analysts have rated the stock with a hold rating and one has issued a buy rating to the company. Third Point Reinsurance currently has an average rating of Hold and an average target price of $18.00.

Third Point Reinsurance (NYSE:TPRE) opened at $15.15 on Wednesday. The firm has a market capitalization of $1,630.00, a P/E ratio of 8.69, a PEG ratio of 0.35 and a beta of 1.27. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.07. Third Point Reinsurance has a 12-month low of $11.05 and a 12-month high of $17.10.

In other Third Point Reinsurance news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the company’s stock in a transaction on Thursday, November 16th. The stock was sold at an average price of $15.57, for a total value of $233,550,000.00. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 36.93% of the company’s stock.

A number of institutional investors have recently made changes to their positions in TPRE. Capital World Investors grew its position in Third Point Reinsurance by 23.3% in 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 during the last quarter. Systematic Financial Management LP bought a new position in Third Point Reinsurance in the 2nd quarter valued at $12,817,000. JPMorgan Chase & Co. grew its position in Third Point Reinsurance by 1,824.6% in 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 during the last quarter. Robeco Institutional Asset Management B.V. grew its position in Third Point Reinsurance by 308.1% in 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 during the last quarter. Finally, Teachers Advisors LLC grew its position in Third Point Reinsurance by 461.3% in 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 during the last quarter. 74.59% of the stock is currently owned by institutional investors.

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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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