Third Point Reinsurance (TPRE) Downgraded by Zacks Investment Research to “Sell”

Third Point Reinsurance (NYSE:TPRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Thursday.

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 have also issued reports on TPRE. ValuEngine raised Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a research note on Friday, September 22nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $16.50 price target on shares of Third Point Reinsurance in a research note on Thursday, October 12th. Finally, Morgan Stanley lifted their price target on Third Point Reinsurance from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday, November 10th. One research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has assigned a buy rating to the company. The stock has a consensus rating of “Hold” and an average target price of $17.33.

Third Point Reinsurance (NYSE TPRE) traded up $0.15 during trading on Thursday, reaching $13.80. The company had a trading volume of 565,400 shares, compared to its average volume of 1,164,286. 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 twelve month low of $11.05 and a twelve month high of $17.10. The stock has a market capitalization of $1,480.00, a PE ratio of 7.75, a price-to-earnings-growth ratio of 0.45 and a beta of 1.27.

In other Third Point Reinsurance news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of Third Point Reinsurance stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $15.57, for a total transaction of $233,550,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 36.93% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Rhumbline Advisers lifted its stake in shares of Third Point Reinsurance by 4.6% in the 2nd quarter. Rhumbline Advisers now owns 86,854 shares of the insurance provider’s stock valued at $1,207,000 after acquiring an additional 3,853 shares during the last quarter. Voya Investment Management LLC lifted its stake in shares of Third Point Reinsurance by 16.0% in the 2nd quarter. Voya Investment Management LLC now owns 31,087 shares of the insurance provider’s stock valued at $432,000 after acquiring an additional 4,296 shares during the last quarter. The Manufacturers Life Insurance Company lifted its stake in shares of Third Point Reinsurance by 11.7% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 55,386 shares of the insurance provider’s stock valued at $769,000 after acquiring an additional 5,808 shares during the last quarter. California State Teachers Retirement System lifted its stake in shares of Third Point Reinsurance by 4.5% in the 2nd quarter. California State Teachers Retirement System now owns 136,079 shares of the insurance provider’s stock valued at $1,891,000 after acquiring an additional 5,894 shares during the last quarter. Finally, BNP Paribas Arbitrage SA lifted its stake in shares of Third Point Reinsurance by 650.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,093 shares of the insurance provider’s stock valued at $112,000 after acquiring an additional 7,015 shares during the last quarter. 74.58% of the stock is 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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