Glacier Peak Capital LLC acquired a new position in shares of Third Point Reinsurance (NYSE:TPRE) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 11,809 shares of the insurance provider’s stock, valued at approximately $184,000. Third Point Reinsurance makes up about 0.2% of Glacier Peak Capital LLC’s portfolio, making the stock its 27th largest holding.
Other hedge funds also recently modified their holdings of the company. Amalgamated Bank bought a new stake in shares of Third Point Reinsurance during the third quarter worth $163,000. BlueCrest Capital Management Ltd acquired a new stake in Third Point Reinsurance in the fourth quarter valued at $159,000. LS Investment Advisors LLC lifted its stake in 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 valued at $173,000 after acquiring an additional 9,603 shares during the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new stake in Third Point Reinsurance in the third quarter valued at $185,000. Finally, Algert Global LLC acquired a new stake in Third Point Reinsurance in the third quarter valued at $197,000. 76.94% of the stock is owned by institutional investors.
In related news, insider J. Robert Bredahl sold 100,000 shares of the business’s stock in a transaction on Wednesday, March 21st. The shares were sold at an average price of $14.70, for a total transaction of $1,470,000.00. Following the transaction, the insider now owns 849,391 shares in the company, valued at approximately $12,486,047.70. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 36.93% of the stock is owned by insiders.
TPRE opened at $13.00 on Friday. Third Point Reinsurance has a fifty-two week low of $11.45 and a fifty-two week high of $17.10. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.60 and a current ratio of 0.60. The company has a market cap of $1,378.82, a price-to-earnings ratio of 4.94, a price-to-earnings-growth ratio of 0.51 and a beta of 1.10.
Third Point Reinsurance (NYSE:TPRE) last posted its earnings results on Wednesday, February 28th. The insurance provider reported $0.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.04). The business had revenue of $196.67 million for the quarter. Third Point Reinsurance had a return on equity of 17.38% and a net margin of 29.58%. equities research analysts forecast that Third Point Reinsurance will post 1.75 EPS for the current fiscal year.
Third Point Reinsurance announced that its Board of Directors has approved a share buyback plan on Wednesday, February 28th that allows the company to buyback $148.30 million in shares. This buyback authorization allows the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.
A number of analysts have recently issued reports on TPRE shares. Bank of America cut their target price on shares of Third Point Reinsurance from $18.00 to $17.00 and set a “buy” rating for the company in a research note on Tuesday. ValuEngine cut shares of Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 2nd. Finally, Zacks Investment Research raised shares of Third Point Reinsurance from a “hold” rating to a “buy” rating and set a $16.00 target price on the stock in a report on Friday, January 5th. One investment analyst has rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. Third Point Reinsurance currently has a consensus rating of “Hold” and an average target price of $17.25.
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Third Point Reinsurance Company Profile
Third Point Reinsurance Ltd., through its subsidiaries, provides specialty property and casualty reinsurance products to insurance and reinsurance companies worldwide. It underwrites homeowners, workers compensation, personal automobile, mortgage, and multi-line reinsurance; professional, transactional, and general liability reinsurance; and marine, travel, and extended warranty reinsurance products.
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