Third Point Reinsurance (TPRE) Upgraded to “Hold” at Zacks Investment Research

Zacks Investment Research upgraded shares of Third Point Reinsurance (NYSE:TPRE) from a strong sell rating to a hold rating in a research note published on Saturday.

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. “

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Several other research firms have also commented on TPRE. ValuEngine upgraded shares of Third Point Reinsurance from a buy rating to a strong-buy rating in a research note on Thursday, March 15th. Bank of America reduced their price objective 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, April 3rd. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The company presently has a consensus rating of Hold and a consensus price target of $17.25.

NYSE TPRE opened at $13.00 on Friday. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $1,342.67, a P/E ratio of 4.96, a PEG ratio of 0.58 and a beta of 1.10. Third Point Reinsurance has a 52 week low of $11.45 and a 52 week high of $17.10.

Third Point Reinsurance (NYSE:TPRE) last posted its quarterly earnings data on Wednesday, February 28th. The insurance provider reported $0.41 EPS for the quarter, missing the consensus estimate of $0.45 by ($0.04). The firm 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%. research analysts forecast that Third Point Reinsurance will post 1.27 earnings per share for the current fiscal year.

Third Point Reinsurance declared that its Board of Directors has initiated a share buyback plan on Wednesday, February 28th that authorizes the company to buyback $148.30 million in outstanding shares. This buyback authorization authorizes the insurance provider to buy 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.

In other Third Point Reinsurance news, insider J. Robert Bredahl sold 100,000 shares of the company’s stock in a transaction that occurred 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 36.93% of the company’s stock.

Several hedge funds have recently added to or reduced their stakes in TPRE. Xact Kapitalforvaltning AB purchased a new stake in shares of Third Point Reinsurance in the 4th quarter valued at $154,000. BlueCrest Capital Management Ltd purchased a new stake in shares of Third Point Reinsurance in the 4th quarter valued at $159,000. LS Investment Advisors LLC boosted its holdings in shares of Third Point Reinsurance by 441.5% in the 4th 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. Glacier Peak Capital LLC purchased a new stake in shares of Third Point Reinsurance in the 4th quarter valued at $184,000. Finally, Algert Global LLC purchased a new stake in shares of Third Point Reinsurance in the 3rd quarter valued at $197,000. 76.94% of the stock is currently owned by institutional investors and hedge funds.

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About Third Point Reinsurance

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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