Third Point Reinsurance (TPRE) Cut to Sell at ValuEngine

Third Point Reinsurance (NYSE:TPRE) was downgraded by analysts at ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Tuesday.

Other equities analysts also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Third Point Reinsurance from a “strong sell” rating to a “hold” rating in a research note on Saturday, April 7th. Bank of America decreased 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. Keefe, Bruyette & Woods upgraded shares of Third Point Reinsurance from a “market perform” rating to an “outperform” rating in a research note on Thursday, May 10th. Finally, TheStreet downgraded shares of Third Point Reinsurance from a “b-” rating to a “c” rating in a research note on Wednesday, May 9th. One analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the stock. Third Point Reinsurance has an average rating of “Hold” and a consensus target price of $17.25.

Shares of Third Point Reinsurance traded up $0.35, reaching $12.70, on Tuesday, Marketbeat Ratings reports. 9,801 shares of the stock were exchanged, compared to its average volume of 668,233. The company has a current ratio of 0.62, a quick ratio of 0.62 and a debt-to-equity ratio of 0.07. The company has a market cap of $1.32 billion, a P/E ratio of 4.70, a PEG ratio of 0.71 and a beta of 1.10. Third Point Reinsurance has a twelve month low of $12.30 and a twelve month high of $17.10.

Third Point Reinsurance (NYSE:TPRE) last issued its earnings results on Wednesday, May 9th. The insurance provider reported ($0.26) EPS for the quarter, missing analysts’ consensus estimates of ($0.22) by ($0.04). The firm had revenue of $140.28 million for the quarter, compared to analyst estimates of $155.43 million. Third Point Reinsurance had a return on equity of 9.08% and a net margin of 18.16%. equities analysts forecast that Third Point Reinsurance will post 1.21 EPS for the current year.

Third Point Reinsurance declared that its board has initiated a stock repurchase plan on Wednesday, February 28th that authorizes the company to repurchase $148.30 million in shares. This repurchase authorization authorizes the insurance provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s board of directors believes its stock is undervalued.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Dynamic Technology Lab Private Ltd boosted its stake in Third Point Reinsurance by 136.1% in the first quarter. Dynamic Technology Lab Private Ltd now owns 24,502 shares of the insurance provider’s stock valued at $342,000 after acquiring an additional 14,122 shares in the last quarter. Allianz Asset Management GmbH boosted its stake in Third Point Reinsurance by 250.0% in the first quarter. Allianz Asset Management GmbH now owns 207,412 shares of the insurance provider’s stock valued at $2,894,000 after acquiring an additional 148,152 shares in the last quarter. Xact Kapitalforvaltning AB raised its holdings in shares of Third Point Reinsurance by 59.1% in the first quarter. Xact Kapitalforvaltning AB now owns 16,688 shares of the insurance provider’s stock valued at $233,000 after buying an additional 6,200 shares during the last quarter. Element Capital Management LLC purchased a new stake in shares of Third Point Reinsurance in the first quarter valued at about $219,000. Finally, Profund Advisors LLC raised its holdings in shares of Third Point Reinsurance by 32.7% in the first quarter. Profund Advisors LLC now owns 16,970 shares of the insurance provider’s stock valued at $237,000 after buying an additional 4,177 shares during the last quarter. Institutional investors own 72.58% of the company’s stock.

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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