Analysts Set Third Point Reinsurance Ltd (TPRE) PT at $17.00

Shares of Third Point Reinsurance Ltd (NYSE:TPRE) have received a consensus rating of “Hold” from the six analysts that are covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and two have assigned a buy recommendation to the company. The average 1 year target price among brokers that have covered the stock in the last year is $17.00.

Several equities analysts have commented on the stock. Zacks Investment Research upgraded shares of Third Point Reinsurance from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. ValuEngine raised Third Point Reinsurance from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd.

Shares of NYSE TPRE traded down $0.33 during trading hours on Monday, hitting $11.38. 504,562 shares of the stock were exchanged, compared to its average volume of 693,139. The company has a current ratio of 0.77, a quick ratio of 0.57 and a debt-to-equity ratio of 0.08. The company has a market cap of $1.17 billion, a P/E ratio of 58.70, a P/E/G ratio of 3.73 and a beta of 1.15. Third Point Reinsurance has a one year low of $10.27 and a one year high of $17.10.

Third Point Reinsurance (NYSE:TPRE) last issued its quarterly earnings results on Tuesday, November 6th. The insurance provider reported ($0.14) earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.19) by $0.05. The company had revenue of $124.40 million for the quarter. Third Point Reinsurance had a return on equity of 1.50% and a net margin of 3.89%. Equities research analysts forecast that Third Point Reinsurance will post 0.25 EPS for the current fiscal year.

In related news, major shareholder Daniel S. Loeb sold 800,000 shares of the stock in a transaction that occurred on Tuesday, September 18th. The shares were sold at an average price of $13.15, for a total transaction of $10,520,000.00. Following the sale, the insider now owns 1,293,591 shares in the company, valued at approximately $17,010,721.65. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 12.10% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in TPRE. Affinity Investment Advisors LLC boosted its stake in Third Point Reinsurance by 40.2% in the 3rd quarter. Affinity Investment Advisors LLC now owns 33,222 shares of the insurance provider’s stock worth $432,000 after purchasing an additional 9,520 shares in the last quarter. Engineers Gate Manager LP grew its position in Third Point Reinsurance by 32.6% in the 3rd quarter. Engineers Gate Manager LP now owns 80,780 shares of the insurance provider’s stock valued at $1,050,000 after acquiring an additional 19,854 shares during the last quarter. Oppenheimer & Co. Inc. bought a new position in shares of Third Point Reinsurance in the third quarter worth about $408,000. Russell Investments Group Ltd. grew its holdings in shares of Third Point Reinsurance by 23.6% in the third quarter. Russell Investments Group Ltd. now owns 389,610 shares of the insurance provider’s stock worth $5,065,000 after purchasing an additional 74,443 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Third Point Reinsurance by 36.2% in the third quarter. First Trust Advisors LP now owns 236,822 shares of the insurance provider’s stock worth $3,079,000 after purchasing an additional 62,890 shares during the last quarter. 66.70% of the stock is currently owned by institutional investors and hedge funds.

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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