Wedge Capital Management L L P NC Decreases Stake in Third Point Reinsurance Ltd (NYSE:TPRE)

Wedge Capital Management L L P NC lowered its stake in Third Point Reinsurance Ltd (NYSE:TPRE) by 39.3% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 15,618 shares of the insurance provider’s stock after selling 10,118 shares during the period. Wedge Capital Management L L P NC’s holdings in Third Point Reinsurance were worth $156,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Stone Ridge Asset Management LLC raised its holdings in shares of Third Point Reinsurance by 53.5% in the second quarter. Stone Ridge Asset Management LLC now owns 35,062 shares of the insurance provider’s stock worth $362,000 after buying an additional 12,223 shares during the last quarter. Weiss Asset Management LP increased its stake in shares of Third Point Reinsurance by 10.9% in the second quarter. Weiss Asset Management LP now owns 15,772 shares of the insurance provider’s stock worth $163,000 after acquiring an additional 1,556 shares during the period. Connor Clark & Lunn Investment Management Ltd. increased its stake in shares of Third Point Reinsurance by 602.3% in the second quarter. Connor Clark & Lunn Investment Management Ltd. now owns 107,975 shares of the insurance provider’s stock worth $1,114,000 after acquiring an additional 92,600 shares during the period. United Services Automobile Association increased its stake in shares of Third Point Reinsurance by 8.8% in the second quarter. United Services Automobile Association now owns 47,339 shares of the insurance provider’s stock worth $489,000 after acquiring an additional 3,832 shares during the period. Finally, Morgan Stanley increased its stake in shares of Third Point Reinsurance by 369.2% in the second quarter. Morgan Stanley now owns 793,657 shares of the insurance provider’s stock worth $8,190,000 after acquiring an additional 624,502 shares during the period. 65.07% of the stock is owned by institutional investors and hedge funds.

A number of analysts have recently weighed in on the stock. Zacks Investment Research upgraded shares of Third Point Reinsurance from a “sell” rating to a “hold” rating in a research note on Sunday, November 3rd. ValuEngine lowered shares of Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 4th.

TPRE stock remained flat at $$9.71 during midday trading on Friday. 365,154 shares of the company traded hands, compared to its average volume of 579,714. The firm has a market capitalization of $930.02 million, a price-to-earnings ratio of -2.97, a P/E/G ratio of 0.28 and a beta of 1.05. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.79 and a current ratio of 0.79. The company’s fifty day moving average is $9.71 and its two-hundred day moving average is $10.18. Third Point Reinsurance Ltd has a 52 week low of $8.85 and a 52 week high of $11.95.

Third Point Reinsurance (NYSE:TPRE) last released its quarterly earnings results on Tuesday, November 5th. The insurance provider reported ($0.16) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.13) by ($0.03). The company had revenue of $200.11 million for the quarter. Sell-side analysts anticipate that Third Point Reinsurance Ltd will post 2.07 EPS for the current year.

In other news, CEO Daniel V. Malloy purchased 5,000 shares of the company’s stock in a transaction that occurred on Wednesday, August 14th. The shares were bought at an average price of $9.67 per share, for a total transaction of $48,350.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 9.18% of the stock is currently owned by company insiders.

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' and commercial, workers' compensation, personal automobile, mortgage, and multi-line reinsurance products; professional, transactional, and general liability reinsurance products; and marine, travel, and extended warranty reinsurance products.

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Institutional Ownership by Quarter for Third Point Reinsurance (NYSE:TPRE)

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