Morgan Stanley Boosts Third Point Reinsurance Ltd. (TPRE) Price Target to $17.00

Third Point Reinsurance Ltd. (NYSE:TPRE) had its target price lifted by Morgan Stanley from $15.00 to $17.00 in a research report sent to investors on Friday morning. Morgan Stanley currently has an equal weight rating on the insurance provider’s stock.

A number of other brokerages have also weighed in on TPRE. BidaskClub upgraded shares of Third Point Reinsurance from a hold rating to a buy rating in a research report on Thursday, August 3rd. Keefe, Bruyette & Woods restated a buy rating and issued a $16.50 target price on shares of Third Point Reinsurance in a research report on Tuesday, September 12th. Zacks Investment Research lowered shares of Third Point Reinsurance from a buy rating to a hold rating in a research report on Wednesday, August 9th. Finally, ValuEngine upgraded shares of Third Point Reinsurance from a buy rating to a strong-buy rating in a research report on Friday, September 22nd. Three equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Third Point Reinsurance has an average rating of Buy and a consensus price target of $17.17.

Shares of Third Point Reinsurance (NYSE TPRE) opened at $16.80 on Friday. Third Point Reinsurance has a 52-week low of $11.05 and a 52-week high of $17.10. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.68 and a quick ratio of 0.68. The firm has a market cap of $1,800.00, a P/E ratio of 9.57, a price-to-earnings-growth ratio of 0.42 and a beta of 1.27.

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Several hedge funds have recently added to or reduced their stakes in the company. Allianz Asset Management GmbH bought a new position in shares of Third Point Reinsurance during the third quarter valued at $948,000. Engineers Gate Manager LP bought a new position in shares of Third Point Reinsurance during the third quarter valued at $844,000. Invictus RG bought a new position in shares of Third Point Reinsurance during the third quarter valued at $590,000. Dimensional Fund Advisors LP raised its stake in shares of Third Point Reinsurance by 28.2% during the third quarter. Dimensional Fund Advisors LP now owns 1,573,099 shares of the insurance provider’s stock valued at $24,540,000 after acquiring an additional 345,858 shares during the last quarter. Finally, Hotchkis & Wiley Capital Management LLC bought a new position in shares of Third Point Reinsurance during the third quarter valued at $185,000. 70.65% of the stock is owned by hedge funds and other institutional investors.

Third Point Reinsurance Company Profile

Third Point Reinsurance Ltd. is a holding company. Through the Company’s reinsurance subsidiaries, it provides property and casualty reinsurance coverage to insurance and reinsurance companies. The Company’s segments include Property and Casualty Reinsurance, and Corporate. The Company’s investable assets are managed by its investment manager, Third Point LLC.

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