Third Point Reinsurance Ltd. (NYSE:TPRE) shares dropped 0.3% on Tuesday . The company traded as low as $15.60 and last traded at $16.80. Approximately 1,078,700 shares were traded during mid-day trading, an increase of 81% from the average daily volume of 595,153 shares. The stock had previously closed at $16.85.
Several equities analysts have weighed in on TPRE shares. BidaskClub raised Third Point Reinsurance from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Keefe, Bruyette & Woods restated a “buy” rating and set a $16.50 target price on shares of Third Point Reinsurance in a research report on Tuesday, September 12th. Zacks Investment Research downgraded Third Point Reinsurance from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Morgan Stanley raised their target price on Third Point Reinsurance from $15.00 to $17.00 and gave the stock an “equal weight” rating in a research note on Friday. Finally, ValuEngine upgraded shares of Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a report on Friday, September 22nd. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $17.17.
The stock has a market cap of $1,800.00, a price-to-earnings ratio of 9.57, a P/E/G ratio of 0.42 and a beta of 1.27. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.68 and a current ratio of 0.68.
Several institutional investors have recently added to or reduced their stakes in TPRE. Parametric Portfolio Associates LLC raised its position in Third Point Reinsurance by 42.9% during the 1st quarter. Parametric Portfolio Associates LLC now owns 58,382 shares of the insurance provider’s stock worth $706,000 after buying an additional 17,537 shares during the last quarter. Wellington Management Group LLP acquired a new stake in Third Point Reinsurance in the first quarter valued at approximately $330,000. Teachers Advisors LLC grew its position in shares of Third Point Reinsurance by 3.2% during the first quarter. Teachers Advisors LLC now owns 137,380 shares of the insurance provider’s stock worth $1,662,000 after buying an additional 4,251 shares in the last quarter. Vanguard Group Inc. lifted its stake in Third Point Reinsurance by 6.8% in the first quarter. Vanguard Group Inc. now owns 4,685,642 shares of the insurance provider’s stock valued at $56,696,000 after buying an additional 297,061 shares during the last quarter. Finally, Geode Capital Management LLC raised its stake in shares of Third Point Reinsurance by 3.0% during the first quarter. Geode Capital Management LLC now owns 457,365 shares of the insurance provider’s stock valued at $5,534,000 after purchasing an additional 13,132 shares in the last quarter. 70.65% of the stock is currently owned by institutional investors and hedge funds.
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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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