Third Point Reinsurance Ltd (TPRE) Upgraded by Zacks Investment Research to “Buy”

Third Point Reinsurance Ltd (NYSE:TPRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Saturday, July 8th. The brokerage presently has a $15.00 price objective on the insurance provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 8.30% from the stock’s previous close.

According to Zacks, “Third Point Reinsurance Ltd. is a property and casualty reinsurance company. The Company operates in two segments: Property and Casualty Reinsurance and Catastrophe Risk Management. Third Point engages in underwriting property, auto, workers compensation, and crop quota share contracts for insurance and reinsurance companies. It also underwrites property catastrophe exposures and writes excess of loss catastrophe reinsurance. Third Point Reinsurance Ltd. is based in Bermuda. “

A number of other brokerages have also recently issued reports on TPRE. BidaskClub cut shares of Third Point Reinsurance from a “buy” rating to a “hold” rating in a research note on Saturday, July 1st. Morgan Stanley restated an “equal weight” rating and issued a $15.00 price objective (up previously from $14.00) on shares of Third Point Reinsurance in a research note on Friday, July 7th. Keefe, Bruyette & Woods upgraded shares of Third Point Reinsurance from a “market perform” rating to an “outperform” rating and increased their target price for the stock from $14.00 to $15.00 in a research report on Monday, May 8th. ValuEngine lowered shares of Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, TheStreet raised shares of Third Point Reinsurance from a “c” rating to a “b-” rating in a report on Thursday, May 4th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. The company currently has an average rating of “Buy” and a consensus price target of $15.00.

Third Point Reinsurance (NYSE:TPRE) remained flat at $13.85 during trading on Friday. 27,236 shares of the company’s stock were exchanged. The firm has a 50-day moving average of $13.20 and a 200 day moving average of $12.23. Third Point Reinsurance has a 12-month low of $11.05 and a 12-month high of $14.55. The company has a market cap of $1.45 billion, a P/E ratio of 8.03 and a beta of 1.22.

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In other news, insider Daniel V. Malloy sold 20,000 shares of the business’s stock in a transaction dated Thursday, May 25th. The shares were sold at an average price of $12.65, for a total value of $253,000.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider J. Robert Bredahl sold 80,000 shares of the business’s stock in a transaction dated Wednesday, June 21st. The shares were sold at an average price of $14.11, for a total transaction of $1,128,800.00. The disclosure for this sale can be found here. Insiders sold 110,000 shares of company stock worth $1,510,550 over the last quarter. 36.93% of the stock is owned by corporate insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. boosted its stake in shares of 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. TIAA CREF Investment Management LLC boosted its position in shares of Third Point Reinsurance by 16.6% in the first quarter. TIAA CREF Investment Management LLC now owns 3,092,764 shares of the insurance provider’s stock worth $37,422,000 after buying an additional 440,948 shares in the last quarter. United Services Automobile Association boosted its position in shares of Third Point Reinsurance by 12.3% in the first quarter. United Services Automobile Association now owns 972,070 shares of the insurance provider’s stock worth $11,762,000 after buying an additional 106,590 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Third Point Reinsurance by 52.9% in the first quarter. Dimensional Fund Advisors LP now owns 779,205 shares of the insurance provider’s stock worth $9,428,000 after buying an additional 269,525 shares in the last quarter. Finally, Norges Bank purchased a new position in shares of Third Point Reinsurance during the fourth quarter worth about $8,499,000. 68.69% of the stock is owned by institutional investors and hedge funds.

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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