Third Point Reinsurance Ltd. (TPRE) Receives $15.50 Consensus Target Price from Analysts

Third Point Reinsurance Ltd. (NYSE:TPRE) has been assigned a consensus rating of “Buy” from the seven research firms that are currently covering the stock, MarketBeat reports. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price target among analysts that have covered the stock in the last year is $15.50.

A number of equities research analysts recently issued reports on TPRE shares. TheStreet raised shares of Third Point Reinsurance from a “c” rating to a “b-” rating in a research note on Thursday, May 4th. Keefe, Bruyette & Woods raised shares of Third Point Reinsurance from a “market perform” rating to an “outperform” rating and lifted their price target for the company from $14.00 to $15.00 in a research note on Monday, May 8th. ValuEngine cut shares of Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 2nd. BidaskClub raised shares of Third Point Reinsurance from a “hold” rating to a “buy” rating in a research note on Friday, June 23rd. Finally, Morgan Stanley reissued an “equal weight” rating and issued a $15.00 price target (up previously from $14.00) on shares of Third Point Reinsurance in a research note on Friday, July 7th.

In other Third Point Reinsurance news, CFO Christopher S. Coleman sold 5,000 shares of the firm’s stock in a transaction on Friday, May 26th. The stock was sold at an average price of $12.75, for a total value of $63,750.00. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider J. Robert Bredahl sold 80,000 shares of the firm’s stock in a transaction on Wednesday, June 21st. The shares were sold at an average price of $14.11, for a total value of $1,128,800.00. The disclosure for this sale can be found here. Insiders sold a total of 110,000 shares of company stock worth $1,510,550 in the last 90 days. 36.93% of the stock is currently owned by insiders.

A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. Dimensional Fund Advisors LP raised its position in shares of Third Point Reinsurance by 460.6% in the fourth quarter. Dimensional Fund Advisors LP now owns 509,680 shares of the insurance provider’s stock worth $5,887,000 after buying an additional 418,767 shares during the last quarter. Highbridge Capital Management LLC purchased a new position in shares of Third Point Reinsurance during the fourth quarter worth $290,000. Citadel Advisors LLC raised its position in shares of Third Point Reinsurance by 57.8% in the first quarter. Citadel Advisors LLC now owns 364,002 shares of the insurance provider’s stock worth $4,404,000 after buying an additional 133,276 shares during the last quarter. Prudential Financial Inc. raised its position in shares of Third Point Reinsurance by 380.3% in the first quarter. Prudential Financial Inc. now owns 78,383 shares of the insurance provider’s stock worth $949,000 after buying an additional 62,065 shares during the last quarter. Finally, TIAA CREF Investment Management LLC raised 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 during the last quarter. Institutional investors own 66.85% of the company’s stock.

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Shares of Third Point Reinsurance (NYSE TPRE) remained flat at $14.55 during trading on Friday. 385,616 shares of the company were exchanged. The company has a 50 day moving average of $14.30 and a 200 day moving average of $12.82. Third Point Reinsurance has a 12 month low of $11.05 and a 12 month high of $15.10. The stock has a market capitalization of $1.50 billion, a PE ratio of 7.53 and a beta of 1.23.

Third Point Reinsurance (NYSE:TPRE) last issued its quarterly earnings data on Wednesday, August 2nd. The insurance provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.01. The business had revenue of $280.88 million for the quarter. Third Point Reinsurance had a net margin of 22.18% and a return on equity of 13.56%. Equities research analysts anticipate that Third Point Reinsurance will post $2.69 earnings per share for the current fiscal year.

About Third Point Reinsurance

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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