Third Point Reinsurance Ltd. (NYSE:TPRE)‘s stock had its “market perform” rating restated by equities research analysts at Keefe, Bruyette & Woods in a note issued to investors on Thursday. They currently have a $16.50 price target on the insurance provider’s stock.
TPRE has been the subject of several other reports. BidaskClub downgraded Third Point Reinsurance from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. Zacks Investment Research downgraded Third Point Reinsurance from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Morgan Stanley reissued an “equal weight” rating and issued a $15.00 target price (up from $14.00) on shares of Third Point Reinsurance in a report on Friday, July 7th. Finally, ValuEngine raised Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a report on Friday, September 22nd. Four equities research analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the stock. Third Point Reinsurance currently has a consensus rating of “Buy” and an average price target of $16.13.
Shares of Third Point Reinsurance (NYSE:TPRE) traded down 0.758% on Thursday, hitting $16.375. The stock had a trading volume of 586,551 shares. Third Point Reinsurance has a 12-month low of $11.05 and a 12-month high of $16.53. The stock has a 50 day moving average price of $14.97 and a 200-day moving average price of $13.70. The company has a market cap of $1.69 billion, a price-to-earnings ratio of 8.471 and a beta of 1.26.
Third Point Reinsurance (NYSE:TPRE) last posted its earnings results on Wednesday, August 2nd. The insurance provider reported $0.71 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.70 by $0.01. Third Point Reinsurance had a return on equity of 13.56% and a net margin of 22.18%. The business had revenue of $280.88 million during the quarter. On average, equities analysts expect that Third Point Reinsurance will post $2.75 earnings per share for the current year.
Institutional investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA increased its position in Third Point Reinsurance by 650.7% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 8,093 shares of the insurance provider’s stock valued at $112,000 after acquiring an additional 7,015 shares during the period. SG Americas Securities LLC acquired a new position in Third Point Reinsurance in the 2nd quarter valued at about $122,000. Fox Run Management L.L.C. acquired a new position in Third Point Reinsurance in the 2nd quarter valued at about $150,000. Virtu KCG Holdings LLC acquired a new position in Third Point Reinsurance in the 2nd quarter valued at about $167,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Third Point Reinsurance in the 2nd quarter valued at about $169,000. 68.70% of the stock is owned by institutional investors and hedge funds.
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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