Third Point Reinsurance (TPRE) Downgraded by Zacks Investment Research to “Sell”

Third Point Reinsurance (NYSE:TPRE) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Thursday.

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 research analysts have also commented on TPRE. ValuEngine raised Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 22nd. Keefe, Bruyette & Woods reaffirmed a “market perform” rating and set a $16.50 price target on shares of Third Point Reinsurance in a research report on Thursday, October 12th. Finally, Morgan Stanley upped their price target on Third Point Reinsurance from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, November 10th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has given a buy rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $17.33.

Third Point Reinsurance (NYSE TPRE) traded up $0.15 on Thursday, reaching $13.80. The company’s stock had a trading volume of 565,400 shares, compared to its average volume of 1,164,286. The company has a market cap of $1,480.00, a price-to-earnings ratio of 7.75, a price-to-earnings-growth ratio of 0.45 and a beta of 1.27. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.68 and a quick ratio of 0.68. Third Point Reinsurance has a fifty-two week low of $11.05 and a fifty-two week high of $17.10.

In other Third Point Reinsurance news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the company’s stock in a transaction that occurred on Thursday, November 16th. The stock was sold at an average price of $15.57, for a total transaction of $233,550,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 36.93% of the company’s stock.

Several hedge funds have recently bought and sold shares of the business. Capital World Investors grew its holdings in shares of Third Point Reinsurance by 23.3% during the 2nd quarter. Capital World Investors now owns 5,325,506 shares of the insurance provider’s stock worth $74,025,000 after acquiring an additional 1,008,053 shares during the period. Vanguard Group Inc. grew its holdings in shares of Third Point Reinsurance by 4.7% during the 2nd quarter. Vanguard Group Inc. now owns 4,907,325 shares of the insurance provider’s stock worth $68,213,000 after acquiring an additional 221,683 shares during the period. Dimensional Fund Advisors LP grew its holdings in shares of Third Point Reinsurance by 28.2% during the 3rd quarter. Dimensional Fund Advisors LP now owns 1,573,099 shares of the insurance provider’s stock worth $24,540,000 after acquiring an additional 345,858 shares during the period. State Street Corp grew its holdings in shares of Third Point Reinsurance by 13.1% during the 2nd quarter. State Street Corp now owns 1,357,110 shares of the insurance provider’s stock worth $18,860,000 after acquiring an additional 157,443 shares during the period. Finally, Robeco Institutional Asset Management B.V. grew its holdings in shares of Third Point Reinsurance by 308.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,026,288 shares of the insurance provider’s stock worth $16,009,000 after acquiring an additional 774,808 shares during the period. Hedge funds and other institutional investors own 74.58% of the company’s stock.

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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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