Bank of America Corp DE raised its stake in shares of Third Point Reinsurance Ltd. (NYSE:TPRE) by 5.4% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 397,006 shares of the insurance provider’s stock after buying an additional 20,419 shares during the period. Bank of America Corp DE owned 0.38% of Third Point Reinsurance worth $4,804,000 as of its most recent filing with the SEC.
Other large investors have also made changes to their positions in the company. Norges Bank acquired a new stake in shares of Third Point Reinsurance during the fourth quarter valued at about $8,499,000. TIAA CREF Investment Management LLC increased its stake in 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. Dimensional Fund Advisors LP increased its stake in 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 in the last quarter. Vanguard Group Inc. increased 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 worth $56,696,000 after buying an additional 297,061 shares in the last quarter. Finally, Alliancebernstein L.P. increased its stake in Third Point Reinsurance by 238.1% in the first quarter. Alliancebernstein L.P. now owns 374,470 shares of the insurance provider’s stock worth $4,531,000 after buying an additional 263,700 shares in the last quarter. 68.89% of the stock is owned by institutional investors and hedge funds.
Third Point Reinsurance Ltd. (NYSE:TPRE) remained flat at $14.55 during midday trading on Tuesday. The company’s stock had a trading volume of 5,393 shares. The firm has a market capitalization of $1.53 billion, a PE ratio of 8.43 and a beta of 1.22. Third Point Reinsurance Ltd. has a 52-week low of $11.05 and a 52-week high of $14.70. The company has a 50 day moving average of $14.03 and a 200-day moving average of $12.58.
A number of research firms have recently weighed in on TPRE. Zacks Investment Research raised Third Point Reinsurance from a “hold” rating to a “buy” rating and set a $15.00 target price for the company in a report on Saturday, July 8th. Morgan Stanley reissued an “equal weight” rating and set a $15.00 target price (up previously from $14.00) on shares of Third Point Reinsurance in a report on Friday, July 7th. BidaskClub downgraded Third Point Reinsurance from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. ValuEngine downgraded Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a report on Friday, June 2nd. Finally, Keefe, Bruyette & Woods raised Third Point Reinsurance from a “mkt perform” rating to an “outperform” rating in a report on Monday, May 15th. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. Third Point Reinsurance has a consensus rating of “Buy” and a consensus target price of $15.00.
In other news, insider Daniel V. Malloy sold 20,000 shares of the company’s stock in a transaction on Thursday, May 25th. The stock was sold at an average price of $12.65, for a total transaction of $253,000.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, insider J. Robert Bredahl sold 80,000 shares of the company’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 have sold a total of 110,000 shares of company stock worth $1,510,550 in the last ninety days. Insiders own 36.93% of the company’s stock.
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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