Keefe, Bruyette & Woods reaffirmed their buy rating on shares of Third Point Reinsurance Ltd. (NYSE:TPRE) in a research note issued to investors on Friday morning. Keefe, Bruyette & Woods currently has a $16.50 target price on the insurance provider’s stock.
A number of other research analysts have also recently commented on TPRE. TheStreet upgraded shares of Third Point Reinsurance from a c rating to a b- rating in a report on Thursday, May 4th. ValuEngine cut shares of Third Point Reinsurance from a strong-buy rating to a buy rating in a report on Friday, June 2nd. BidaskClub upgraded shares of Third Point Reinsurance from a hold rating to a buy rating in a report on Friday, June 23rd. Morgan Stanley restated an equal weight rating and issued a $15.00 price target (up from $14.00) on shares of Third Point Reinsurance in a report on Friday, July 7th. Finally, Zacks Investment Research upgraded shares of Third Point Reinsurance from a hold rating to a buy rating and set a $15.00 price target on the stock in a report on Saturday, July 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus target price of $15.38.
Third Point Reinsurance (NYSE:TPRE) traded up 0.67% during midday trading on Friday, hitting $15.00. 431,196 shares of the stock traded hands. Third Point Reinsurance has a 52-week low of $11.05 and a 52-week high of $15.00. The firm’s 50-day moving average is $14.06 and its 200-day moving average is $12.60. The company has a market cap of $1.61 billion, a price-to-earnings ratio of 7.75 and a beta of 1.23.
Third Point Reinsurance (NYSE:TPRE) last posted its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $0.71 EPS for the quarter, topping the Zacks’ consensus estimate of $0.70 by $0.01. The firm 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 13.78%. Analysts predict that Third Point Reinsurance will post $2.62 EPS for the current year.
In other Third Point Reinsurance news, insider Daniel V. Malloy sold 20,000 shares of the stock in a transaction dated Thursday, May 25th. The shares were 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 available through this hyperlink. Also, CFO Christopher S. Coleman sold 5,000 shares of the stock in a transaction dated Friday, May 26th. The stock was sold at an average price of $12.75, for a total transaction of $63,750.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 110,000 shares of company stock worth $1,510,550. 36.93% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of TPRE. Norges Bank acquired a new position in shares of Third Point Reinsurance during the fourth quarter valued at about $8,499,000. TIAA CREF Investment Management LLC raised 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 valued at $37,422,000 after buying an additional 440,948 shares during the last quarter. Dimensional Fund Advisors LP raised 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 valued at $5,887,000 after buying an additional 418,767 shares during the last quarter. Vanguard Group Inc. raised 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 valued at $56,696,000 after buying an additional 297,061 shares during the last quarter. Finally, Alliancebernstein L.P. raised 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 valued at $4,531,000 after buying an additional 263,700 shares during the last quarter. Institutional investors own 68.89% 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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