Zacks Investment Research upgraded shares of Third Point Reinsurance Ltd. (NYSE:TPRE) from a hold rating to a buy rating in a report released on Thursday. They currently have $18.00 price objective on the insurance provider’s stock.

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. “

Other analysts have also issued reports about the stock. BidaskClub upgraded shares of Third Point Reinsurance from a hold rating to a buy rating in a research note on Friday, June 23rd. Keefe, Bruyette & Woods reiterated a buy rating and issued a $16.50 price target on shares of Third Point Reinsurance in a research note on Tuesday, September 12th. ValuEngine upgraded shares of Third Point Reinsurance from a buy rating to a strong-buy rating in a research note on Friday, September 22nd. Finally, Morgan Stanley reiterated an equal weight rating and issued a $15.00 price target (up from $14.00) on shares of Third Point Reinsurance in a research note on Friday, July 7th. Three equities research analysts have rated the stock with a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company has an average rating of Buy and an average target price of $16.13.

Third Point Reinsurance (NYSE TPRE) opened at 16.20 on Thursday. The company’s 50 day moving average price is $14.64 and its 200 day moving average price is $13.52. The firm has a market cap of $1.67 billion, a PE ratio of 8.38 and a beta of 1.26. Third Point Reinsurance has a 52-week low of $11.05 and a 52-week high of $16.35.

Third Point Reinsurance (NYSE:TPRE) last announced its quarterly earnings results on Wednesday, August 2nd. The insurance provider reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.70 by $0.01. Third Point Reinsurance had a net margin of 22.18% and a return on equity of 13.56%. The firm had revenue of $280.88 million during the quarter. Analysts predict that Third Point Reinsurance will post $2.75 earnings per share for the current fiscal year.

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Hedge funds and other institutional investors have recently made changes to their positions in the stock. BNP Paribas Arbitrage SA grew its position in Third Point Reinsurance by 650.7% during the second quarter. BNP Paribas Arbitrage SA now owns 8,093 shares of the insurance provider’s stock valued at $112,000 after buying an additional 7,015 shares during the period. SG Americas Securities LLC bought a new stake in Third Point Reinsurance during the second quarter valued at approximately $122,000. Fox Run Management L.L.C. bought a new stake in Third Point Reinsurance during the second quarter valued at approximately $150,000. Virtu KCG Holdings LLC bought a new stake in Third Point Reinsurance during the second quarter valued at approximately $167,000. Finally, Campbell & CO Investment Adviser LLC bought a new stake in Third Point Reinsurance during the second quarter valued at approximately $169,000. Institutional investors own 68.70% of the company’s stock.

Third Point Reinsurance Company Profile

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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