Keefe, Bruyette & Woods Downgrades Third Point Reinsurance Ltd. (TPRE) to Market Perform
Third Point Reinsurance Ltd. (NYSE:TPRE) was downgraded by investment analysts at Keefe, Bruyette & Woods from an “outperform” rating to a “market perform” rating in a note issued to investors on Monday.
TPRE has been the topic of a number of other research reports. BidaskClub downgraded Third Point Reinsurance from a “buy” rating to a “hold” rating in a research report on Saturday, July 1st. Zacks Investment Research downgraded Third Point Reinsurance from a “buy” rating to a “hold” rating in a research report on Wednesday, August 9th. Morgan Stanley reiterated an “equal weight” rating and set a $15.00 price objective (up previously from $14.00) on shares of Third Point Reinsurance in a research report on Friday, July 7th. Finally, ValuEngine upgraded Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a research report on Friday, September 22nd. Four equities research analysts have rated the stock with a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $16.13.
Shares of Third Point Reinsurance (NYSE TPRE) opened at 16.45 on Monday. Third Point Reinsurance has a 1-year low of $11.05 and a 1-year high of $16.52. The firm’s 50-day moving average price is $14.97 and its 200 day moving average price is $13.70. The stock has a market capitalization of $1.70 billion, a P/E ratio of 8.51 and a beta of 1.26.
Third Point Reinsurance (NYSE:TPRE) last announced its quarterly earnings data 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. Third Point Reinsurance had a return on equity of 13.56% and a net margin of 22.18%. The firm had revenue of $280.88 million for the quarter. Analysts expect that Third Point Reinsurance will post $2.75 EPS for the current fiscal year.
Large investors have recently bought and sold shares of the business. BNP Paribas Arbitrage SA raised its position in Third Point Reinsurance by 650.7% in the second quarter. BNP Paribas Arbitrage SA now owns 8,093 shares of the insurance provider’s stock valued at $112,000 after purchasing an additional 7,015 shares during the period. SG Americas Securities LLC purchased a new stake in Third Point Reinsurance in the second quarter valued at $122,000. Fox Run Management L.L.C. purchased a new stake in Third Point Reinsurance in the second quarter valued at $150,000. Virtu KCG Holdings LLC purchased a new stake in Third Point Reinsurance in the second quarter valued at $167,000. Finally, Campbell & CO Investment Adviser LLC purchased a new stake in Third Point Reinsurance in the second quarter valued at $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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