Third Point Reinsurance (TPRE) Downgraded by Zacks Investment Research to Sell
Zacks Investment Research downgraded shares of Third Point Reinsurance (NYSE:TPRE) from a hold rating to a sell rating in a report published on Thursday morning.
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. “
Several other analysts have also recently issued reports on TPRE. Morgan Stanley upped their price objective on Third Point Reinsurance from $15.00 to $17.00 and gave the company an equal weight rating in a research note on Friday, November 10th. Keefe, Bruyette & Woods cut Third Point Reinsurance from an outperform rating to a market perform rating in a research note on Monday, October 16th. Finally, ValuEngine upgraded Third Point Reinsurance from a buy rating to a strong-buy rating in a research note on Friday, September 22nd. One equities research analyst has rated the stock with a sell rating, three have assigned a hold rating and one has issued a buy rating to the company. Third Point Reinsurance has a consensus rating of Hold and a consensus price target of $17.33.
Third Point Reinsurance (TPRE) traded up $0.15 during trading hours on Thursday, hitting $14.15. The company had a trading volume of 686,832 shares, compared to its average volume of 848,085. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.68 and a current 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. The firm has a market capitalization of $1,519.47, a PE ratio of 8.04, a price-to-earnings-growth ratio of 0.46 and a beta of 1.27.
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 sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 36.93% of the company’s stock.
Large investors have recently bought and sold shares of the company. BNP Paribas Arbitrage SA grew its holdings in shares of 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 purchasing an additional 7,015 shares during the last quarter. SG Americas Securities LLC bought a new position in shares of Third Point Reinsurance during the second quarter valued at approximately $122,000. Amalgamated Bank bought a new position in shares of Third Point Reinsurance during the third quarter valued at approximately $163,000. Virtu KCG Holdings LLC bought a new position in shares of Third Point Reinsurance during the second quarter valued at approximately $167,000. Finally, Hotchkis & Wiley Capital Management LLC bought a new position in shares of Third Point Reinsurance during the third quarter valued at approximately $185,000. 74.58% of the stock is owned by institutional investors.
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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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