Third Point Reinsurance Ltd (TPRE) Expected to Post Earnings of $0.45 Per Share
Analysts expect Third Point Reinsurance Ltd (NYSE:TPRE) to report earnings of $0.45 per share for the current fiscal quarter, Zacks reports. Zero analysts have made estimates for Third Point Reinsurance’s earnings, with the highest EPS estimate coming in at $0.48 and the lowest estimate coming in at $0.41. Third Point Reinsurance posted earnings per share of $0.98 in the same quarter last year, which indicates a negative year over year growth rate of 54.1%. The company is scheduled to issue its next earnings report on Thursday, May 3rd.
According to Zacks, analysts expect that Third Point Reinsurance will report full-year earnings of $1.76 per share for the current fiscal year, with EPS estimates ranging from $1.54 to $1.97. For the next fiscal year, analysts anticipate that the business will report earnings of $2.30 per share, with EPS estimates ranging from $2.00 to $2.75. Zacks Investment Research’s earnings per share averages are a mean average based on a survey of research analysts that follow Third Point Reinsurance.
TPRE has been the subject of a number of research analyst reports. ValuEngine cut Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a research report on Thursday, December 7th. Zacks Investment Research cut Third Point Reinsurance from a “hold” rating to a “sell” rating in a research report on Thursday, January 11th. Morgan Stanley raised their price target on Third Point Reinsurance from $15.00 to $17.00 and gave the company an “equal weight” rating in a research report on Friday, November 10th. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $19.00 price target on shares of Third Point Reinsurance in a research report on Wednesday, December 6th. Four equities research analysts have rated the stock with a hold rating and one has given a buy rating to the company. The stock presently has an average rating of “Hold” and an average target price of $17.33.
Third Point Reinsurance declared that its Board of Directors has authorized a share repurchase plan on Wednesday, February 28th that permits the company to repurchase $148.30 million in shares. This repurchase authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s leadership believes its stock is undervalued.
Several hedge funds have recently made changes to their positions in TPRE. BlackRock Inc. boosted its stake in shares of Third Point Reinsurance by 28.3% during the fourth quarter. BlackRock Inc. now owns 10,935,594 shares of the insurance provider’s stock valued at $160,207,000 after acquiring an additional 2,409,720 shares during the last quarter. EnTrustPermal Partners Offshore LP acquired a new stake in shares of Third Point Reinsurance during the fourth quarter valued at $13,454,000. Wells Fargo & Company MN boosted its stake in shares of Third Point Reinsurance by 658.9% during the third quarter. Wells Fargo & Company MN now owns 620,865 shares of the insurance provider’s stock valued at $9,686,000 after acquiring an additional 539,050 shares during the last quarter. Principal Financial Group Inc. boosted its stake in shares of Third Point Reinsurance by 2,492.9% during the third quarter. Principal Financial Group Inc. now owns 497,752 shares of the insurance provider’s stock valued at $7,765,000 after acquiring an additional 478,555 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its stake in shares of Third Point Reinsurance by 57.5% during the second quarter. Dimensional Fund Advisors LP now owns 1,227,241 shares of the insurance provider’s stock valued at $17,059,000 after acquiring an additional 448,036 shares during the last quarter. Institutional investors and hedge funds own 73.07% of the company’s stock.
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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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