Third Point Reinsurance (TPRE) Reaches New 1-Year Low at $10.22
Third Point Reinsurance Ltd (NYSE:TPRE) shares hit a new 52-week low during trading on Monday . The stock traded as low as $10.22 and last traded at $10.27, with a volume of 1638931 shares changing hands. The stock had previously closed at $11.38.
Several research analysts have commented on TPRE shares. Zacks Investment Research raised shares of Third Point Reinsurance from a “sell” rating to a “hold” rating in a report on Tuesday, August 7th. ValuEngine raised shares of Third Point Reinsurance from a “sell” rating to a “hold” rating in a report on Thursday, August 2nd. Finally, Morgan Stanley set a $13.00 price target on shares of Third Point Reinsurance and gave the company a “hold” rating in a report on Monday. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $15.75.
The company has a current ratio of 0.77, a quick ratio of 0.57 and a debt-to-equity ratio of 0.08. The firm has a market capitalization of $1.07 billion, a PE ratio of 3.90, a price-to-earnings-growth ratio of 3.10 and a beta of 1.15.
In other news, major shareholder Daniel S. Loeb sold 800,000 shares of Third Point Reinsurance stock in a transaction on Tuesday, September 18th. The shares were sold at an average price of $13.15, for a total transaction of $10,520,000.00. Following the completion of the sale, the insider now directly owns 1,293,591 shares of the company’s stock, valued at approximately $17,010,721.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 12.10% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of TPRE. Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new stake in shares of Third Point Reinsurance during the 2nd quarter worth $219,000. LMR Partners LLP bought a new stake in shares of Third Point Reinsurance during the 2nd quarter worth $222,000. Xact Kapitalforvaltning AB lifted its holdings in shares of Third Point Reinsurance by 59.1% during the 1st quarter. Xact Kapitalforvaltning AB now owns 16,688 shares of the insurance provider’s stock worth $233,000 after acquiring an additional 6,200 shares during the last quarter. MYDA Advisors LLC bought a new stake in shares of Third Point Reinsurance during the 2nd quarter worth $250,000. Finally, First Hawaiian Bank bought a new stake in shares of Third Point Reinsurance during the 3rd quarter worth $255,000. 66.70% of the stock is owned by institutional investors.
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About Third Point Reinsurance (NYSE:TPRE)
Third Point Reinsurance Ltd., through its subsidiaries, provides specialty property and casualty reinsurance products to insurance and reinsurance companies worldwide. It underwrites homeowners, workers compensation, personal automobile, mortgage, and multi-line reinsurance; professional, transactional, and general liability reinsurance; and marine, travel, and extended warranty reinsurance products.
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