Zacks Investment Research Lowers Third Point Reinsurance (TPRE) to Sell

Zacks Investment Research downgraded shares of Third Point Reinsurance (NYSE:TPRE) from a hold rating to a sell rating in a report issued 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. “

A number of other equities research analysts also recently commented on the company. ValuEngine raised Third Point Reinsurance from a buy rating to a strong-buy rating in a report on Friday, September 22nd. Morgan Stanley lifted their target price on Third Point Reinsurance from $15.00 to $17.00 and gave the stock an equal weight rating in a report on Friday, November 10th. Finally, Keefe, Bruyette & Woods reaffirmed a market perform rating and set a $16.50 target price on shares of Third Point Reinsurance in a report on Thursday, October 12th. One analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of Hold and an average target price of $17.33.

Third Point Reinsurance (TPRE) traded up $0.15 during trading 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 current ratio of 0.68 and a quick ratio of 0.68. Third Point Reinsurance has a 12-month low of $11.05 and a 12-month high of $17.10. The firm has a market capitalization of $1,519.47, a P/E ratio of 8.04, a price-to-earnings-growth ratio of 0.46 and a beta of 1.27.

In related news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of Third Point Reinsurance stock in a transaction dated Thursday, November 16th. The stock was sold at an average price of $15.57, for a total transaction of $233,550,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 36.93% of the company’s stock.

Several institutional investors have recently added to or reduced their stakes in the stock. State Street Corp lifted its holdings in Third Point Reinsurance by 13.1% in the second quarter. State Street Corp now owns 1,357,110 shares of the insurance provider’s stock valued at $18,860,000 after acquiring an additional 157,443 shares during the period. Chicago Equity Partners LLC lifted its holdings in Third Point Reinsurance by 63.8% in the third quarter. Chicago Equity Partners LLC now owns 641,675 shares of the insurance provider’s stock valued at $10,010,000 after acquiring an additional 249,955 shares during the period. American International Group Inc. lifted its holdings in Third Point Reinsurance by 24.2% in the third quarter. American International Group Inc. now owns 59,185 shares of the insurance provider’s stock valued at $923,000 after acquiring an additional 11,543 shares during the period. GSA Capital Partners LLP acquired a new position in Third Point Reinsurance in the second quarter valued at approximately $318,000. Finally, Ameriprise Financial Inc. lifted its holdings in Third Point Reinsurance by 1,653.8% in the third quarter. Ameriprise Financial Inc. now owns 378,056 shares of the insurance provider’s stock valued at $5,897,000 after acquiring an additional 356,500 shares during the period. 74.58% of the stock is owned by hedge funds and other institutional investors.

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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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