Third Point Reinsurance Ltd. (TPRE) Receives Buy Rating from Keefe, Bruyette & Woods
Keefe, Bruyette & Woods reaffirmed their buy rating on shares of Third Point Reinsurance Ltd. (NYSE:TPRE) in a research report released on Tuesday. They currently have a $16.50 target price on the insurance provider’s stock.
Other research analysts have also issued reports about the company. BidaskClub upgraded Third Point Reinsurance from a hold rating to a buy rating in a research note on Friday, June 23rd. ValuEngine lowered Third Point Reinsurance from a strong-buy rating to a buy rating in a research note on Friday, June 2nd. Zacks Investment Research upgraded Third Point Reinsurance from a hold rating to a buy rating and set a $15.00 target price for the company in a research note on Saturday, July 8th. Finally, Morgan Stanley restated an equal weight rating and issued a $15.00 target price (up from $14.00) on shares of Third Point Reinsurance in a research note on Friday, July 7th. Four research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of Hold and a consensus price target of $15.38.
Third Point Reinsurance (NYSE:TPRE) opened at 14.40 on Tuesday. The firm has a market cap of $1.49 billion, a P/E ratio of 7.45 and a beta of 1.24. Third Point Reinsurance has a 12-month low of $11.05 and a 12-month high of $15.10. The firm has a 50-day moving average of $14.33 and a 200-day moving average of $13.14.
Third Point Reinsurance (NYSE:TPRE) last issued its earnings results on Wednesday, August 2nd. The insurance provider reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.70 by $0.01. The business had revenue of $280.88 million during the quarter. Third Point Reinsurance had a return on equity of 13.56% and a net margin of 22.18%. On average, analysts expect that Third Point Reinsurance will post $2.72 EPS for the current year.
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In other Third Point Reinsurance news, insider J. Robert Bredahl sold 80,000 shares of the stock in a transaction on Wednesday, June 21st. The stock was sold at an average price of $14.11, for a total transaction of $1,128,800.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Corporate insiders own 36.93% of the company’s stock.
Institutional investors have recently added to or reduced their stakes in the business. BNP Paribas Arbitrage SA raised its stake in 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 worth $112,000 after acquiring an additional 7,015 shares in the last quarter. SG Americas Securities LLC acquired a new position in Third Point Reinsurance during the second quarter worth $122,000. Fox Run Management L.L.C. acquired a new position in Third Point Reinsurance during the second quarter worth $150,000. Virtu KCG Holdings LLC acquired a new position in Third Point Reinsurance during the second quarter worth $167,000. Finally, Campbell & CO Investment Adviser LLC acquired a new position in Third Point Reinsurance during the second quarter worth $169,000. Hedge funds and other institutional investors own 68.74% 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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