Third Point Reinsurance Ltd. (NYSE:TPRE) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The firm currently has a $18.00 price target on the insurance provider’s stock. Zacks Investment Research‘s price objective indicates a potential upside of 13.56% from the company’s current price.

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 analysts have also recently weighed in on the company. BidaskClub raised Third Point Reinsurance from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. ValuEngine raised Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a report on Friday, September 22nd. Morgan Stanley reissued an “equal weight” rating and issued a $15.00 price target (up from $14.00) on shares of Third Point Reinsurance in a report on Friday, July 7th. Finally, Keefe, Bruyette & Woods reissued a “buy” rating and issued a $16.50 price target on shares of Third Point Reinsurance in a report on Friday, August 4th. Three investment analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $16.13.

Shares of Third Point Reinsurance (NYSE TPRE) opened at 15.85 on Thursday. The stock has a market capitalization of $1.64 billion, a PE ratio of 8.20 and a beta of 1.26. The company’s 50 day moving average price is $14.55 and its 200 day moving average price is $13.47. Third Point Reinsurance has a 12 month low of $11.05 and a 12 month high of $16.10.

Third Point Reinsurance (NYSE:TPRE) last issued its quarterly earnings data on Wednesday, August 2nd. The insurance provider reported $0.71 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.70 by $0.01. The firm 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%. Equities analysts anticipate that Third Point Reinsurance will post $2.69 earnings per share for the current fiscal year.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capital World Investors raised its holdings in shares of Third Point Reinsurance by 23.3% in the second quarter. Capital World Investors now owns 5,325,506 shares of the insurance provider’s stock worth $74,025,000 after acquiring an additional 1,008,053 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Third Point Reinsurance by 4.7% in the second quarter. Vanguard Group Inc. now owns 4,907,325 shares of the insurance provider’s stock worth $68,213,000 after acquiring an additional 221,683 shares during the last quarter. State Street Corp raised its holdings in shares of 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 worth $18,860,000 after acquiring an additional 157,443 shares during the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of Third Point Reinsurance by 57.5% in the second quarter. Dimensional Fund Advisors LP now owns 1,227,241 shares of the insurance provider’s stock worth $17,059,000 after acquiring an additional 448,036 shares during the last quarter. Finally, Northern Trust Corp raised its holdings in shares of Third Point Reinsurance by 12.3% in the second quarter. Northern Trust Corp now owns 939,596 shares of the insurance provider’s stock worth $13,060,000 after acquiring an additional 102,669 shares during the last quarter. 68.70% of the stock is owned by institutional investors.

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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