Shares of Third Point Reinsurance (NYSE:TPRE) have been given a consensus recommendation of “Hold” by the seven research firms that are currently covering the firm, Marketbeat.com reports. Four research analysts have rated the stock with a hold recommendation and two have given a buy recommendation to the company. The average 12 month price target among brokers that have issued a report on the stock in the last year is $17.67.

A number of research analysts recently weighed in on TPRE shares. Zacks Investment Research raised Third Point Reinsurance from a “hold” rating to a “buy” rating and set a $16.00 price objective for the company in a research report on Friday, January 5th. ValuEngine raised Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 15th. Finally, Bank of America reduced their price objective on Third Point Reinsurance from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, April 3rd.

In other Third Point Reinsurance news, insider J. Robert Bredahl sold 100,000 shares of the stock in a transaction on Wednesday, March 21st. The stock was sold at an average price of $14.70, for a total transaction of $1,470,000.00. Following the sale, the insider now directly owns 849,391 shares in the company, valued at approximately $12,486,047.70. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 12.10% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of TPRE. BlackRock Inc. boosted its stake in Third Point Reinsurance by 28.3% during the 4th quarter. BlackRock Inc. now owns 10,935,594 shares of the insurance provider’s stock valued at $160,207,000 after purchasing an additional 2,409,720 shares during the last quarter. EnTrustPermal Partners Offshore LP purchased a new stake in Third Point Reinsurance during the 4th quarter valued at $13,454,000. Wells Fargo & Company MN boosted its stake in Third Point Reinsurance by 658.9% during the 3rd quarter. Wells Fargo & Company MN now owns 620,865 shares of the insurance provider’s stock valued at $9,686,000 after purchasing an additional 539,050 shares during the last quarter. Bank of New York Mellon Corp boosted its stake in Third Point Reinsurance by 152.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 736,540 shares of the insurance provider’s stock valued at $11,490,000 after purchasing an additional 444,720 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its stake in Third Point Reinsurance by 1,653.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 378,056 shares of the insurance provider’s stock valued at $5,897,000 after purchasing an additional 356,500 shares during the last quarter. Institutional investors and hedge funds own 76.94% of the company’s stock.

TPRE stock opened at $13.60 on Thursday. Third Point Reinsurance has a twelve month low of $11.73 and a twelve month high of $17.10. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.60 and a quick ratio of 0.60. The company has a market cap of $1,404.64, a P/E ratio of 5.19, a P/E/G ratio of 0.72 and a beta of 1.10.

Third Point Reinsurance (NYSE:TPRE) last posted its quarterly earnings data on Wednesday, February 28th. The insurance provider reported $0.41 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.45 by ($0.04). Third Point Reinsurance had a net margin of 29.58% and a return on equity of 17.38%. The company had revenue of $196.67 million for the quarter. equities research analysts forecast that Third Point Reinsurance will post 1.27 earnings per share for the current fiscal year.

Third Point Reinsurance announced that its Board of Directors has approved a stock repurchase plan on Wednesday, February 28th that allows the company to buyback $148.30 million in outstanding shares. This buyback authorization allows the insurance provider to repurchase shares of its stock through open market purchases. Stock buyback plans are often an indication that the company’s management believes its stock is undervalued.

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About Third Point Reinsurance

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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