Analysts Set Third Point Reinsurance (TPRE) PT at $17.67
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.
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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