Morgan Stanley Raises Third Point Reinsurance Ltd. (TPRE) Price Target to $17.00
Third Point Reinsurance Ltd. (NYSE:TPRE) had its price target increased by Morgan Stanley from $15.00 to $17.00 in a research note published on Friday morning. The firm currently has an equal weight rating on the insurance provider’s stock.
TPRE has been the topic of a number of other research reports. BidaskClub raised shares of Third Point Reinsurance from a hold rating to a buy rating in a report on Thursday, August 3rd. Keefe, Bruyette & Woods reissued a buy rating and set a $16.50 price objective on shares of Third Point Reinsurance in a report on Tuesday, September 12th. Zacks Investment Research lowered shares of Third Point Reinsurance from a buy rating to a hold rating in a report on Wednesday, August 9th. Finally, ValuEngine raised shares of Third Point Reinsurance from a buy rating to a strong-buy rating in a report on Friday, September 22nd. Three research analysts have rated the stock with a hold rating, one has given a buy rating and one has given a strong buy rating to the company. The stock has an average rating of Buy and an average target price of $17.17.
Shares of Third Point Reinsurance (TPRE) traded up $0.05 during mid-day trading on Friday, hitting $16.85. 362,400 shares of the stock were exchanged, compared to its average volume of 592,939. Third Point Reinsurance has a 52 week low of $11.05 and a 52 week high of $17.10. The firm has a market cap of $1,810.00, a PE ratio of 9.57, a price-to-earnings-growth ratio of 0.42 and a beta of 1.27. The company has a current ratio of 0.68, a quick ratio of 0.68 and a debt-to-equity ratio of 0.07.
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Several hedge funds and other institutional investors have recently modified their holdings of the company. Capital World Investors raised its holdings in Third Point Reinsurance by 23.3% during the 2nd quarter. Capital World Investors now owns 5,325,506 shares of the insurance provider’s stock worth $74,025,000 after buying an additional 1,008,053 shares during the period. Systematic Financial Management LP acquired a new stake in Third Point Reinsurance during the 2nd quarter worth approximately $12,817,000. JPMorgan Chase & Co. raised its holdings in Third Point Reinsurance by 1,824.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 869,101 shares of the insurance provider’s stock worth $12,081,000 after buying an additional 823,943 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Third Point Reinsurance by 308.1% during the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,026,288 shares of the insurance provider’s stock worth $16,009,000 after buying an additional 774,808 shares during the period. Finally, Teachers Advisors LLC raised its holdings in Third Point Reinsurance by 461.3% during the 2nd quarter. Teachers Advisors LLC now owns 771,100 shares of the insurance provider’s stock worth $10,718,000 after buying an additional 633,720 shares during the period. 70.65% of the stock is currently owned by institutional investors.
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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