Third Point Reinsurance Ltd. (TPRE) Receives $17.50 Average PT from Brokerages
Third Point Reinsurance Ltd. (NYSE:TPRE) has been assigned a consensus rating of “Buy” from the six brokerages that are covering the firm, MarketBeat reports. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating on the company. The average 1-year target price among brokers that have issued ratings on the stock in the last year is $17.50.
A number of brokerages recently issued reports on TPRE. Keefe, Bruyette & Woods downgraded shares of Third Point Reinsurance from an “outperform” rating to a “market perform” rating in a report on Monday, October 16th. BidaskClub raised shares of Third Point Reinsurance from a “sell” rating to a “hold” rating in a report on Tuesday, September 12th. Zacks Investment Research raised shares of Third Point Reinsurance from a “hold” rating to a “buy” rating and set a $18.00 price target on the stock in a report on Thursday, October 5th. ValuEngine raised shares of Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a report on Friday, September 22nd. Finally, Morgan Stanley increased their price objective on shares of Third Point Reinsurance from $15.00 to $17.00 and gave the company an “equal weight” rating in a report on Friday, November 10th.
Shares of Third Point Reinsurance (NYSE TPRE) remained flat at $$16.75 during midday trading on Monday. The company’s stock had a trading volume of 1,631,482 shares, compared to its average volume of 1,252,420. Third Point Reinsurance has a 52-week low of $11.05 and a 52-week high of $17.10. The stock has a market capitalization of $1,798.67, a PE ratio of 9.52, a P/E/G ratio of 0.37 and a beta of 1.28. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.68 and a quick ratio of 0.68.
In other Third Point Reinsurance news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the stock in a transaction on Thursday, November 16th. The shares were sold at an average price of $15.57, for a total transaction of $233,550,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 36.93% of the company’s stock.
A number of institutional investors and hedge funds have recently bought and sold shares of TPRE. BNP Paribas Arbitrage SA lifted its holdings 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 valued at $112,000 after purchasing an additional 7,015 shares in the last quarter. SG Americas Securities LLC purchased a new position in shares of Third Point Reinsurance in the second quarter worth about $122,000. Fox Run Management L.L.C. purchased a new position in shares of Third Point Reinsurance in the second quarter worth about $150,000. Amalgamated Bank purchased a new position in shares of Third Point Reinsurance in the third quarter worth about $163,000. Finally, Virtu KCG Holdings LLC purchased a new position in shares of Third Point Reinsurance in the second quarter worth about $167,000. 68.91% of the stock is currently owned by institutional investors and hedge funds.
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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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