Third Point Reinsurance Ltd. (NYSE:TPRE) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research note issued on Thursday.
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 analysts also recently weighed in on TPRE. Keefe, Bruyette & Woods lifted their price target on Third Point Reinsurance from $13.00 to $14.00 and gave the company a “market perform” rating in a research note on Monday, August 1st. JPMorgan Chase & Co. lifted their price target on Third Point Reinsurance from $13.00 to $14.00 and gave the company a “neutral” rating in a research note on Thursday, July 7th. Finally, TheStreet upgraded Third Point Reinsurance from a “hold” rating to a “buy” rating in a research note on Friday, July 29th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and a consensus target price of $14.00.
Third Point Reinsurance (NYSE:TPRE) opened at 12.19 on Thursday. Third Point Reinsurance has a 12-month low of $10.08 and a 12-month high of $14.42. The stock’s market capitalization is $1.28 billion. The stock’s 50 day moving average price is $12.42 and its 200-day moving average price is $11.88.
Third Point Reinsurance (NYSE:TPRE) last posted its quarterly earnings results on Thursday, August 4th. The company reported $0.51 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.62 by $0.11. Third Point Reinsurance had a negative net margin of 28.67% and a negative return on equity of 11.02%. The business earned $196.90 million during the quarter, compared to analysts’ expectations of $197.10 million. Analysts expect that Third Point Reinsurance will post $1.07 earnings per share for the current year.
In other Third Point Reinsurance news, insider Anthony Urban sold 225,000 shares of the business’s stock in a transaction on Thursday, September 15th. The stock was sold at an average price of $12.36, for a total transaction of $2,781,000.00. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 36.10% of the company’s stock.
A number of hedge funds have recently bought and sold shares of the company. Spark Investment Management LLC purchased a new stake in Third Point Reinsurance during the first quarter worth approximately $409,000. Goldman Sachs Group Inc. boosted its position in Third Point Reinsurance by 20.9% in the first quarter. Goldman Sachs Group Inc. now owns 845,881 shares of the company’s stock worth $9,617,000 after buying an additional 146,406 shares during the period. Swiss National Bank boosted its position in Third Point Reinsurance by 2.4% in the second quarter. Swiss National Bank now owns 100,400 shares of the company’s stock worth $1,177,000 after buying an additional 2,400 shares during the period. AXA boosted its position in Third Point Reinsurance by 8,425.5% in the first quarter. AXA now owns 125,240 shares of the company’s stock worth $1,424,000 after buying an additional 123,771 shares during the period. Finally, Nomura Holdings Inc. bought a new position in Third Point Reinsurance during the second quarter worth $131,000. Institutional investors own 70.74% of the company’s stock.
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 operates through two segments: Property and Casualty Reinsurance, and Catastrophe Risk Management.
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