Brokerages Set Third Point Reinsurance Ltd (TPRE) Target Price at $14.33

Shares of Third Point Reinsurance Ltd (NYSE:TPRE) have been assigned an average recommendation of “Buy” from the six brokerages that are covering the firm, Marketbeat Ratings reports. Two research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price target among analysts that have issued a report on the stock in the last year is $14.00.

A number of equities analysts recently commented on the stock. Zacks Investment Research upgraded shares of Third Point Reinsurance from a “hold” rating to a “buy” rating and set a $12.00 target price for the company in a research note on Wednesday. TheStreet downgraded shares of Third Point Reinsurance from a “c” rating to a “d+” rating in a research note on Thursday, February 28th. Finally, ValuEngine downgraded shares of Third Point Reinsurance from a “buy” rating to a “hold” rating in a research note on Thursday, February 28th.

Several institutional investors and hedge funds have recently made changes to their positions in TPRE. PNC Financial Services Group Inc. raised its holdings in Third Point Reinsurance by 92.7% during the fourth quarter. PNC Financial Services Group Inc. now owns 2,809 shares of the insurance provider’s stock worth $27,000 after purchasing an additional 1,351 shares in the last quarter. Oregon Public Employees Retirement Fund purchased a new position in Third Point Reinsurance in the fourth quarter valued at about $28,000. Bank of Montreal Can increased its holdings in Third Point Reinsurance by 59.8% in the fourth quarter. Bank of Montreal Can now owns 5,010 shares of the insurance provider’s stock valued at $48,000 after buying an additional 1,874 shares in the last quarter. Magnus Financial Group LLC purchased a new position in Third Point Reinsurance in the fourth quarter valued at about $105,000. Finally, BlueMountain Capital Management LLC purchased a new position in Third Point Reinsurance in the third quarter valued at about $133,000. Institutional investors and hedge funds own 70.73% of the company’s stock.

Shares of TPRE stock traded up $0.01 on Monday, reaching $10.38. 525,364 shares of the stock were exchanged, compared to its average volume of 874,590. The company has a current ratio of 0.82, a quick ratio of 0.82 and a debt-to-equity ratio of 0.09. The company has a market cap of $978.73 million, a P/E ratio of -3.17, a PEG ratio of 0.33 and a beta of 1.02. Third Point Reinsurance has a twelve month low of $8.85 and a twelve month high of $14.40.

Third Point Reinsurance Company Profile

Third Point Reinsurance Ltd., through its subsidiaries, provides specialty property and casualty reinsurance products to insurance and reinsurance companies worldwide. It underwrites homeowners' and commercial, workers' compensation, personal automobile, mortgage, and multi-line reinsurance products; professional, transactional, and general liability reinsurance products; and marine, travel, and extended warranty reinsurance products.

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