Third Point Reinsurance (NYSE:TPRE) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Third Point Reinsurance (NYSE:TPRE) from a sell rating to a hold rating in a research report sent to investors on Tuesday morning, Zacks.com reports.

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. “

Other equities research analysts also recently issued reports about the company. TheStreet raised Third Point Reinsurance from a d+ rating to a c- rating in a report on Tuesday, May 14th. ValuEngine raised Third Point Reinsurance from a buy rating to a strong-buy rating in a report on Thursday, August 8th.

Shares of TPRE stock opened at $9.47 on Tuesday. The stock has a 50-day simple moving average of $10.11 and a 200 day simple moving average of $10.60. Third Point Reinsurance has a fifty-two week low of $8.85 and a fifty-two week high of $13.65. The stock has a market capitalization of $914.97 million, a P/E ratio of -2.90, a P/E/G ratio of 0.21 and a beta of 1.07. The company has a quick ratio of 0.79, a current ratio of 0.79 and a debt-to-equity ratio of 0.08.

Third Point Reinsurance (NYSE:TPRE) last announced its earnings results on Wednesday, August 7th. The insurance provider reported $0.57 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.11). The company had revenue of $214.58 million during the quarter. On average, sell-side analysts anticipate that Third Point Reinsurance will post 3.05 earnings per share for the current year.

In related news, CEO Daniel V. Malloy bought 5,000 shares of Third Point Reinsurance stock in a transaction dated Wednesday, August 14th. The stock was acquired at an average cost of $9.67 per share, with a total value of $48,350.00. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 9.18% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Piedmont Investment Advisors Inc. lifted its holdings in shares of Third Point Reinsurance by 5.0% during the first quarter. Piedmont Investment Advisors Inc. now owns 18,704 shares of the insurance provider’s stock valued at $194,000 after purchasing an additional 896 shares during the last quarter. Rhumbline Advisers lifted its stake in Third Point Reinsurance by 0.4% in the 1st quarter. Rhumbline Advisers now owns 216,573 shares of the insurance provider’s stock worth $2,248,000 after acquiring an additional 965 shares in the last quarter. Arizona State Retirement System lifted its stake in Third Point Reinsurance by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 115,552 shares of the insurance provider’s stock worth $1,192,000 after acquiring an additional 1,435 shares in the last quarter. Texas Permanent School Fund lifted its stake in Third Point Reinsurance by 3.2% in the 1st quarter. Texas Permanent School Fund now owns 50,228 shares of the insurance provider’s stock worth $521,000 after acquiring an additional 1,545 shares in the last quarter. Finally, Weiss Asset Management LP lifted its stake in Third Point Reinsurance by 10.9% in the 2nd quarter. Weiss Asset Management LP now owns 15,772 shares of the insurance provider’s stock worth $163,000 after acquiring an additional 1,556 shares in the last quarter. 66.51% of the stock is owned by institutional investors and hedge funds.

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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