BlackRock Inc. boosted its holdings in Third Point Reinsurance (NYSE:TPRE) by 28.3% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 10,935,594 shares of the insurance provider’s stock after buying an additional 2,409,720 shares during the quarter. BlackRock Inc. owned approximately 10.18% of Third Point Reinsurance worth $160,207,000 at the end of the most recent quarter.
Other large investors have also bought and sold shares of the company. Amalgamated Bank purchased a new position in shares of Third Point Reinsurance during the 3rd quarter worth approximately $163,000. LS Investment Advisors LLC boosted its holdings in shares of Third Point Reinsurance by 441.5% in the 4th quarter. LS Investment Advisors LLC now owns 11,778 shares of the insurance provider’s stock valued at $173,000 after purchasing an additional 9,603 shares during the last quarter. Hotchkis & Wiley Capital Management LLC acquired a new position in shares of Third Point Reinsurance in the 3rd quarter valued at $185,000. Algert Global LLC acquired a new position in shares of Third Point Reinsurance in the 3rd quarter valued at $197,000. Finally, Piedmont Investment Advisors LLC acquired a new position in shares of Third Point Reinsurance during the 3rd quarter valued at $217,000. 76.94% of the stock is currently owned by hedge funds and other institutional investors.
Third Point Reinsurance stock traded down $0.15 during trading hours on Thursday, hitting $13.00. The company had a trading volume of 594,443 shares, compared to its average volume of 707,758. The company has a debt-to-equity ratio of 0.07, a quick ratio of 0.60 and a current ratio of 0.60. The firm has a market cap of $1,368.49, a PE ratio of 4.94, a P/E/G ratio of 0.70 and a beta of 1.10. Third Point Reinsurance has a fifty-two week low of $11.45 and a fifty-two week high of $17.10.
Third Point Reinsurance (NYSE:TPRE) last issued its quarterly earnings results on Wednesday, February 28th. The insurance provider reported $0.41 earnings per share for the quarter, missing analysts’ consensus estimates of $0.45 by ($0.04). Third Point Reinsurance had a net margin of 29.58% and a return on equity of 17.38%. The company had revenue of $196.67 million during the quarter. equities analysts anticipate that Third Point Reinsurance will post 1.27 EPS for the current fiscal year.
Third Point Reinsurance declared that its Board of Directors has authorized a share buyback plan on Wednesday, February 28th that authorizes the company to repurchase $148.30 million in outstanding shares. This repurchase authorization authorizes the insurance provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.
In related news, insider J. Robert Bredahl sold 100,000 shares of the stock in a transaction dated Wednesday, March 21st. The shares were sold at an average price of $14.70, for a total transaction of $1,470,000.00. Following the completion of the sale, the insider now owns 849,391 shares in the company, valued at approximately $12,486,047.70. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.10% of the company’s stock.
A number of brokerages have commented on TPRE. Zacks Investment Research upgraded shares of Third Point Reinsurance from a “strong sell” rating to a “hold” rating in a report on Saturday, April 7th. Bank of America lowered their price objective on shares of Third Point Reinsurance from $18.00 to $17.00 and set a “buy” rating for the company in a research report on Tuesday, April 3rd. Finally, ValuEngine lowered shares of Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a research note on Monday, April 2nd. Four analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Third Point Reinsurance has an average rating of “Hold” and an average target price of $17.25.
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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, workers compensation, personal automobile, mortgage, and multi-line reinsurance; professional, transactional, and general liability reinsurance; and marine, travel, and extended warranty reinsurance products.
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