Third Point Reinsurance (TPRE) Rating Lowered to Buy at ValuEngine

ValuEngine lowered shares of Third Point Reinsurance (NYSE:TPRE) from a strong-buy rating to a buy rating in a research note issued to investors on Monday, April 2nd.

A number of other brokerages have also commented on TPRE. Zacks Investment Research lowered shares of Third Point Reinsurance from a buy rating to a hold rating in a research report on Wednesday, December 6th. Keefe, Bruyette & Woods reissued a hold rating and set a $19.00 price objective on shares of Third Point Reinsurance in a report on Wednesday, December 6th. Four analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $17.25.

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NYSE:TPRE traded up $0.05 during trading hours on Monday, reaching $13.35. The stock had a trading volume of 474,222 shares, compared to its average volume of 696,855. The company has a market capitalization of $1,353.00, a P/E ratio of 5.10, a P/E/G ratio of 0.69 and a beta of 1.10. Third Point Reinsurance has a 12-month low of $11.60 and a 12-month high of $17.10. The company has a debt-to-equity ratio of 0.07, a current ratio of 0.60 and a quick ratio of 0.60.

Third Point Reinsurance (NYSE:TPRE) last announced its quarterly earnings results on Wednesday, February 28th. The insurance provider reported $0.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate 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. analysts anticipate that Third Point Reinsurance will post 1.27 earnings per share for the current year.

Third Point Reinsurance declared that its board has initiated a stock buyback program on Wednesday, February 28th that permits the company to repurchase $148.30 million in outstanding shares. This repurchase authorization permits the insurance provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are usually a sign that the company’s management believes its shares are undervalued.

In other news, insider J. Robert Bredahl sold 100,000 shares of Third Point Reinsurance stock in a transaction on 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 directly owns 849,391 shares in the company, valued at $12,486,047.70. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 12.10% of the stock is currently owned by insiders.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. UBS Asset Management Americas Inc. increased its holdings in Third Point Reinsurance by 11.2% in the fourth quarter. UBS Asset Management Americas Inc. now owns 38,460 shares of the insurance provider’s stock valued at $563,000 after buying an additional 3,863 shares in the last quarter. Alliancebernstein L.P. increased its holdings in Third Point Reinsurance by 1.1% in the fourth quarter. Alliancebernstein L.P. now owns 363,480 shares of the insurance provider’s stock valued at $5,325,000 after buying an additional 4,010 shares in the last quarter. State of Alaska Department of Revenue increased its holdings in Third Point Reinsurance by 38.2% in the fourth quarter. State of Alaska Department of Revenue now owns 17,360 shares of the insurance provider’s stock valued at $254,000 after buying an additional 4,800 shares in the last quarter. Two Sigma Investments LP increased its holdings in Third Point Reinsurance by 3.1% in the fourth quarter. Two Sigma Investments LP now owns 218,629 shares of the insurance provider’s stock valued at $3,203,000 after buying an additional 6,663 shares in the last quarter. Finally, Macquarie Group Ltd. increased its holdings in Third Point Reinsurance by 25.5% in the fourth quarter. Macquarie Group Ltd. now owns 35,463 shares of the insurance provider’s stock valued at $520,000 after buying an additional 7,202 shares in the last quarter. 76.94% of the stock is owned by institutional investors.

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About Third Point Reinsurance

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.

To view ValuEngine’s full report, visit ValuEngine’s official website.

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