Massachusetts Financial Services Co. MA boosted its stake in Third Point Reinsurance Ltd (NYSE:TPRE) by 39.4% in the third quarter, HoldingsChannel reports. The firm owned 831,385 shares of the insurance provider’s stock after purchasing an additional 235,141 shares during the quarter. Massachusetts Financial Services Co. MA’s holdings in Third Point Reinsurance were worth $10,808,000 at the end of the most recent reporting period.
Other hedge funds also recently bought and sold shares of the company. BlackRock Inc. grew its position in Third Point Reinsurance by 8.1% in the second quarter. BlackRock Inc. now owns 11,708,895 shares of the insurance provider’s stock valued at $146,362,000 after acquiring an additional 881,406 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Third Point Reinsurance by 19.0% in the second quarter. Dimensional Fund Advisors LP now owns 3,388,366 shares of the insurance provider’s stock valued at $42,355,000 after acquiring an additional 540,605 shares during the last quarter. Allianz Asset Management GmbH grew its position in Third Point Reinsurance by 250.0% in the first quarter. Allianz Asset Management GmbH now owns 207,412 shares of the insurance provider’s stock valued at $2,894,000 after acquiring an additional 148,152 shares during the last quarter. James Investment Research Inc. bought a new position in Third Point Reinsurance in the second quarter valued at about $1,833,000. Finally, Renaissance Technologies LLC grew its position in Third Point Reinsurance by 237.3% in the second quarter. Renaissance Technologies LLC now owns 189,567 shares of the insurance provider’s stock valued at $2,370,000 after acquiring an additional 133,367 shares during the last quarter. 66.70% of the stock is owned by institutional investors and hedge funds.
A number of research analysts have issued reports on TPRE shares. Zacks Investment Research upgraded Third Point Reinsurance from a “hold” rating to a “buy” rating and set a $14.00 target price on the stock in a research report on Thursday, July 12th. ValuEngine upgraded Third Point Reinsurance from a “sell” rating to a “hold” rating in a research report on Thursday, August 2nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price of $16.75.
NYSE:TPRE opened at $11.56 on Wednesday. The stock has a market cap of $1.10 billion, a PE ratio of 4.40, a PEG ratio of 3.50 and a beta of 1.15. The company has a current ratio of 0.57, a quick ratio of 0.57 and a debt-to-equity ratio of 0.07. Third Point Reinsurance Ltd has a 1-year low of $10.27 and a 1-year high of $17.10.
In other news, major shareholder Daniel S. Loeb sold 800,000 shares of the business’s stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $13.15, for a total transaction of $10,520,000.00. Following the sale, the insider now directly owns 1,293,591 shares in the company, valued at $17,010,721.65. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Insiders own 12.10% of the company’s stock.
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Third Point Reinsurance 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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