Third Point Reinsurance (TPRE) Cut to Hold at ValuEngine

Third Point Reinsurance (NYSE:TPRE) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a report released on Friday, May 10th, ValuEngine reports.

TPRE has been the subject of several other reports. Zacks Investment Research upgraded Third Point Reinsurance from a “strong sell” rating to a “buy” rating and set a $13.00 target price for the company in a research report on Wednesday, March 6th. TheStreet downgraded Third Point Reinsurance from a “c” rating to a “d+” rating in a research report on Thursday, February 28th.

NYSE TPRE traded down $0.18 on Friday, hitting $10.44. 322,900 shares of the stock were exchanged, compared to its average volume of 692,554. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.09. The firm has a market capitalization of $1.01 billion, a price-to-earnings ratio of -3.19, a PEG ratio of 0.23 and a beta of 1.06. Third Point Reinsurance has a 52-week low of $8.85 and a 52-week high of $14.40.

Third Point Reinsurance (NYSE:TPRE) last posted its quarterly earnings data on Thursday, May 9th. The insurance provider reported $1.43 EPS for the quarter, missing the consensus estimate of $1.44 by ($0.01). The firm had revenue of $308.00 million for the quarter. Third Point Reinsurance had a negative return on equity of 11.24% and a net margin of 3.89%. Equities research analysts anticipate that Third Point Reinsurance will post 3.05 EPS for the current year.

Several hedge funds have recently added to or reduced their stakes in the stock. Piedmont Investment Advisors Inc. raised its holdings in shares of Third Point Reinsurance by 5.0% in the first quarter. Piedmont Investment Advisors Inc. now owns 18,704 shares of the insurance provider’s stock valued at $194,000 after acquiring an additional 896 shares in the last quarter. Rhumbline Advisers raised its holdings in shares of Third Point Reinsurance by 0.4% in the first quarter. Rhumbline Advisers now owns 216,573 shares of the insurance provider’s stock valued at $2,248,000 after acquiring an additional 965 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Third Point Reinsurance by 0.7% in the fourth quarter. Legal & General Group Plc now owns 188,547 shares of the insurance provider’s stock valued at $1,811,000 after acquiring an additional 1,269 shares in the last quarter. PNC Financial Services Group Inc. raised its holdings in shares of Third Point Reinsurance by 92.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,809 shares of the insurance provider’s stock valued at $27,000 after acquiring an additional 1,351 shares in the last quarter. Finally, Texas Permanent School Fund grew its stake in Third Point Reinsurance by 3.2% in the first quarter. Texas Permanent School Fund now owns 50,228 shares of the insurance provider’s stock valued at $521,000 after purchasing an additional 1,545 shares during the last quarter. Hedge funds and other institutional investors own 68.49% of the company’s stock.

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' 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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