Third Point Reinsurance Ltd. (TPRE) Lifted to “Buy” at Zacks Investment Research

Zacks Investment Research upgraded shares of Third Point Reinsurance Ltd. (NYSE:TPRE) from a hold rating to a buy rating in a report released on Thursday morning. Zacks Investment Research currently has $18.00 target price on the insurance provider’s stock.

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. “

Several other equities research analysts also recently weighed in on the stock. ValuEngine raised shares of Third Point Reinsurance from a buy rating to a strong-buy rating in a research note on Friday, September 22nd. Keefe, Bruyette & Woods reaffirmed a buy rating and set a $16.50 target price on shares of Third Point Reinsurance in a research note on Tuesday, September 12th. BidaskClub raised shares of Third Point Reinsurance from a sell rating to a hold rating in a research note on Tuesday, September 12th. Finally, Morgan Stanley reaffirmed an equal weight rating and set a $15.00 target price (up from $14.00) on shares of Third Point Reinsurance in a research note on Friday, July 7th. Three equities research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. The stock presently has an average rating of Buy and a consensus price target of $16.13.

Third Point Reinsurance (NYSE TPRE) opened at 16.20 on Thursday. The stock’s 50 day moving average is $14.64 and its 200-day moving average is $13.52. The company has a market capitalization of $1.67 billion, a P/E ratio of 8.38 and a beta of 1.26. Third Point Reinsurance has a 1-year low of $11.05 and a 1-year high of $16.35.

Third Point Reinsurance (NYSE:TPRE) last announced its earnings results on Wednesday, August 2nd. The insurance provider reported $0.71 earnings per share for the quarter, topping the consensus estimate of $0.70 by $0.01. Third Point Reinsurance had a net margin of 22.18% and a return on equity of 13.56%. The firm had revenue of $280.88 million for the quarter. On average, analysts expect that Third Point Reinsurance will post $2.75 earnings per share for the current fiscal year.

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Several large investors have recently made changes to their positions in TPRE. Russell Investments Group Ltd. increased its position in shares of Third Point Reinsurance by 6,424.4% in the 1st quarter. Russell Investments Group Ltd. now owns 69,942 shares of the insurance provider’s stock valued at $846,000 after purchasing an additional 68,870 shares during the last quarter. First Trust Advisors LP purchased a new stake in shares of Third Point Reinsurance in the 1st quarter valued at approximately $2,695,000. Bank of New York Mellon Corp increased its position in shares of Third Point Reinsurance by 5.0% in the 1st quarter. Bank of New York Mellon Corp now owns 279,503 shares of the insurance provider’s stock valued at $3,382,000 after purchasing an additional 13,290 shares during the last quarter. Parametric Portfolio Associates LLC increased its position in shares of Third Point Reinsurance by 42.9% in the 1st quarter. Parametric Portfolio Associates LLC now owns 58,382 shares of the insurance provider’s stock valued at $706,000 after purchasing an additional 17,537 shares during the last quarter. Finally, Prudential Financial Inc. increased its position in shares of Third Point Reinsurance by 380.3% in the 1st quarter. Prudential Financial Inc. now owns 78,383 shares of the insurance provider’s stock valued at $949,000 after purchasing an additional 62,065 shares during the last quarter. 68.70% of the stock is currently owned by institutional investors.

Third Point Reinsurance Company Profile

Third Point Reinsurance Ltd. is a holding company. Through the Company’s reinsurance subsidiaries, it provides property and casualty reinsurance coverage to insurance and reinsurance companies. The Company’s segments include Property and Casualty Reinsurance, and Corporate. The Company’s investable assets are managed by its investment manager, Third Point LLC.

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