Hotchkis & Wiley Capital Management LLC purchased a new stake in shares of Third Point Reinsurance Ltd (NYSE:TPRE) during the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 11,864 shares of the insurance provider’s stock, valued at approximately $185,000.
Several other institutional investors have also added to or reduced their stakes in TPRE. Capital World Investors raised its holdings in shares of Third Point Reinsurance by 23.3% during the 2nd quarter. Capital World Investors now owns 5,325,506 shares of the insurance provider’s stock valued at $74,025,000 after purchasing an additional 1,008,053 shares in the last quarter. Systematic Financial Management LP bought a new position in Third Point Reinsurance in the 2nd quarter worth $12,817,000. JPMorgan Chase & Co. raised its holdings in Third Point Reinsurance by 1,824.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 869,101 shares of the insurance provider’s stock worth $12,081,000 after acquiring an additional 823,943 shares during the period. Robeco Institutional Asset Management B.V. raised its holdings in Third Point Reinsurance by 308.1% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 1,026,288 shares of the insurance provider’s stock worth $16,009,000 after acquiring an additional 774,808 shares during the period. Finally, Teachers Advisors LLC raised its holdings in Third Point Reinsurance by 461.3% in the 2nd quarter. Teachers Advisors LLC now owns 771,100 shares of the insurance provider’s stock worth $10,718,000 after acquiring an additional 633,720 shares during the period. Institutional investors and hedge funds own 74.60% of the company’s stock.
In other news, major shareholder Tp Holdings L.P. Kia sold 15,000,000 shares of the business’s stock in a transaction dated Thursday, November 16th. The shares were sold at an average price of $15.57, for a total transaction of $233,550,000.00. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders own 36.93% of the company’s stock.
Shares of Third Point Reinsurance Ltd (TPRE) traded down $0.45 on Friday, reaching $16.50. 1,130,000 shares of the company traded hands, compared to its average volume of 1,390,719. The company has a market cap of $1,771.82, a P/E ratio of 9.38, a PEG ratio of 0.37 and a beta of 1.27. Third Point Reinsurance Ltd has a 12-month low of $11.05 and a 12-month high of $17.10. The company has a quick ratio of 0.68, a current ratio of 0.68 and a debt-to-equity ratio of 0.07.
Several research analysts recently commented on TPRE shares. BidaskClub downgraded shares of Third Point Reinsurance from a “buy” rating to a “hold” rating in a report on Wednesday, August 23rd. Zacks Investment Research downgraded shares of Third Point Reinsurance from a “buy” rating to a “hold” rating in a report on Wednesday, August 9th. Keefe, Bruyette & Woods downgraded shares of Third Point Reinsurance from an “outperform” rating to a “market perform” rating in a report on Monday, October 16th. ValuEngine upgraded shares of Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a report on Friday, September 22nd. Finally, Morgan Stanley lifted their target price on shares of Third Point Reinsurance from $15.00 to $17.00 and gave the stock an “equal weight” rating in a report on Friday, November 10th. Three analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $17.17.
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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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