Third Point Reinsurance (NYSE:TPRE) Shares Up 5.3%

Shares of Third Point Reinsurance Ltd (NYSE:TPRE) shot up 5.3% during trading on Thursday . The stock traded as high as $7.44 and last traded at $7.38, 349,877 shares traded hands during trading. A decline of 34% from the average session volume of 531,801 shares. The stock had previously closed at $7.01.

Separately, Zacks Investment Research downgraded Third Point Reinsurance from a “buy” rating to a “strong sell” rating in a report on Wednesday, March 4th.

The company has a quick ratio of 1.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.08. The company has a market capitalization of $679.25 million, a P/E ratio of 3.42, a PEG ratio of 0.43 and a beta of 1.17. The firm has a 50-day moving average price of $8.63 and a two-hundred day moving average price of $9.71.

Third Point Reinsurance (NYSE:TPRE) last posted its quarterly earnings data on Thursday, February 27th. The insurance provider reported $0.32 earnings per share for the quarter, missing the consensus estimate of $0.39 by ($0.07). Third Point Reinsurance had a net margin of 20.42% and a return on equity of 14.51%. The business had revenue of $260.01 million during the quarter. On average, analysts predict that Third Point Reinsurance Ltd will post 1.15 EPS for the current fiscal year.

In other news, Director Sid Sankaran bought 25,000 shares of Third Point Reinsurance stock in a transaction that occurred on Tuesday, March 3rd. The stock was purchased at an average cost of $9.20 per share, with a total value of $230,000.00. Also, CEO Daniel V. Malloy bought 10,000 shares of Third Point Reinsurance stock in a transaction that occurred on Tuesday, March 3rd. The stock was purchased at an average cost of $8.80 per share, with a total value of $88,000.00. Insiders bought 59,026 shares of company stock valued at $487,422 over the last three months. 9.18% of the stock is owned by company insiders.

A number of hedge funds have recently modified their holdings of the stock. Norges Bank bought a new position in Third Point Reinsurance in the fourth quarter worth $16,540,000. Geode Capital Management LLC raised its stake in Third Point Reinsurance by 7.3% during the fourth quarter. Geode Capital Management LLC now owns 1,034,325 shares of the insurance provider’s stock worth $10,880,000 after acquiring an additional 70,373 shares in the last quarter. Caxton Associates LP acquired a new position in Third Point Reinsurance during the fourth quarter worth $507,000. Point72 Hong Kong Ltd acquired a new position in Third Point Reinsurance during the fourth quarter worth $64,000. Finally, Bank of New York Mellon Corp raised its stake in Third Point Reinsurance by 3.0% during the fourth quarter. Bank of New York Mellon Corp now owns 826,614 shares of the insurance provider’s stock worth $8,697,000 after acquiring an additional 23,852 shares in the last quarter. 72.31% of the stock is owned by hedge funds and other institutional investors.

About Third Point Reinsurance (NYSE:TPRE)

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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