Thrivent Financial For Lutherans grew its stake in Third Point Reinsurance Ltd (NYSE:TPRE) by 43.8% during the fourth quarter, HoldingsChannel.com reports. The fund owned 55,976 shares of the insurance provider’s stock after acquiring an additional 17,056 shares during the quarter. Thrivent Financial For Lutherans’ holdings in Third Point Reinsurance were worth $820,000 as of its most recent SEC filing.
Several other large investors also recently made changes to their positions in the company. First Trust Advisors LP grew its stake in Third Point Reinsurance by 329.0% during the 3rd quarter. First Trust Advisors LP now owns 146,086 shares of the insurance provider’s stock worth $2,279,000 after buying an additional 112,031 shares during the last quarter. Prudential Financial Inc. grew its stake in Third Point Reinsurance by 160.4% during the 3rd quarter. Prudential Financial Inc. now owns 137,006 shares of the insurance provider’s stock worth $2,137,000 after buying an additional 84,400 shares during the last quarter. Principal Financial Group Inc. grew its stake in Third Point Reinsurance by 2,492.9% during the 3rd quarter. Principal Financial Group Inc. now owns 497,752 shares of the insurance provider’s stock worth $7,765,000 after buying an additional 478,555 shares during the last quarter. BNP Paribas Arbitrage SA grew its stake in Third Point Reinsurance by 372.9% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 38,274 shares of the insurance provider’s stock worth $597,000 after buying an additional 30,181 shares during the last quarter. Finally, Rhumbline Advisers grew its stake in Third Point Reinsurance by 51.3% during the 3rd quarter. Rhumbline Advisers now owns 131,393 shares of the insurance provider’s stock worth $2,050,000 after buying an additional 44,539 shares during the last quarter. Institutional investors and hedge funds own 76.94% of the company’s stock.
Several brokerages recently weighed in on TPRE. Zacks Investment Research upgraded Third Point Reinsurance from a “sell” rating to a “hold” rating in a research note on Tuesday, February 6th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $19.00 price target on shares of Third Point Reinsurance in a research note on Wednesday, December 6th. Finally, ValuEngine downgraded Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a research note on Thursday, December 7th. One research analyst has rated the stock with a sell rating, three have issued a hold rating and one has issued a strong buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $17.33.
Third Point Reinsurance (NYSE:TPRE) last posted its quarterly earnings results on Wednesday, February 28th. The insurance provider reported $0.41 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.04). The firm had revenue of $196.67 million for the quarter. Third Point Reinsurance had a net margin of 29.58% and a return on equity of 17.38%. equities research analysts forecast that Third Point Reinsurance Ltd will post 1.75 earnings per share for the current year.
Third Point Reinsurance declared that its Board of Directors has initiated a stock buyback plan on Wednesday, February 28th that authorizes the company to repurchase $148.30 million in shares. This repurchase authorization authorizes the insurance provider to buy shares of its stock through open market purchases. Shares repurchase plans are often an indication that the company’s leadership believes its stock is undervalued.
In other Third Point Reinsurance news, insider J. Robert Bredahl sold 100,000 shares of the business’s stock in a transaction dated Wednesday, March 21st. The stock was sold at an average price of $14.70, for a total transaction of $1,470,000.00. Following the sale, the insider now owns 849,391 shares in the company, valued at approximately $12,486,047.70. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 36.93% of the stock is currently owned by insiders.
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Third Point Reinsurance 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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