Insider Selling: Third Point Reinsurance Ltd (TPRE) Insider Sells $1,470,000.00 in Stock

Third Point Reinsurance Ltd (NYSE:TPRE) insider J. Robert Bredahl sold 100,000 shares of the 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 transaction, the insider now directly owns 849,391 shares of the company’s stock, valued at approximately $12,486,047.70. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.

Third Point Reinsurance stock opened at $14.00 on Friday. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.07. Third Point Reinsurance Ltd has a 12 month low of $11.45 and a 12 month high of $17.10. The company has a market cap of $1,497.59, a P/E ratio of 5.32, a PEG ratio of 0.55 and a beta of 1.14.

Third Point Reinsurance (NYSE:TPRE) last posted its quarterly earnings data on Wednesday, February 28th. The insurance provider reported $0.41 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.45 by ($0.04). Third Point Reinsurance had a net margin of 29.58% and a return on equity of 17.38%. The business had revenue of $196.67 million during the quarter. sell-side analysts expect that Third Point Reinsurance Ltd will post 1.75 EPS for the current year.

Third Point Reinsurance declared that its board has approved a stock buyback plan on Wednesday, February 28th that allows the company to repurchase $148.30 million in shares. This repurchase authorization allows the insurance provider to buy shares of its stock through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its stock is undervalued.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Amalgamated Bank purchased a new position in shares of Third Point Reinsurance in the third quarter valued at approximately $163,000. Xact Kapitalforvaltning AB purchased a new position in shares of Third Point Reinsurance in the fourth quarter valued at approximately $154,000. BlueCrest Capital Management Ltd purchased a new position in shares of Third Point Reinsurance in the fourth quarter valued at approximately $159,000. LS Investment Advisors LLC boosted its stake in shares of Third Point Reinsurance by 441.5% in the fourth quarter. LS Investment Advisors LLC now owns 11,778 shares of the insurance provider’s stock valued at $173,000 after purchasing an additional 9,603 shares during the period. Finally, Glacier Peak Capital LLC purchased a new position in shares of Third Point Reinsurance in the fourth quarter valued at approximately $184,000. 76.94% of the stock is owned by institutional investors and hedge funds.

Several research analysts have weighed in on the stock. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $19.00 target price on shares of Third Point Reinsurance in a research note on Wednesday, December 6th. Zacks Investment Research lowered shares of Third Point Reinsurance from a “buy” rating to a “hold” rating in a research note on Wednesday, December 6th. Finally, ValuEngine raised shares of Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a research note on Thursday, March 15th. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and one has assigned a strong buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $17.33.

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About Third Point Reinsurance

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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