Renaissance Technologies LLC Decreases Position in Third Point Reinsurance (TPRE)

Renaissance Technologies LLC lowered its stake in Third Point Reinsurance (NYSE:TPRE) by 30.2% during the fourth quarter, Holdings Channel reports. The institutional investor owned 678,367 shares of the insurance provider’s stock after selling 293,726 shares during the period. Renaissance Technologies LLC’s holdings in Third Point Reinsurance were worth $9,938,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Ameriprise Financial Inc. grew its position in shares of Third Point Reinsurance by 1,653.8% during the 3rd quarter. Ameriprise Financial Inc. now owns 378,056 shares of the insurance provider’s stock worth $5,897,000 after purchasing an additional 356,500 shares in the last quarter. American International Group Inc. grew its position in shares of Third Point Reinsurance by 22.5% during the 4th quarter. American International Group Inc. now owns 72,506 shares of the insurance provider’s stock worth $1,062,000 after purchasing an additional 13,321 shares in the last quarter. BlackRock Inc. grew its position in shares of Third Point Reinsurance by 28.3% during the 4th quarter. BlackRock Inc. now owns 10,935,594 shares of the insurance provider’s stock worth $160,207,000 after purchasing an additional 2,409,720 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of Third Point Reinsurance by 658.9% during the 3rd quarter. Wells Fargo & Company MN now owns 620,865 shares of the insurance provider’s stock worth $9,686,000 after purchasing an additional 539,050 shares in the last quarter. Finally, Quadrature Capital Ltd acquired a new position in shares of Third Point Reinsurance during the 4th quarter worth approximately $478,000. Institutional investors and hedge funds own 76.94% of the company’s stock.

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NYSE TPRE opened at $13.00 on Friday. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.07. The company has a market cap of $1,378.82, a P/E ratio of 4.94, a PEG ratio of 0.51 and a beta of 1.10. Third Point Reinsurance has a 1 year low of $11.45 and a 1 year high of $17.10.

Third Point Reinsurance (NYSE:TPRE) last posted its quarterly earnings results on Wednesday, February 28th. The insurance provider reported $0.41 earnings per share (EPS) 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 return on equity of 17.38% and a net margin of 29.58%. equities analysts expect that Third Point Reinsurance will post 1.75 EPS for the current year.

Third Point Reinsurance announced that its board has initiated a stock buyback program on Wednesday, February 28th that permits the company to buyback $148.30 million in outstanding shares. This buyback authorization permits the insurance provider to reacquire shares of its stock through open market purchases. Stock buyback programs are often a sign that the company’s management believes its stock is undervalued.

A number of research analysts have issued reports on TPRE shares. Zacks Investment Research lowered shares of Third Point Reinsurance from a “hold” rating to a “sell” rating in a research report on Thursday, January 11th. ValuEngine upgraded shares of Third Point Reinsurance from a “buy” rating to a “strong-buy” rating in a research report on Thursday, March 15th. Finally, Bank of America decreased their target price on shares of Third Point Reinsurance from $18.00 to $17.00 and set a “buy” rating on the stock in a research report on Tuesday. One equities research analyst has rated the stock with a sell rating, three have issued a hold rating and two have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $17.25.

In related news, insider J. Robert Bredahl sold 100,000 shares of the stock in a transaction that occurred on Wednesday, March 21st. The shares were 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 Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 36.93% of the company’s stock.

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Third Point Reinsurance Profile

Third Point Reinsurance Ltd., through its subsidiaries, provides specialty property and casualty reinsurance products to insurance and reinsurance companies worldwide. It underwrites homeowners, workers compensation, personal automobile, mortgage, and multi-line reinsurance; professional, transactional, and general liability reinsurance; and marine, travel, and extended warranty reinsurance products.

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Institutional Ownership by Quarter for Third Point Reinsurance (NYSE:TPRE)

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