Third Point Reinsurance Ltd (NYSE:TPRE) was the recipient of a significant decline in short interest in the month of June. As of June 15th, there was short interest totalling 638,600 shares, a decline of 25.2% from the May 15th total of 853,900 shares. Based on an average trading volume of 691,300 shares, the days-to-cover ratio is currently 0.9 days. Currently, 0.9% of the shares of the company are short sold.
Shares of TPRE traded down $0.01 on Thursday, reaching $9.95. The company’s stock had a trading volume of 3,362 shares, compared to its average volume of 413,100. The company has a quick ratio of 0.78, a current ratio of 0.78 and a debt-to-equity ratio of 0.09. The stock has a market capitalization of $953.30 million, a PE ratio of -3.04, a P/E/G ratio of 0.22 and a beta of 1.12. The company’s 50 day moving average price is $10.49. Third Point Reinsurance has a 12-month low of $8.85 and a 12-month high of $14.40.
Third Point Reinsurance (NYSE:TPRE) last issued its quarterly earnings results on Thursday, May 9th. The insurance provider reported $1.43 earnings per share for the quarter, missing the consensus estimate of $1.44 by ($0.01). Third Point Reinsurance had a net margin of 3.89% and a negative return on equity of 11.24%. The firm had revenue of $308.00 million for the quarter. As a group, research analysts expect that Third Point Reinsurance will post 3.05 earnings per share for the current year.
A number of equities analysts recently issued reports on TPRE shares. Zacks Investment Research downgraded shares of Third Point Reinsurance from a “strong-buy” rating to a “hold” rating in a report on Tuesday, March 26th. ValuEngine raised shares of Third Point Reinsurance from a “hold” rating to a “buy” rating in a report on Monday, April 1st. Finally, TheStreet downgraded shares of Third Point Reinsurance from a “c” rating to a “d+” rating in a report on Thursday, February 28th.
A number of large investors have recently modified their holdings of TPRE. PNC Financial Services Group Inc. lifted its holdings in shares of Third Point Reinsurance by 92.7% in the fourth quarter. PNC Financial Services Group Inc. now owns 2,809 shares of the insurance provider’s stock worth $27,000 after buying an additional 1,351 shares in the last quarter. Oregon Public Employees Retirement Fund bought a new position in Third Point Reinsurance during the fourth quarter valued at $28,000. Bank of Montreal Can increased its position in Third Point Reinsurance by 59.8% during the fourth quarter. Bank of Montreal Can now owns 5,010 shares of the insurance provider’s stock valued at $48,000 after acquiring an additional 1,874 shares during the last quarter. Magnus Financial Group LLC bought a new position in Third Point Reinsurance during the fourth quarter valued at $105,000. Finally, Weiss Asset Management LP bought a new position in Third Point Reinsurance during the first quarter valued at $148,000. 67.25% of the stock is currently owned by institutional investors and hedge funds.
About Third Point Reinsurance
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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