Short Interest in Third Point Reinsurance Ltd (NYSE:TPRE) Increases By 14.4%

Third Point Reinsurance Ltd (NYSE:TPRE) was the target of a significant increase in short interest in August. As of August 31st, there was short interest totalling 1,241,400 shares, an increase of 14.4% from the July 31st total of 1,085,100 shares. Based on an average trading volume of 463,400 shares, the short-interest ratio is presently 2.7 days. Approximately 1.5% of the company’s stock are sold short.

A number of analysts have weighed in on the company. Zacks Investment Research cut Third Point Reinsurance from a “hold” rating to a “sell” rating in a research note on Friday. ValuEngine cut Third Point Reinsurance from a “strong-buy” rating to a “buy” rating in a research note on Wednesday, September 4th.

Shares of TPRE stock traded up $0.01 during mid-day trading on Friday, hitting $10.32. 12,306 shares of the stock were exchanged, compared to its average volume of 415,722. The stock’s fifty day simple moving average is $9.82 and its two-hundred day simple moving average is $10.47. The stock has a market capitalization of $950.71 million, a price-to-earnings ratio of -3.19, a P/E/G ratio of 0.22 and a beta of 1.07. Third Point Reinsurance has a 12-month low of $8.85 and a 12-month high of $13.65. The company has a debt-to-equity ratio of 0.08, a quick ratio of 0.79 and a current ratio of 0.79.

Third Point Reinsurance (NYSE:TPRE) last released its quarterly earnings results on Wednesday, August 7th. The insurance provider reported $0.57 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.68 by ($0.11). The company had revenue of $214.58 million during the quarter. On average, research analysts expect that Third Point Reinsurance will post 3.05 earnings per share for the current fiscal year.

In related news, CEO Daniel V. Malloy acquired 5,000 shares of Third Point Reinsurance stock in a transaction dated Wednesday, August 14th. The shares were acquired at an average cost of $9.67 per share, for a total transaction of $48,350.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 9.18% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Piedmont Investment Advisors Inc. grew its holdings in shares of Third Point Reinsurance by 5.0% during the first quarter. Piedmont Investment Advisors Inc. now owns 18,704 shares of the insurance provider’s stock worth $194,000 after buying an additional 896 shares during the last quarter. Rhumbline Advisers boosted its holdings in Third Point Reinsurance by 0.4% in the 1st quarter. Rhumbline Advisers now owns 216,573 shares of the insurance provider’s stock valued at $2,248,000 after purchasing an additional 965 shares in the last quarter. Arizona State Retirement System boosted its holdings in Third Point Reinsurance by 1.3% in the 2nd quarter. Arizona State Retirement System now owns 115,552 shares of the insurance provider’s stock valued at $1,192,000 after purchasing an additional 1,435 shares in the last quarter. Texas Permanent School Fund lifted its position in shares of Third Point Reinsurance by 3.2% during the 1st quarter. Texas Permanent School Fund now owns 50,228 shares of the insurance provider’s stock valued at $521,000 after acquiring an additional 1,545 shares during the period. Finally, Weiss Asset Management LP lifted its position in shares of Third Point Reinsurance by 10.9% during the 2nd quarter. Weiss Asset Management LP now owns 15,772 shares of the insurance provider’s stock valued at $163,000 after acquiring an additional 1,556 shares during the period. 65.41% of the stock is currently owned by hedge funds and other institutional investors.

Third Point Reinsurance Company Profile

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.

Further Reading: Equal Weight Rating

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