SiriusPoint Ltd. $SPNT Stock Sold by Private Management Group Inc.

Private Management Group Inc. reduced its stake in shares of SiriusPoint Ltd. (NYSE:SPNT) by 8.8% during the third quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 2,742,339 shares of the company’s stock after selling 265,928 shares during the period. SiriusPoint accounts for 1.7% of Private Management Group Inc.’s portfolio, making the stock its 3rd biggest holding. Private Management Group Inc. owned 2.36% of SiriusPoint worth $66,502,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds also recently made changes to their positions in the stock. BlackRock Inc. purchased a new stake in SiriusPoint in the 2nd quarter worth approximately $271,853,000. Donald Smith & CO. Inc. purchased a new position in shares of SiriusPoint during the 2nd quarter valued at $147,941,000. Punch & Associates Investment Management Inc. purchased a new position in shares of SiriusPoint during the 2nd quarter valued at $36,047,000. Bank of New York Mellon Corp purchased a new position in shares of SiriusPoint during the 2nd quarter valued at $16,774,000. Finally, Empowered Funds LLC bought a new position in SiriusPoint in the 2nd quarter worth $13,566,000. 52.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SPNT shares. Royal Bank Of Canada initiated coverage on SiriusPoint in a research note on Tuesday, September 22nd. They issued an “outperform” rating and a $30.00 price target for the company. Oppenheimer reissued an “outperform” rating and set a $31.00 target price on shares of SiriusPoint in a research note on Monday. Finally, Weiss Ratings raised SiriusPoint from a “buy (a-)” rating to a “buy (a)” rating in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $30.67.

SiriusPoint Price Performance

Shares of NYSE:SPNT opened at $26.38 on Tuesday. The firm has a market cap of $3.06 billion, a price-to-earnings ratio of 6.42 and a beta of 0.60. The firm has a fifty day moving average price of $25.09 and a 200 day moving average price of $23.18. SiriusPoint Ltd. has a fifty-two week low of $19.15 and a fifty-two week high of $27.12. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.58 and a current ratio of 0.58.

SiriusPoint (NYSE:SPNT) last announced its quarterly earnings results on Thursday, November 5th. The company reported $0.88 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.64 by $0.24. SiriusPoint had a net margin of 15.56% and a return on equity of 15.65%. The company had revenue of $867.60 million for the quarter, compared to the consensus estimate of $740.99 million. As a group, sell-side analysts expect that SiriusPoint Ltd. will post 2.64 earnings per share for the current fiscal year.

About SiriusPoint

SiriusPoint Ltd. is a Bermuda-based global insurer and reinsurer that provides specialty insurance and reinsurance products to businesses and other organizations. Its offerings span areas such as property and casualty, accident and health, and other specialty risks.

The company works with brokers, agents, managing general agents and other distribution partners to underwrite risks across a range of markets. Its business serves clients in the United States and internationally, including in Europe and other regions.

SiriusPoint was formed in 2021 when Third Point Reinsurance Ltd.