Principal Financial Group Inc. Grows Stake in SiriusPoint Ltd. (NYSE:SPNT)

Principal Financial Group Inc. lifted its holdings in shares of SiriusPoint Ltd. (NYSE:SPNT) by 3.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 529,959 shares of the company’s stock after buying an additional 18,114 shares during the quarter. Principal Financial Group Inc. owned about 0.33% of SiriusPoint worth $9,163,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also bought and sold shares of the company. Sterling Capital Management LLC raised its holdings in SiriusPoint by 742.9% in the fourth quarter. Sterling Capital Management LLC now owns 2,714 shares of the company’s stock worth $44,000 after buying an additional 2,392 shares during the last quarter. Farther Finance Advisors LLC boosted its position in shares of SiriusPoint by 14,087.0% in the fourth quarter. Farther Finance Advisors LLC now owns 3,263 shares of the company’s stock worth $53,000 after purchasing an additional 3,240 shares during the period. GAMMA Investing LLC boosted its position in shares of SiriusPoint by 91.0% in the first quarter. GAMMA Investing LLC now owns 4,379 shares of the company’s stock worth $76,000 after purchasing an additional 2,086 shares during the period. Tower Research Capital LLC TRC boosted its position in shares of SiriusPoint by 25.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,568 shares of the company’s stock worth $173,000 after purchasing an additional 2,115 shares during the period. Finally, Quantessence Capital LLC purchased a new position in shares of SiriusPoint in the fourth quarter worth $183,000. 52.79% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other SiriusPoint news, Director La Gueronniere Rafe De sold 30,000 shares of SiriusPoint stock in a transaction dated Thursday, May 8th. The stock was sold at an average price of $19.55, for a total value of $586,500.00. Following the completion of the transaction, the director directly owned 127,578 shares of the company’s stock, valued at $2,494,149.90. The trade was a 19.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 10.32% of the stock is currently owned by corporate insiders.

SiriusPoint Price Performance

SiriusPoint stock opened at $18.63 on Tuesday. SiriusPoint Ltd. has a 1 year low of $12.67 and a 1 year high of $21.03. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.60 and a current ratio of 0.60. The company’s fifty day moving average price is $19.43 and its 200 day moving average price is $16.78. The stock has a market capitalization of $2.17 billion, a P/E ratio of 19.41 and a beta of 0.86.

SiriusPoint (NYSE:SPNT) last posted its quarterly earnings results on Monday, May 5th. The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.26 by $0.23. SiriusPoint had a return on equity of 7.78% and a net margin of 6.30%. The business had revenue of $727.30 million for the quarter, compared to analyst estimates of $688.00 million.

Analysts Set New Price Targets

SPNT has been the topic of a number of recent research reports. Wall Street Zen downgraded shares of SiriusPoint from a “strong-buy” rating to a “buy” rating in a research note on Friday, June 27th. Jefferies Financial Group initiated coverage on shares of SiriusPoint in a report on Tuesday, April 15th. They issued a “hold” rating and a $17.00 price target on the stock. Finally, Oppenheimer set a $25.00 target price on shares of SiriusPoint and gave the stock an “outperform” rating in a report on Thursday, June 26th.

About SiriusPoint

SiriusPoint Ltd. provides multi-line insurance and reinsurance products and services worldwide. The company operates through two segments, Reinsurance, and Insurance & Services. The Reinsurance segment provides aviation and space, accident and health, casualty, credit, marine and energy, property to insurance and reinsurance companies, government entities, and other risk bearing vehicles.