Vanguard Group Inc. Cuts Stock Holdings in SiriusPoint Ltd. $SPNT

Vanguard Group Inc. trimmed its holdings in shares of SiriusPoint Ltd. (NYSE:SPNT) by 0.6% in the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 10,968,053 shares of the company’s stock after selling 67,819 shares during the period. Vanguard Group Inc. owned about 6.76% of SiriusPoint worth $189,638,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in SPNT. Victory Capital Management Inc. boosted its position in SiriusPoint by 4,246.7% during the first quarter. Victory Capital Management Inc. now owns 2,741,280 shares of the company’s stock valued at $47,397,000 after buying an additional 2,678,214 shares during the period. Zweig DiMenna Associates LLC purchased a new stake in SiriusPoint during the first quarter valued at about $7,582,000. Harbor Capital Advisors Inc. purchased a new stake in SiriusPoint during the first quarter valued at about $6,869,000. Gilder Gagnon Howe & Co. LLC boosted its position in SiriusPoint by 12.8% during the fourth quarter. Gilder Gagnon Howe & Co. LLC now owns 2,643,704 shares of the company’s stock valued at $43,330,000 after buying an additional 299,114 shares during the period. Finally, Price T Rowe Associates Inc. MD boosted its position in SiriusPoint by 481.8% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 317,560 shares of the company’s stock valued at $5,206,000 after buying an additional 262,981 shares during the period. 52.79% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SPNT has been the subject of a number of analyst reports. Wall Street Zen lowered shares of SiriusPoint from a “strong-buy” rating to a “buy” rating in a report on Friday, June 27th. 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. Finally, B. Riley initiated coverage on shares of SiriusPoint in a report on Monday, July 21st. They set a “buy” rating and a $33.00 target price for the company. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Buy” and a consensus target price of $25.00.

SiriusPoint Stock Performance

Shares of SPNT opened at $18.2390 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.60 and a quick ratio of 0.60. SiriusPoint Ltd. has a one year low of $12.78 and a one year high of $21.03. The company has a 50-day simple moving average of $19.18 and a two-hundred day simple moving average of $17.51. The firm has a market capitalization of $2.13 billion, a PE ratio of 20.49 and a beta of 0.86.

SiriusPoint (NYSE:SPNT) last announced its earnings results on Monday, August 4th. The company reported $0.66 earnings per share for the quarter, beating analysts’ consensus estimates of $0.56 by $0.10. SiriusPoint had a net margin of 4.38% and a return on equity of 6.57%. The business had revenue of $948.20 million during the quarter, compared to the consensus estimate of $720.10 million.

SiriusPoint Profile

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.