Bridgeway Capital Management LLC Trims Holdings in SiriusPoint Ltd. $SPNT

Key Points

• Bridgeway Capital Management LLC reduced its stake in SiriusPoint Ltd. by 7.8% in Q1, holding approximately 1,303,155 shares valued at about $22.53 million, making it the fund's 15th largest holding.
• SiriusPoint's earnings report showed an EPS of $0.66, exceeding analysts' expectations of $0.56, while its revenue for the quarter was reported at $948.20 million, significantly higher than the forecasted $720.10 million.
• Wall Street analysts maintain an average rating of "Buy" for SiriusPoint, with a price target of $25.00, reflecting growth expectations despite some recent downgrades in ratings.

Bridgeway Capital Management LLC reduced its stake in SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 7.8% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 1,303,155 shares of the company's stock after selling 110,230 shares during the period. SiriusPoint accounts for 0.6% of Bridgeway Capital Management LLC's holdings, making the stock its 15th biggest holding. Bridgeway Capital Management LLC owned 1.12% of SiriusPoint worth $22,532,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors also recently made changes to their positions in the company. Tower Research Capital LLC TRC increased its position in SiriusPoint by 25.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,568 shares of the company's stock valued at $173,000 after buying an additional 2,115 shares in the last quarter. Northern Trust Corp increased its holdings in shares of SiriusPoint by 9.1% during the fourth quarter. Northern Trust Corp now owns 1,059,021 shares of the company's stock valued at $17,357,000 after acquiring an additional 88,296 shares in the last quarter. Jane Street Group LLC raised its position in shares of SiriusPoint by 42.7% during the fourth quarter. Jane Street Group LLC now owns 61,976 shares of the company's stock worth $1,016,000 after purchasing an additional 18,531 shares during the period. BNP Paribas Financial Markets bought a new position in shares of SiriusPoint in the 4th quarter worth $204,000. Finally, Balyasny Asset Management L.P. acquired a new stake in SiriusPoint in the 4th quarter valued at $742,000. 52.79% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

A number of analysts have commented on SPNT shares. Wall Street Zen lowered shares of SiriusPoint from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. B. Riley began coverage on shares of SiriusPoint in a research report on Monday, July 21st. They set a "buy" rating and a $33.00 target price for the company. Finally, Oppenheimer set a $25.00 price target on shares of SiriusPoint and gave the company an "outperform" rating in a research report on Thursday, June 26th. Two research analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and an average price target of $25.00.

SiriusPoint Stock Performance

NYSE SPNT traded down $0.10 during trading hours on Friday, reaching $18.75. 878,414 shares of the company were exchanged, compared to its average volume of 833,714. SiriusPoint Ltd. has a 1 year low of $12.78 and a 1 year high of $21.03. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.36. The business's 50 day simple moving average is $18.93 and its 200-day simple moving average is $17.89. The stock has a market capitalization of $2.19 billion, a P/E ratio of 21.07 and a beta of 0.85.

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