SiriusPoint Ltd. $SPNT Shares Sold by Intech Investment Management LLC

Key Points

• Intech Investment Management LLC reduced its stake in SiriusPoint Ltd. by 19.5% during the first quarter, owning about 319,603 shares valued at $5.5 million after selling 77,393 shares.
• Other institutional investors, such as Quarry LP and GAMMA Investing LLC, made significant changes to their positions, with Quarry LP increasing its stake by 1,737.6%.
• SiriusPoint reported an earnings per share (EPS) of $0.66 for the last quarter, which exceeded analyst expectations of $0.56, with revenue reaching $948.20 million.

Intech Investment Management LLC cut its stake in shares of SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 19.5% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 319,603 shares of the company's stock after selling 77,393 shares during the quarter. Intech Investment Management LLC owned approximately 0.27% of SiriusPoint worth $5,526,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SPNT. Quarry LP boosted its position in shares of SiriusPoint by 1,737.6% during the 1st quarter. Quarry LP now owns 3,473 shares of the company's stock valued at $60,000 after acquiring an additional 3,284 shares during the last quarter. US Bancorp DE purchased a new position in SiriusPoint during the first quarter valued at approximately $65,000. GAMMA Investing LLC lifted its position in shares of SiriusPoint by 91.0% during the 1st quarter. GAMMA Investing LLC now owns 4,379 shares of the company's stock valued at $76,000 after buying an additional 2,086 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of SiriusPoint in the first quarter worth approximately $126,000. Finally, Summit Securities Group LLC acquired a new position in SiriusPoint during the first quarter worth $128,000. 52.79% of the stock is currently owned by institutional investors.

SiriusPoint Trading Up 0.2%

SiriusPoint stock traded up $0.04 during midday trading on Wednesday, reaching $18.05. The stock had a trading volume of 117,939 shares, compared to its average volume of 726,274. The stock's 50-day simple moving average is $18.79 and its 200 day simple moving average is $18.12. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.60 and a current ratio of 0.60. SiriusPoint Ltd. has a twelve month low of $12.78 and a twelve month high of $21.03. The stock has a market capitalization of $2.11 billion, a PE ratio of 20.29 and a beta of 0.85.

SiriusPoint (NYSE:SPNT - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $0.66 EPS 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 company had revenue of $948.20 million for the quarter, compared to analyst estimates of $720.10 million.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on SPNT shares. Oppenheimer set a $25.00 price objective on SiriusPoint and gave the company an "outperform" rating in a report on Thursday, June 26th. B. Riley started coverage on SiriusPoint in a research report on Monday, July 21st. They set a "buy" rating and a $33.00 price objective for the company. Finally, Wall Street Zen downgraded SiriusPoint from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. 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. According to MarketBeat.com, SiriusPoint currently has a consensus rating of "Buy" and an average target price of $25.00.

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.