Intech Investment Management LLC Lowers Position in SiriusPoint Ltd. $SPNT

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 decreased its position in SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 19.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 319,603 shares of the company's stock after selling 77,393 shares during the period. Intech Investment Management LLC owned about 0.27% of SiriusPoint worth $5,526,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also made changes to their positions in SPNT. Quarry LP lifted its stake in shares of SiriusPoint by 1,737.6% in the first quarter. Quarry LP now owns 3,473 shares of the company's stock valued at $60,000 after purchasing an additional 3,284 shares during the period. US Bancorp DE acquired a new stake in shares of SiriusPoint in the first quarter valued at about $65,000. GAMMA Investing LLC lifted its stake in shares of SiriusPoint by 91.0% in the first quarter. GAMMA Investing LLC now owns 4,379 shares of the company's stock valued at $76,000 after purchasing an additional 2,086 shares during the period. Quantbot Technologies LP acquired a new stake in shares of SiriusPoint in the first quarter valued at about $126,000. Finally, Summit Securities Group LLC acquired a new stake in shares of SiriusPoint in the first quarter valued at about $128,000. Hedge funds and other institutional investors own 52.79% of the company's stock.

SiriusPoint Stock Performance

SiriusPoint stock opened at $19.14 on Friday. The firm has a market capitalization of $2.24 billion, a P/E ratio of 21.51 and a beta of 0.85. The stock has a fifty day moving average price of $18.85 and a 200 day moving average price of $18.02. SiriusPoint Ltd. has a 52 week low of $12.78 and a 52 week high of $21.03. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.36.

SiriusPoint (NYSE:SPNT - Get Free Report) last released its earnings results 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 firm had revenue of $948.20 million during the quarter, compared to analyst estimates of $720.10 million.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. B. Riley assumed coverage on SiriusPoint in a report on Monday, July 21st. They set a "buy" rating and a $33.00 price objective for the company. Wall Street Zen cut SiriusPoint from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Finally, Oppenheimer set a $25.00 price objective on SiriusPoint and gave the stock an "outperform" rating in a report on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat, SiriusPoint currently has a consensus rating of "Buy" and an average target price of $25.00.

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.

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