Optimize Financial Inc Makes New Investment in SiriusPoint Ltd. $SPNT

Key Points

• Optimize Financial Inc has made a new investment in SiriusPoint Ltd., acquiring 25,224 shares valued at approximately $436,000.
• Several institutional investors, including Goldman Sachs and American Century Companies, significantly increased their stakes in SiriusPoint during the first quarter.
• SiriusPoint reported earnings of $0.66 per share, exceeding estimates, with a revenue of $948.20 million for the last quarter, well above the anticipated $720.10 million.

Optimize Financial Inc purchased a new position in shares of SiriusPoint Ltd. (NYSE:SPNT - Free Report) in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund purchased 25,224 shares of the company's stock, valued at approximately $436,000.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. lifted its holdings in SiriusPoint by 3.5% during the 1st quarter. Principal Financial Group Inc. now owns 529,959 shares of the company's stock worth $9,163,000 after buying an additional 18,114 shares during the last quarter. Victory Capital Management Inc. lifted its holdings in SiriusPoint by 4,246.7% during the 1st quarter. Victory Capital Management Inc. now owns 2,741,280 shares of the company's stock worth $47,397,000 after buying an additional 2,678,214 shares during the last quarter. GAMMA Investing LLC lifted its holdings in SiriusPoint by 91.0% during the 1st quarter. GAMMA Investing LLC now owns 4,379 shares of the company's stock worth $76,000 after buying an additional 2,086 shares during the last quarter. Informed Momentum Co LLC purchased a new stake in SiriusPoint during the 1st quarter worth about $3,792,000. Finally, Assenagon Asset Management S.A. lifted its holdings in SiriusPoint by 67.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 59,750 shares of the company's stock worth $1,033,000 after buying an additional 24,074 shares during the last quarter. 52.79% of the stock is owned by hedge funds and other institutional investors.

SiriusPoint Stock Performance

SPNT stock traded down $0.14 during trading on Friday, hitting $19.02. The company had a trading volume of 868,651 shares, compared to its average volume of 989,280. The firm has a market cap of $2.22 billion, a PE ratio of 21.37 and a beta of 0.85. SiriusPoint Ltd. has a 1-year low of $12.78 and a 1-year high of $21.03. The firm has a 50-day moving average price of $18.83 and a 200-day moving average price of $18.07. The company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.36.

SiriusPoint (NYSE:SPNT - Get Free Report) last issued its quarterly earnings results on Monday, August 4th. The company reported $0.66 earnings per share (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 for the quarter, compared to analysts' expectations of $720.10 million.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SPNT. B. Riley began coverage on SiriusPoint in a report on Monday, July 21st. They issued a "buy" rating and a $33.00 target price for the company. Oppenheimer set a $25.00 target price on SiriusPoint and gave the company an "outperform" rating in a report on Thursday, June 26th. Finally, Wall Street Zen downgraded SiriusPoint from a "strong-buy" rating to a "buy" rating in a report 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 issued a Hold rating to the stock. According to MarketBeat, SiriusPoint has a consensus rating of "Buy" and a consensus target price of $25.00.

SiriusPoint Company 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.