SiriusPoint Ltd. (NYSE:SPNT) Position Boosted by Private Management Group Inc.

Key Points

• Private Management Group Inc. increased its stake in SiriusPoint Ltd. by 0.5% in the first quarter, owning 4,388,596 shares valued at approximately $75.88 million.
• SiriusPoint reported earnings of $0.49 per share for the quarter, significantly exceeding the consensus estimate of $0.26 per share, along with revenues of $727.30 million.
• Analyst ratings for SiriusPoint reflect a general consensus of "Buy," with notable price targets set at $25.00 by Oppenheimer and $33.00 by B. Riley.

Private Management Group Inc. increased its holdings in shares of SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 0.5% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 4,388,596 shares of the company's stock after acquiring an additional 20,573 shares during the quarter. SiriusPoint makes up about 2.7% of Private Management Group Inc.'s holdings, making the stock its 2nd largest position. Private Management Group Inc. owned about 2.71% of SiriusPoint worth $75,879,000 at the end of the most recent quarter.

Several other hedge funds have also recently made changes to their positions in the company. Sterling Capital Management LLC grew its position in shares of SiriusPoint by 742.9% in the fourth quarter. Sterling Capital Management LLC now owns 2,714 shares of the company's stock valued at $44,000 after purchasing an additional 2,392 shares in the last quarter. GAMMA Investing LLC grew its position in SiriusPoint by 91.0% during the first quarter. GAMMA Investing LLC now owns 4,379 shares of the company's stock worth $76,000 after buying an additional 2,086 shares in the last quarter. Tower Research Capital LLC TRC grew its position in SiriusPoint by 25.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 10,568 shares of the company's stock worth $173,000 after buying an additional 2,115 shares in the last quarter. Quantessence Capital LLC purchased a new position in shares of SiriusPoint in the 4th quarter worth about $183,000. Finally, BNP Paribas Financial Markets purchased a new position in shares of SiriusPoint in the 4th quarter worth about $204,000. 52.79% of the stock is currently owned by institutional investors.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on SPNT shares. B. Riley began coverage on SiriusPoint in a report on Monday, July 21st. They issued a "buy" rating and a $33.00 price objective 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. Wall Street Zen cut SiriusPoint from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Finally, Jefferies Financial Group assumed coverage on SiriusPoint in a report on Tuesday, April 15th. They set a "hold" rating and a $17.00 target price for the company. One equities research analyst has rated the stock with a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $25.00.

Insider Activity at SiriusPoint

In other SiriusPoint news, Director La Gueronniere Rafe De sold 30,000 shares of SiriusPoint stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $19.55, for a total value of $586,500.00. Following the completion of the sale, the director owned 127,578 shares of the company's stock, valued at approximately $2,494,149.90. This trade represents a 19.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders own 11.70% of the company's stock.

SiriusPoint Stock Up 1.1%

Shares of SPNT traded up $0.21 on Tuesday, reaching $19.72. The stock had a trading volume of 247,410 shares, compared to its average volume of 680,495. The firm has a market capitalization of $2.30 billion, a price-to-earnings ratio of 20.53 and a beta of 0.86. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.60 and a current ratio of 0.60. The company has a 50-day simple moving average of $19.40 and a 200-day simple moving average of $17.09. SiriusPoint Ltd. has a 12-month low of $12.78 and a 12-month high of $21.03.

SiriusPoint (NYSE:SPNT - Get Free Report) last posted its quarterly earnings data on Monday, May 5th. The company reported $0.49 earnings per share for the quarter, beating analysts' consensus estimates of $0.26 by $0.23. SiriusPoint had a return on equity of 7.78% and a net margin of 6.30%. The company had revenue of $727.30 million during the quarter, compared to analyst estimates of $688.00 million.

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.