Private Management Group Inc. Raises Stock Position in SiriusPoint Ltd. (NYSE:SPNT)

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

Other large investors have also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in SiriusPoint by 3.5% during the 1st quarter. Principal Financial Group Inc. now owns 529,959 shares of the company's stock valued at $9,163,000 after buying an additional 18,114 shares during the period. Victory Capital Management Inc. boosted its position in shares of SiriusPoint by 4,246.7% during the 1st quarter. Victory Capital Management Inc. now owns 2,741,280 shares of the company's stock valued at $47,397,000 after purchasing an additional 2,678,214 shares in the last quarter. GAMMA Investing LLC boosted 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 purchasing an additional 2,086 shares in the last quarter. Assenagon Asset Management S.A. boosted its position in shares of SiriusPoint by 67.5% during the 1st quarter. Assenagon Asset Management S.A. now owns 59,750 shares of the company's stock valued at $1,033,000 after purchasing an additional 24,074 shares in the last quarter. Finally, Northern Trust Corp boosted its position in shares of SiriusPoint by 9.1% during the 4th quarter. Northern Trust Corp now owns 1,059,021 shares of the company's stock valued at $17,357,000 after purchasing an additional 88,296 shares in the last quarter. Institutional investors and hedge funds own 52.79% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently weighed in on SPNT shares. B. Riley started coverage on shares of SiriusPoint in a research report on Monday, July 21st. They set a "buy" rating and a $33.00 price objective for the company. Jefferies Financial Group started coverage on shares of SiriusPoint in a report on Tuesday, April 15th. They issued a "hold" rating and a $17.00 target price for the company. Wall Street Zen cut shares of SiriusPoint from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Finally, Oppenheimer set a $25.00 target price on shares of SiriusPoint and gave the stock an "outperform" rating in a report on Thursday, June 26th. One 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 company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Buy" and a consensus price target of $25.00.

SiriusPoint Stock Down 1.0%

Shares of SPNT stock traded down $0.20 during trading on Monday, hitting $19.59. 371,103 shares of the company were exchanged, compared to its average volume of 680,956. 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 firm has a market capitalization of $2.28 billion, a price-to-earnings ratio of 20.41 and a beta of 0.86. The business's 50-day simple moving average is $19.40 and its 200 day simple moving average is $17.05. SiriusPoint Ltd. has a twelve month low of $12.78 and a twelve month high of $21.03.

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

Insiders Place Their Bets

In related news, Director La Gueronniere Rafe De sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $19.55, for a total transaction of $586,500.00. Following the transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 10.32% of the company's stock.

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.