Punch & Associates Investment Management Inc. Acquires Shares of 724,110 SiriusPoint Ltd. $SPNT

Key Points

• Punch & Associates Investment Management Inc. acquired 724,110 shares of SiriusPoint Ltd., valued at approximately $12.5 million, making up 0.62% of the company's total shares.
• Notable institutional investors, including Principal Financial Group and Victory Capital Management, have significantly increased their stakes in SiriusPoint during the first quarter.
• Analysts have varying ratings on SiriusPoint, with a consensus average rating of "Buy" and a target price of $25.00, according to recent reports.

Punch & Associates Investment Management Inc. acquired a new stake in SiriusPoint Ltd. (NYSE:SPNT - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm acquired 724,110 shares of the company's stock, valued at approximately $12,520,000. Punch & Associates Investment Management Inc. owned 0.62% of SiriusPoint as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also made changes to their positions in the stock. PharVision Advisers LLC purchased a new position in shares of SiriusPoint in the 1st quarter valued at about $183,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its stake in shares of SiriusPoint by 4.6% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,933 shares of the company's stock valued at $967,000 after buying an additional 2,480 shares during the period. Jacobs Levy Equity Management Inc. purchased a new position in shares of SiriusPoint in the 1st quarter valued at about $1,273,000. Alyeska Investment Group L.P. purchased a new position in shares of SiriusPoint in the 1st quarter valued at about $7,132,000. Finally, Royal Bank of Canada increased its holdings in shares of SiriusPoint by 20.1% in the 1st quarter. Royal Bank of Canada now owns 17,589 shares of the company's stock valued at $304,000 after acquiring an additional 2,949 shares during the last quarter. Hedge funds and other institutional investors own 52.79% of the company's stock.

SiriusPoint Stock Performance

NYSE:SPNT traded up $0.50 during mid-day trading on Thursday, reaching $19.14. 1,704,622 shares of the stock were exchanged, compared to its average volume of 729,409. The company has a 50 day simple moving average of $18.86 and a 200-day simple moving average of $17.99. The stock has a market capitalization of $2.24 billion, a P/E ratio of 21.51 and a beta of 0.85. 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 Ltd. has a 1 year low of $12.78 and a 1 year high of $21.03.

SiriusPoint (NYSE:SPNT - Get Free Report) last released its quarterly earnings results on Monday, August 4th. The company reported $0.66 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.56 by $0.10. The firm had revenue of $948.20 million for the quarter, compared to the consensus estimate of $720.10 million. SiriusPoint had a return on equity of 6.57% and a net margin of 4.38%.

Analyst Ratings Changes

SPNT has been the topic of a number of recent analyst reports. B. Riley initiated coverage on SiriusPoint in a report on Monday, July 21st. They issued a "buy" rating and a $33.00 price objective on the stock. Wall Street Zen downgraded 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 SiriusPoint and gave the company an "outperform" rating in a report on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, one has issued a Buy rating and one has given a Hold rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average price target 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.