Federated Hermes Inc. Sells 216,973 Shares of SiriusPoint Ltd. (NYSE:SPNT)

Key Points

• Federated Hermes Inc. reduced its stake in SiriusPoint Ltd. by 34.4%, selling 216,973 shares and now owning 414,492 shares valued at approximately $7.17 million.
• Several institutional investors, including Sterling Capital Management and GAMMA Investing, have significantly increased their stakes in SiriusPoint, highlighting mixed investor sentiment.
• Analysts have adjusted their ratings and price targets for SiriusPoint shares, with prices ranging from $17.00 to $33.00 following a strong earnings report.

Federated Hermes Inc. cut its stake in SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 34.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 414,492 shares of the company's stock after selling 216,973 shares during the period. Federated Hermes Inc. owned approximately 0.26% of SiriusPoint worth $7,167,000 at the end of the most recent reporting period.

Other hedge funds have also recently bought and sold shares of the company. Sterling Capital Management LLC boosted its position in SiriusPoint by 742.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,714 shares of the company's stock worth $44,000 after acquiring an additional 2,392 shares during the last quarter. GAMMA Investing LLC boosted its holdings in shares of SiriusPoint by 91.0% in 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 during the last quarter. Tower Research Capital LLC TRC boosted its holdings in shares of SiriusPoint by 25.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 10,568 shares of the company's stock valued at $173,000 after purchasing an additional 2,115 shares during the last quarter. Quantessence Capital LLC acquired a new position in shares of SiriusPoint in the 4th quarter valued at $183,000. Finally, BNP Paribas Financial Markets acquired a new position in shares of SiriusPoint in the 4th quarter valued at $204,000. Institutional investors and hedge funds own 52.79% of the company's stock.

SiriusPoint Price Performance

Shares of NYSE:SPNT traded up $0.12 during trading on Wednesday, reaching $18.53. The company had a trading volume of 248,470 shares, compared to its average volume of 693,649. The firm's fifty day moving average is $19.39 and its 200 day moving average is $17.26. The firm has a market capitalization of $2.16 billion, a PE ratio of 20.88 and a beta of 0.86. SiriusPoint Ltd. has a twelve month low of $12.78 and a twelve month high of $21.03. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.60 and a current ratio of 0.60.

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

Analyst Upgrades and Downgrades

A number of brokerages have weighed in on SPNT. B. Riley began coverage on shares of SiriusPoint in a report on Monday, July 21st. They issued a "buy" rating and a $33.00 price target on the stock. Wall Street Zen downgraded SiriusPoint from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Oppenheimer set a $25.00 price target on SiriusPoint and gave the company an "outperform" rating in a report on Thursday, June 26th. Finally, Jefferies Financial Group initiated coverage on SiriusPoint in a report on Tuesday, April 15th. They issued a "hold" rating and a $17.00 price target for the company. One equities research analyst has rated the stock with a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average target price of $25.00.

Insider Activity

In other SiriusPoint news, Director La Gueronniere Rafe De sold 30,000 shares of the firm's stock in a transaction dated Thursday, May 8th. The shares were 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 in the company, valued at approximately $2,494,149.90. This trade represents a 19.04% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 10.32% of the stock is owned by company insiders.

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.