Hsbc Holdings PLC Grows Position in SiriusPoint Ltd. $SPNT

Key Points

• Hsbc Holdings PLC significantly increased its stake in SiriusPoint Ltd. by 1,548.4% during the first quarter, owning a total of 180,368 shares valued at approximately $3.16 million.
• SiriusPoint's shares recently received a downgrade from "strong-buy" to "buy" by Wall Street Zen, while analysts from B. Riley set a $33.00 target price for the stock, reflecting mixed sentiment among investors.
• The company's quarterly earnings beat analyst expectations, reporting an EPS of $0.66 and revenue of $948.20 million, significantly higher than the forecasted $720.10 million.

Hsbc Holdings PLC lifted its holdings in shares of SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 1,548.4% during the 1st quarter, according to its most recent disclosure with the SEC. The institutional investor owned 180,368 shares of the company's stock after purchasing an additional 169,426 shares during the quarter. Hsbc Holdings PLC owned about 0.15% of SiriusPoint worth $3,156,000 as of its most recent filing with the SEC.

Several other hedge funds have also made changes to their positions in the business. Quantbot Technologies LP acquired a new stake in shares of SiriusPoint during the first quarter worth about $126,000. Wellington Management Group LLP grew its position in shares of SiriusPoint by 3.2% during the first quarter. Wellington Management Group LLP now owns 11,035,310 shares of the company's stock worth $190,801,000 after buying an additional 341,096 shares in the last quarter. Summit Securities Group LLC acquired a new position in shares of SiriusPoint during the first quarter worth about $128,000. American Century Companies Inc. grew its position in shares of SiriusPoint by 42.6% during the first quarter. American Century Companies Inc. now owns 3,789,579 shares of the company's stock worth $65,522,000 after buying an additional 1,132,787 shares in the last quarter. Finally, Neuberger Berman Group LLC acquired a new position in shares of SiriusPoint during the first quarter worth about $195,000. Institutional investors and hedge funds own 52.79% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on SPNT shares. Oppenheimer set a $25.00 price objective on SiriusPoint and gave the stock an "outperform" rating in a research report on Thursday, June 26th. B. Riley started coverage on SiriusPoint in a research report on Monday, July 21st. They set a "buy" rating and a $33.00 price objective for the company. Finally, Wall Street Zen downgraded SiriusPoint from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Two equities 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 company's stock. According to MarketBeat, the stock currently has an average rating of "Buy" and a consensus price target of $25.00.

SiriusPoint Stock Up 1.4%

SiriusPoint stock traded up $0.27 during mid-day trading on Monday, hitting $18.68. The company had a trading volume of 1,732,030 shares, compared to its average volume of 861,415. The stock has a market cap of $2.18 billion, a price-to-earnings ratio of 20.98 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 company has a quick ratio of 0.60, a current ratio of 0.60 and a debt-to-equity ratio of 0.36. The business has a fifty day moving average of $19.03 and a 200 day moving average of $17.81.

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

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.