Northern Trust Corp Trims Holdings in SiriusPoint Ltd. $SPNT

Key Points

• Northern Trust Corp has reduced its stake in SiriusPoint Ltd. by 3.1%, owning approximately 1,026,064 shares valued at $17.74 million after selling 32,957 shares in Q1.
• Several hedge funds significantly increased their holdings in SiriusPoint, with Victory Capital Management raising its position by 4,246.7%, acquiring 2,741,280 shares valued at $47.4 million.
• SiriusPoint reported earnings with an EPS of $0.66, exceeding analysts' expectations, and had a revenue of $948.2 million during the last quarter.

Northern Trust Corp reduced its position in SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 3.1% during the 1st quarter, according to its most recent filing with the SEC. The firm owned 1,026,064 shares of the company's stock after selling 32,957 shares during the quarter. Northern Trust Corp owned about 0.88% of SiriusPoint worth $17,741,000 as of its most recent filing with the SEC.

Other institutional investors also recently bought and sold shares of the company. Principal Financial Group Inc. increased its stake in SiriusPoint by 3.5% in 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. grew its stake 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 worth $47,397,000 after purchasing an additional 2,678,214 shares during the period. GAMMA Investing LLC grew its stake in shares of SiriusPoint by 91.0% during the 1st quarter. GAMMA Investing LLC now owns 4,379 shares of the company's stock worth $76,000 after purchasing an additional 2,086 shares during the period. Informed Momentum Co LLC acquired a new position in shares of SiriusPoint during the 1st quarter worth $3,792,000. Finally, Assenagon Asset Management S.A. grew its stake 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 worth $1,033,000 after purchasing an additional 24,074 shares during the period. 52.79% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

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

SiriusPoint Price Performance

NYSE SPNT traded down $0.10 during trading hours on Friday, reaching $18.75. The company's stock had a trading volume of 878,414 shares, compared to its average volume of 833,714. The stock has a market cap of $2.19 billion, a PE ratio of 21.07 and a beta of 0.85. SiriusPoint Ltd. has a fifty-two week low of $12.78 and a fifty-two week high of $21.03. The company's 50-day moving average is $18.93 and its two-hundred day moving average is $17.89. 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 issued its quarterly earnings data on Monday, August 4th. The company reported $0.66 EPS for the quarter, beating analysts' consensus estimates of $0.56 by $0.10. The firm had revenue of $948.20 million for the quarter, compared to analysts' expectations of $720.10 million. SiriusPoint had a net margin of 4.38% and a return on equity of 6.57%.

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.