SiriusPoint Ltd. $SPNT Shares Sold by UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC

Key Points

• UBS Asset Management cut its SiriusPoint stake by 99.1% in the second quarter, selling 205,100 shares and retaining 1,941 shares valued at approximately $47,000.
• Several major investors initiated or expanded positions, including BlackRock, Donald Smith & Co., Punch & Associates and Goldman Sachs. Institutional investors collectively own 52.79% of SiriusPoint.
• SiriusPoint reported quarterly earnings of $0.67 per share, exceeding the $0.65 consensus estimate, while revenue of $744.1 million fell short of expectations. Analysts maintain a consensus “Hold” rating with a $31 price target.

UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lessened its holdings in SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 99.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,941 shares of the company's stock after selling 205,100 shares during the quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC's holdings in SiriusPoint were worth $47,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in SiriusPoint in the 2nd quarter valued at approximately $271,853,000. Donald Smith & CO. Inc. purchased a new stake in SiriusPoint during the second quarter worth $147,941,000. Punch & Associates Investment Management Inc. acquired a new stake in SiriusPoint in the second quarter valued at $36,047,000. Goldman Sachs Group Inc. grew its holdings in SiriusPoint by 223.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,086,688 shares of the company's stock valued at $36,079,000 after purchasing an additional 1,440,836 shares during the last quarter. Finally, Capital Research Global Investors increased its position in shares of SiriusPoint by 11.2% in the fourth quarter. Capital Research Global Investors now owns 7,447,968 shares of the company's stock valued at $163,036,000 after buying an additional 747,968 shares in the last quarter. Institutional investors and hedge funds own 52.79% of the company's stock.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reaffirmed a "buy (b+)" rating on shares of SiriusPoint in a research note on Friday, August 7th. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $31.00.

SiriusPoint Price Performance

SiriusPoint stock opened at $24.16 on Monday. The stock has a market capitalization of $2.81 billion, a P/E ratio of 5.89 and a beta of 0.61. SiriusPoint Ltd. has a 12-month low of $17.17 and a 12-month high of $26.48. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.58 and a quick ratio of 0.58. The firm's 50-day moving average is $24.20 and its two-hundred day moving average is $23.02.

SiriusPoint (NYSE:SPNT - Get Free Report) last released its earnings results on Thursday, July 30th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.02. SiriusPoint had a return on equity of 15.65% and a net margin of 15.56%.The firm had revenue of $744.10 million for the quarter, compared to the consensus estimate of $798.95 million. Equities analysts predict that SiriusPoint Ltd. will post 2.57 earnings per share for the current year.

About SiriusPoint

SiriusPoint Ltd. NYSE: SPNT is a global specialty insurance and reinsurance company headquartered in Bermuda. The company provides underwriting capacity and risk-management solutions to businesses, insurers, brokers and managing general agents across a range of specialty markets.

Its business includes property and casualty insurance, property and casualty reinsurance, accident and health coverage, marine and aviation insurance, and other specialty lines. SiriusPoint distributes products through brokers, partnerships and delegated underwriting platforms, with operations and underwriting activities serving clients in the United States, Bermuda, the United Kingdom, Europe and other international markets.

The company was created in 2021 through the combination of Third Point Reinsurance and Sirius International Insurance Group.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.