Vanguard Group Inc. Cuts Holdings in SiriusPoint Ltd. $SPNT

Key Points

• Vanguard Group Inc. reduced its holdings in SiriusPoint Ltd. by 0.6%, owning approximately 10.97 million shares valued at $189.64 million.
• Other institutional investors, like Victory Capital Management Inc., significantly increased their positions in SiriusPoint, with Victory's holdings rising by over 4,000% in Q1.
• SiriusPoint has received mixed analyst ratings, with a current consensus rating of "Buy" and a target price around $25.00 per share.

Vanguard Group Inc. decreased its position in shares of SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 0.6% during the first quarter, according to its most recent filing with the SEC. The firm owned 10,968,053 shares of the company's stock after selling 67,819 shares during the period. Vanguard Group Inc. owned about 6.76% of SiriusPoint worth $189,638,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Principal Financial Group Inc. grew its holdings in shares of SiriusPoint by 3.5% during the 1st quarter. Principal Financial Group Inc. now owns 529,959 shares of the company's stock worth $9,163,000 after acquiring an additional 18,114 shares during the period. Victory Capital Management Inc. grew its holdings 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 acquiring an additional 2,678,214 shares during the period. GAMMA Investing LLC grew its holdings 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 acquiring an additional 2,086 shares during the period. Assenagon Asset Management S.A. grew its holdings 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 acquiring an additional 24,074 shares during the period. Finally, Northern Trust Corp grew its holdings in shares of SiriusPoint by 9.1% during the 4th quarter. Northern Trust Corp now owns 1,059,021 shares of the company's stock worth $17,357,000 after acquiring an additional 88,296 shares during the period. Hedge funds and other institutional investors own 52.79% of the company's stock.

SiriusPoint Stock Down 1.6%

Shares of SiriusPoint stock traded down $0.2950 during midday trading on Monday, hitting $18.4050. The company had a trading volume of 594,472 shares, compared to its average volume of 861,022. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.60 and a current ratio of 0.60. The stock has a market capitalization of $2.15 billion, a P/E ratio of 20.68 and a beta of 0.86. The company has a 50 day moving average of $19.11 and a 200 day moving average of $17.66. SiriusPoint Ltd. has a 52-week low of $12.78 and a 52-week high of $21.03.

SiriusPoint (NYSE:SPNT - Get Free Report) last issued its 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. SiriusPoint had a return on equity of 6.57% and a net margin of 4.38%.The business had revenue of $948.20 million for the quarter, compared to the consensus estimate of $720.10 million.

Analyst Ratings Changes

Several research firms recently weighed in on SPNT. Oppenheimer set a $25.00 price target on SiriusPoint and gave the stock an "outperform" rating in a research note on Thursday, June 26th. Wall Street Zen downgraded SiriusPoint from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Finally, B. Riley began coverage on SiriusPoint in a research note on Monday, July 21st. They issued a "buy" rating and a $33.00 price target on the stock. Two research analysts have rated the stock with a Strong Buy rating, one has assigned a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Buy" and an average target price of $25.00.

SiriusPoint 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.