Wellington Management Group LLP Increases Stake in SiriusPoint Ltd. $SPNT

Key Points

• Wellington Management Group LLP increased its stake in SiriusPoint Ltd. by 3.2% during Q1, acquiring an additional 341,096 shares, bringing its total ownership to approximately 11,035,310 shares, valued at $190.8 million.
• SiriusPoint's stock price opened at $18.6230, and the company reported a significant earnings per share (EPS) of $0.66 for the last quarter, surpassing analysts' expectations of $0.56.
• Brokerages have varying opinions on SiriusPoint, with ratings ranging from "strong-buy" to "buy," and a consensus target price of $25.00.

Wellington Management Group LLP increased its stake in shares of SiriusPoint Ltd. (NYSE:SPNT - Free Report) by 3.2% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 11,035,310 shares of the company's stock after acquiring an additional 341,096 shares during the quarter. Wellington Management Group LLP owned approximately 9.47% of SiriusPoint worth $190,801,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in SPNT. Sterling Capital Management LLC lifted its position in shares of SiriusPoint by 742.9% during the fourth quarter. Sterling Capital Management LLC now owns 2,714 shares of the company's stock valued at $44,000 after purchasing an additional 2,392 shares in the last quarter. US Bancorp DE purchased a new stake in SiriusPoint during the first quarter worth about $65,000. GAMMA Investing LLC increased its stake in shares of SiriusPoint by 91.0% in the first quarter. GAMMA Investing LLC now owns 4,379 shares of the company's stock worth $76,000 after purchasing an additional 2,086 shares in the last quarter. Summit Securities Group LLC purchased a new position in shares of SiriusPoint in the first quarter worth about $128,000. Finally, Tower Research Capital LLC TRC increased its stake in shares of SiriusPoint by 25.0% in the fourth quarter. Tower Research Capital LLC TRC now owns 10,568 shares of the company's stock worth $173,000 after purchasing an additional 2,115 shares in the last quarter. 52.79% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research firms have recently commented on SPNT. B. Riley began coverage on shares of SiriusPoint in a research report on Monday, July 21st. They issued a "buy" rating and a $33.00 price objective for the company. Wall Street Zen lowered shares of SiriusPoint from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Finally, Oppenheimer set a $25.00 price objective on shares of SiriusPoint and gave the company an "outperform" rating in a research report on Thursday, June 26th. Two 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. Based on data from MarketBeat.com, SiriusPoint has a consensus rating of "Buy" and a consensus price target of $25.00.

SiriusPoint Price Performance

SPNT stock traded down $0.13 during midday trading on Tuesday, reaching $18.29. The company had a trading volume of 431,172 shares, compared to its average volume of 853,178. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.60 and a quick ratio of 0.60. SiriusPoint Ltd. has a 1 year low of $12.78 and a 1 year high of $21.03. The company has a market capitalization of $2.14 billion, a P/E ratio of 20.55 and a beta of 0.86. The firm has a 50-day moving average price of $19.09 and a 200-day moving average price of $17.66.

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

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.