Zweig DiMenna Associates LLC Takes Position in SiriusPoint Ltd. (NYSE:SPNT)

Key Points

• Zweig DiMenna Associates LLC has acquired a new position in SiriusPoint Ltd., purchasing 438,500 shares valued at approximately $7.58 million, representing 0.27% ownership in the company.
• Several analysts have issued ratings on SiriusPoint, with target prices ranging from $17.00 to $33.00, reflecting varying bullish sentiments about the stock's performance.
• The company's latest financial results indicate a net margin of 6.30% and earnings per share of $0.49, exceeding analysts' expectations.

Zweig DiMenna Associates LLC acquired a new stake in SiriusPoint Ltd. (NYSE:SPNT - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund acquired 438,500 shares of the company's stock, valued at approximately $7,582,000. Zweig DiMenna Associates LLC owned about 0.27% of SiriusPoint at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Proficio Capital Partners LLC acquired a new position in SiriusPoint during the fourth quarter worth $246,000. American Century Companies Inc. grew its holdings in SiriusPoint by 9.3% in the fourth quarter. American Century Companies Inc. now owns 2,656,792 shares of the company's stock valued at $43,545,000 after purchasing an additional 226,870 shares during the last quarter. KLP Kapitalforvaltning AS acquired a new stake in SiriusPoint in the fourth quarter valued at $377,000. Vanguard Group Inc. grew its holdings in SiriusPoint by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 11,035,872 shares of the company's stock valued at $180,878,000 after purchasing an additional 144,963 shares during the last quarter. Finally, Norges Bank acquired a new stake in SiriusPoint in the fourth quarter valued at $922,000. Hedge funds and other institutional investors own 52.79% of the company's stock.

Analyst Ratings Changes

SPNT has been the topic of several research reports. Jefferies Financial Group initiated coverage on SiriusPoint in a report on Tuesday, April 15th. They issued a "hold" rating and a $17.00 target price on the stock. Oppenheimer set a $25.00 price objective on SiriusPoint and gave the company an "outperform" rating in a research report on Thursday, June 26th. Wall Street Zen downgraded SiriusPoint from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. Finally, B. Riley began coverage on SiriusPoint in a research report on Monday, July 21st. They set a "buy" rating and a $33.00 target price on the stock. One analyst has rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to data from MarketBeat.com, SiriusPoint currently has a consensus rating of "Buy" and an average price target of $25.00.

Insider Activity at SiriusPoint

In other news, Director La Gueronniere Rafe De sold 30,000 shares of SiriusPoint stock in a transaction that occurred on Thursday, May 8th. The stock was sold at an average price of $19.55, for a total value of $586,500.00. Following the completion of the transaction, the director owned 127,578 shares in the company, valued at approximately $2,494,149.90. This trade represents a 19.04% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 11.70% of the company's stock.

SiriusPoint Stock Up 0.9%

Shares of SPNT stock traded up $0.19 during trading hours on Tuesday, reaching $19.70. The company had a trading volume of 279,348 shares, compared to its average volume of 680,794. 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 Ltd. has a twelve month low of $12.78 and a twelve month high of $21.03. The company has a market capitalization of $2.30 billion, a P/E ratio of 20.52 and a beta of 0.86. The stock's fifty day simple moving average is $19.40 and its 200 day simple moving average is $17.09.

SiriusPoint (NYSE:SPNT - Get Free Report) last posted its earnings results on Monday, May 5th. The company reported $0.49 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.26 by $0.23. SiriusPoint had a return on equity of 7.78% and a net margin of 6.30%. The business had revenue of $727.30 million during the quarter, compared to analyst estimates of $688.00 million.

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.