SiriusPoint Ltd. $SPNT Stock: Private Management Group Inc. Lowers Stake

Private Management Group Inc. cut its holdings in SiriusPoint Ltd. (NYSE:SPNT) by 8.8% in the third quarter, HoldingsChannel reports. The firm owned 2,742,339 shares of the company’s stock after selling 265,928 shares during the quarter. SiriusPoint accounts for 1.7% of Private Management Group Inc.’s portfolio, making the stock its 3rd largest position. Private Management Group Inc.’s holdings in SiriusPoint were worth $66,502,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SPNT. Wellington Management Group LLP lifted its position in SiriusPoint by 7.8% during the second quarter. Wellington Management Group LLP now owns 3,342,706 shares of the company’s stock valued at $80,225,000 after purchasing an additional 241,648 shares during the last quarter. Bank of America Corp DE purchased a new position in shares of SiriusPoint in the 2nd quarter worth $8,721,000. The Manufacturers Life Insurance Company purchased a new position in shares of SiriusPoint in the 2nd quarter worth $988,000. Legal & General Group Plc bought a new stake in shares of SiriusPoint in the 2nd quarter worth about $5,763,000. Finally, PDT Partners LLC bought a new stake in shares of SiriusPoint in the 2nd quarter worth about $3,400,000. Institutional investors own 52.79% of the company’s stock.

Analyst Ratings Changes

SPNT has been the topic of several recent research reports. Weiss Ratings upgraded shares of SiriusPoint from a “buy (a-)” rating to a “buy (a)” rating in a research report on Tuesday, October 27th. Royal Bank Of Canada began coverage on SiriusPoint in a research report on Tuesday, September 22nd. They issued an “outperform” rating and a $30.00 price target for the company. Finally, Oppenheimer reiterated an “outperform” rating and issued a $31.00 price target on shares of SiriusPoint in a research report on Monday. One analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $30.67.

SiriusPoint Stock Performance

NYSE SPNT opened at $26.38 on Tuesday. The business’s 50 day moving average price is $25.09 and its 200-day moving average price is $23.18. SiriusPoint Ltd. has a fifty-two week low of $19.15 and a fifty-two week high of $27.12. The company has a market cap of $3.06 billion, a P/E ratio of 6.42 and a beta of 0.60. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.58 and a current ratio of 0.58.

SiriusPoint (NYSE:SPNT) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.88 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.64 by $0.24. The company had revenue of $867.60 million during the quarter, compared to the consensus estimate of $740.99 million. SiriusPoint had a return on equity of 15.65% and a net margin of 15.56%. Sell-side analysts predict that SiriusPoint Ltd. will post 2.64 earnings per share for the current year.

SiriusPoint Profile

SiriusPoint Ltd. is a Bermuda-based global insurer and reinsurer that provides specialty insurance and reinsurance products to businesses and other organizations. Its offerings span areas such as property and casualty, accident and health, and other specialty risks.

The company works with brokers, agents, managing general agents and other distribution partners to underwrite risks across a range of markets. Its business serves clients in the United States and internationally, including in Europe and other regions.

SiriusPoint was formed in 2021 when Third Point Reinsurance Ltd.