SiriusPoint (NYSE:SPNT) Coverage Initiated by Analysts at Royal Bank Of Canada

Analysts at Royal Bank Of Canada initiated coverage on shares of SiriusPoint (NYSE:SPNT) in a report issued on Tuesday, Marketbeat Ratings reports. The brokerage set a “moderate buy” rating and a $30.00 price target on the stock. Royal Bank Of Canada’s target price indicates a potential upside of 16.26% from the company’s current price.

Separately, Weiss Ratings reiterated a “buy (b+)” rating on shares of SiriusPoint in a research report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $30.50.

SiriusPoint Stock Performance

Shares of SPNT stock traded up $0.39 during trading hours on Tuesday, reaching $25.81. The stock had a trading volume of 1,664,138 shares, compared to its average volume of 747,242. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.58 and a quick ratio of 0.58. SiriusPoint has a twelve month low of $17.39 and a twelve month high of $26.50. The firm has a 50-day simple moving average of $24.25 and a 200-day simple moving average of $23.23. The firm has a market capitalization of $3.00 billion, a PE ratio of 6.29 and a beta of 0.61.

SiriusPoint (NYSE:SPNT) last released its quarterly earnings data on Thursday, July 30th. The company reported $0.67 earnings per share for the quarter, topping analysts’ consensus estimates of $0.65 by $0.02. SiriusPoint had a net margin of 15.56% and a return on equity of 15.65%. The business had revenue of $744.10 million for the quarter, compared to analysts’ expectations of $798.95 million. As a group, equities analysts forecast that SiriusPoint will post 2.57 earnings per share for the current year.

Hedge Funds Weigh In On SiriusPoint

A number of institutional investors and hedge funds have recently bought and sold shares of SPNT. BlackRock Inc. bought a new position in SiriusPoint in the 2nd quarter valued at about $271,853,000. Donald Smith & CO. Inc. bought a new position in shares of SiriusPoint during the 2nd quarter valued at about $147,941,000. Punch & Associates Investment Management Inc. bought a new position in shares of SiriusPoint during the 2nd quarter valued at about $36,047,000. Capital Research Global Investors boosted its position in shares of SiriusPoint by 11.2% during the 4th quarter. Capital Research Global Investors now owns 7,447,968 shares of the company’s stock valued at $163,036,000 after purchasing an additional 747,968 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new position in shares of SiriusPoint during the 2nd quarter valued at about $16,774,000. Institutional investors own 52.79% of the company’s stock.

SiriusPoint Company Profile

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.