SiriusPoint Ltd. (NYSE:SPNT) Stock Has Consensus Target Price of $30.50 According to Brokerages

Shares of SiriusPoint Ltd. (NYSE:SPNT) have been given a consensus rating of “Moderate Buy” by the six brokerages that are presently covering the firm, Marketbeat reports. Three analysts have rated the stock with a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average 12 month target price among brokerages that have issued ratings on the stock in the last year is $30.50.

A number of research analysts have recently commented on the company. Royal Bank Of Canada initiated coverage on SiriusPoint in a report on Tuesday, September 22nd. They set an “outperform” rating and a $30.00 price target on the stock. Weiss Ratings raised shares of SiriusPoint from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, October 6th.

Hedge Funds Weigh In On SiriusPoint

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

SiriusPoint Price Performance

Shares of NYSE:SPNT opened at $24.86 on Tuesday. The firm’s 50 day moving average is $24.35 and its two-hundred day moving average is $23.71. SiriusPoint has a 52 week low of $17.39 and a 52 week high of $26.50. The firm has a market capitalization of $2.89 billion, a P/E ratio of 6.06 and a beta of 0.59. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.30.

SiriusPoint (NYSE:SPNT) last posted its earnings results on Thursday, July 30th. The company reported $0.67 EPS for the quarter, beating the consensus estimate of $0.65 by $0.02. SiriusPoint had a return on equity of 15.65% and a net margin of 15.56%. The firm had revenue of $744.10 million for the quarter, compared to analysts’ expectations of $798.95 million. Analysts anticipate that SiriusPoint will post 2.59 earnings per share for the current year.

About SiriusPoint

SiriusPoint Ltd. (NYSE: SPNT) is a global specialty insurance and reinsurance company headquartered in Bermuda. The company provides underwriting capacity to businesses, institutions and insurance companies across a range of specialty markets, with operations and business relationships spanning North America, Europe, Bermuda and other international markets.

Its offerings include property and casualty insurance and reinsurance, as well as specialty lines such as accident and health, marine, energy, environmental, workers’ compensation and other niche commercial risks.