SiriusPoint (NYSE:SPNT) Hits New 1-Year High – Here’s What Happened

SiriusPoint Ltd. (NYSE:SPNT) shares hit a new 52-week high on Wednesday. The stock traded as high as $26.50 and last traded at $26.2790, with a volume of 161,046 shares. The stock had previously closed at $25.80.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on SPNT. Weiss Ratings upgraded SiriusPoint from a “buy (a-)” rating to a “buy (a)” rating in a research report on Tuesday, October 27th. Royal Bank Of Canada assumed coverage on SiriusPoint in a research report on Tuesday, September 22nd. They set an “outperform” rating and a $30.00 price objective for the company. One equities research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, SiriusPoint currently has a consensus rating of “Moderate Buy” and an average price target of $30.50.

SiriusPoint Trading Down 0.0%

The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.58 and a current ratio of 0.58. The stock has a market capitalization of $3.05 billion, a PE ratio of 6.44 and a beta of 0.60. The business’s 50-day moving average is $25.01 and its two-hundred day moving average is $23.12.

SiriusPoint (NYSE:SPNT) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.88 EPS for the quarter, topping analysts’ consensus estimates of $0.64 by $0.24. SiriusPoint had a net margin of 15.56% and a return on equity of 15.65%. The company had revenue of $867.60 million during the quarter, compared to the consensus estimate of $740.99 million. As a group, equities research analysts anticipate that SiriusPoint Ltd. will post 2.59 earnings per share for the current year.

Institutional Investors Weigh In On SiriusPoint

A number of hedge funds have recently added to or reduced their stakes in the company. Susquehanna International Group LLP lifted its stake in shares of SiriusPoint by 2.0% in the second quarter. Susquehanna International Group LLP now owns 46,476 shares of the company’s stock valued at $1,115,000 after purchasing an additional 895 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in SiriusPoint by 51.3% during the first quarter. EverSource Wealth Advisors LLC now owns 3,704 shares of the company’s stock worth $80,000 after buying an additional 1,256 shares in the last quarter. Illinois Municipal Retirement Fund boosted its holdings in SiriusPoint by 2.4% during the first quarter. Illinois Municipal Retirement Fund now owns 55,103 shares of the company’s stock worth $1,187,000 after buying an additional 1,313 shares in the last quarter. Farther Finance Advisors LLC grew its position in SiriusPoint by 73.0% during the third quarter. Farther Finance Advisors LLC now owns 4,023 shares of the company’s stock worth $98,000 after buying an additional 1,697 shares during the period. Finally, Ethic Inc. grew its position in SiriusPoint by 18.7% during the third quarter. Ethic Inc. now owns 13,467 shares of the company’s stock worth $327,000 after buying an additional 2,119 shares during the period. Institutional investors and hedge funds own 52.79% of the company’s stock.

About SiriusPoint

SiriusPoint Ltd. (NYSE: SPNT) is a global specialty insurance and reinsurance company headquartered in Bermuda. The company provides underwriting solutions to businesses, insurers and other organizations through a combination of insurance and reinsurance operations.

Its offerings include property and casualty coverage, specialty insurance, accident and health products, and reinsurance. SiriusPoint serves clients through underwriting platforms and subsidiaries in key insurance markets, including Bermuda, the United States, the United Kingdom and other international jurisdictions.