SiriusPoint (NYSE:SPNT) Upgraded to Moderate Buy at Royal Bank Of Canada

SiriusPoint (NYSE:SPNT) was upgraded by stock analysts at Royal Bank Of Canada to a “moderate buy” rating in a research note issued to investors on Tuesday, Zacks reports.

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

SiriusPoint Stock Down 0.2%

Shares of NYSE:SPNT opened at $25.42 on Tuesday. The firm has a fifty day moving average price of $24.25 and a two-hundred day moving average price of $23.23. The company has a market cap of $2.95 billion, a price-to-earnings ratio of 6.20 and a beta of 0.61. 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 one year low of $17.35 and a one year high of $26.48.

SiriusPoint (NYSE:SPNT) last released its quarterly earnings results on Thursday, July 30th. The company reported $0.67 earnings per share for the quarter, topping the consensus estimate of $0.65 by $0.02. SiriusPoint had a net margin of 15.56% and a return on equity of 15.65%. 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 2.57 EPS for the current fiscal year.

Hedge Funds Weigh In On SiriusPoint

Hedge funds and other institutional investors have recently bought and sold shares of the stock. ProShare Advisors LLC lifted its holdings in shares of SiriusPoint by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 19,954 shares of the company’s stock worth $437,000 after acquiring an additional 612 shares during the last quarter. EverSource Wealth Advisors LLC grew its position in SiriusPoint by 50.6% in the fourth quarter. EverSource Wealth Advisors LLC now owns 2,448 shares of the company’s stock worth $54,000 after acquiring an additional 823 shares in the last quarter. Susquehanna International Group LLP increased its stake in 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 acquiring an additional 895 shares during the last quarter. Illinois Municipal Retirement Fund increased its stake in SiriusPoint by 2.4% in the first quarter. Illinois Municipal Retirement Fund now owns 55,103 shares of the company’s stock valued at $1,187,000 after acquiring an additional 1,313 shares during the last quarter. Finally, Caitlin John LLC purchased a new stake in SiriusPoint during the second quarter valued at about $52,000. Hedge funds and other 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.