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

Key Points

• Royal Bank of Canada upgraded SiriusPoint to “Moderate Buy,” while Weiss Ratings reaffirmed a “buy (b+)” rating. Analysts’ consensus rating is “Moderate Buy,” with a price target of $30.50.
• SiriusPoint reported quarterly EPS of $0.67, exceeding the $0.65 consensus estimate, though revenue of $744.1 million fell short of the $798.95 million forecast.
• Shares opened at $25.42, near their 52-week high of $26.48, and institutional investors own 52.79% of the company.

SiriusPoint (NYSE:SPNT - Get Free Report) was upgraded by investment analysts at Royal Bank Of Canada to a "moderate buy" rating in a report issued on Tuesday, Zacks reports.

Separately, Weiss Ratings reaffirmed a "buy (b+)" rating on shares of SiriusPoint in a 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's stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.50.

SiriusPoint Stock Performance

Shares of SPNT stock opened at $25.42 on Tuesday. The firm has a 50-day moving average of $24.25 and a 200-day moving average of $23.23. The company has a market cap of $2.95 billion, a P/E 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 - Get Free Report) last issued its quarterly earnings data on Thursday, July 30th. The company reported $0.67 earnings per share (EPS) 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 during the quarter, compared to the consensus estimate of $798.95 million. Equities research analysts forecast that SiriusPoint will post 2.57 EPS for the current fiscal year.

Hedge Funds Weigh In On SiriusPoint

Several institutional investors have recently added to or reduced their stakes in SPNT. ProShare Advisors LLC grew its position in shares of SiriusPoint by 3.2% in the fourth quarter. ProShare Advisors LLC now owns 19,954 shares of the company's stock valued at $437,000 after purchasing an additional 612 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in SiriusPoint by 50.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,448 shares of the company's stock worth $54,000 after purchasing an additional 823 shares in the last quarter. Susquehanna International Group LLP lifted its holdings in SiriusPoint by 2.0% during the 2nd quarter. Susquehanna International Group LLP now owns 46,476 shares of the company's stock worth $1,115,000 after purchasing an additional 895 shares in the last quarter. Illinois Municipal Retirement Fund boosted its stake in SiriusPoint by 2.4% in the 1st quarter. Illinois Municipal Retirement Fund now owns 55,103 shares of the company's stock worth $1,187,000 after purchasing an additional 1,313 shares during the period. Finally, Caitlin John LLC bought a new position in SiriusPoint in the 2nd quarter worth about $52,000. 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.

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