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

Key Points

• Analyst sentiment is moderately positive: Six firms give SiriusPoint a consensus “Moderate Buy” rating, with an average 12-month price target of $30.50.
• Quarterly results topped estimates: SiriusPoint reported earnings of $0.88 per share, versus the $0.64 consensus, and revenue of $867.6 million, above analysts’ $741.0 million estimate.
• Royal Bank of Canada initiated coverage with an “outperform” rating and a $30 target; Weiss Ratings also upgraded its rating to “buy (a).”

SiriusPoint Ltd. (NYSE:SPNT - Get Free Report) has earned a consensus recommendation of "Moderate Buy" from the six research firms that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold recommendation, two have assigned a buy recommendation and one has given a strong buy recommendation to the company. The average 1-year price target among analysts that have issued ratings on the stock in the last year is $30.50.

Several analysts have recently issued reports on SPNT shares. Royal Bank Of Canada began coverage on shares of SiriusPoint in a research note on Tuesday, September 22nd. They issued an "outperform" rating and a $30.00 target price for the company. Weiss Ratings raised shares of SiriusPoint from a "buy (a-)" rating to a "buy (a)" rating in a research report on Tuesday, October 27th.

SiriusPoint Price Performance

SPNT opened at $26.26 on Friday. The firm has a market cap of $3.05 billion, a price-to-earnings ratio of 6.39 and a beta of 0.60. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.30. The company's 50-day moving average price is $25.05 and its 200 day moving average price is $23.15. SiriusPoint has a fifty-two week low of $19.15 and a fifty-two week high of $27.12.

SiriusPoint (NYSE:SPNT - Get Free Report) last issued its earnings results on Thursday, November 5th. The company reported $0.88 earnings per share for the quarter, beating the consensus estimate of $0.64 by $0.24. SiriusPoint had a net margin of 15.56% and a return on equity of 15.65%. The business had revenue of $867.60 million for the quarter, compared to analyst estimates of $740.99 million. As a group, sell-side analysts expect that SiriusPoint will post 2.59 earnings per share for the current year.

Institutional Trading of SiriusPoint

A number of hedge funds and other institutional investors have recently made changes to their positions in SPNT. BlackRock Inc. acquired a new stake in shares of SiriusPoint in the 2nd quarter valued at about $271,853,000. Donald Smith & CO. Inc. acquired a new position in shares of SiriusPoint during the second quarter worth approximately $147,941,000. Wellington Management Group LLP boosted its holdings in SiriusPoint by 7.8% during the second quarter. Wellington Management Group LLP now owns 3,342,706 shares of the company's stock worth $80,225,000 after buying an additional 241,648 shares in the last quarter. Punch & Associates Investment Management Inc. purchased a new position in SiriusPoint during the 2nd quarter valued at about $36,047,000. Finally, Bank of New York Mellon Corp bought a new stake in SiriusPoint during the second quarter worth approximately $16,774,000. 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.

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