Bank of America Corp DE Buys 363,382 Shares of SiriusPoint Ltd. $SPNT

Key Points

• Bank of America purchased 363,382 SiriusPoint shares during the second quarter, valued at approximately $8.7 million and representing about 0.31% of the company. Institutional investors and hedge funds collectively own 52.79% of SPNT.
• SiriusPoint reported quarterly EPS of $0.67, exceeding analyst expectations of $0.65, while revenue of $744.1 million fell short of the $798.95 million consensus estimate.
• SPNT shares recently traded at $25.42, while analysts maintain a consensus “Moderate Buy” rating with an average price target of $30.50; RBC initiated coverage with an “outperform” rating and a $30 target.

Bank of America Corp DE purchased a new stake in shares of SiriusPoint Ltd. (NYSE:SPNT - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 363,382 shares of the company's stock, valued at approximately $8,721,000. Bank of America Corp DE owned approximately 0.31% of SiriusPoint at the end of the most recent quarter.

Several other large investors have also recently bought and sold shares of SPNT. EverSource Wealth Advisors LLC grew its position in SiriusPoint by 50.6% during the fourth quarter. EverSource Wealth Advisors LLC now owns 2,448 shares of the company's stock valued at $54,000 after purchasing an additional 823 shares in the last quarter. Vise Technologies Inc. acquired a new position in shares of SiriusPoint in the second quarter worth $205,000. Globeflex Capital L P acquired a new position in shares of SiriusPoint in the second quarter worth $206,000. Quantedge Capital Pte Ltd purchased a new stake in shares of SiriusPoint during the first quarter worth $226,000. Finally, Measured Wealth Private Client Group LLC purchased a new stake in shares of SiriusPoint during the fourth quarter worth $278,000. 52.79% of the stock is owned by institutional investors and hedge funds.

SiriusPoint Stock Down 1.5%

SPNT stock opened at $25.42 on Friday. 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 Ltd. has a 1 year low of $17.39 and a 1 year high of $26.50. The company has a fifty day simple moving average of $24.28 and a 200 day simple moving average of $23.28. The firm has a market cap of $2.95 billion, a PE ratio of 6.20 and a beta of 0.61.

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 firm had revenue of $744.10 million during the quarter, compared to analysts' expectations of $798.95 million. Sell-side analysts anticipate that SiriusPoint Ltd. will post 2.57 EPS for the current fiscal year.

Wall Street Analyst Weigh In

SPNT has been the topic of a number of recent research reports. Royal Bank Of Canada started coverage on SiriusPoint in a research note on Tuesday. They issued an "outperform" rating and a $30.00 target price on the stock. Weiss Ratings reiterated a "buy (b+)" rating on shares of SiriusPoint in a report on Friday, August 7th. Three research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, SiriusPoint presently has a consensus rating of "Moderate Buy" and an average price target of $30.50.

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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