SiriusPoint (NYSE:SPNT) Hits New 1-Year High - Should You Buy?

Key Points

• SiriusPoint reached a new 52-week high, trading as high as $26.50, up from its previous close of $25.80.
• Analysts give the stock a consensus “Moderate Buy” rating and an average price target of $30.50; RBC set a $30 target when it initiated coverage.
• Institutional investors own 52.79% of the shares, with major firms including BlackRock and Donald Smith & Co. recently establishing positions.

SiriusPoint Ltd. (NYSE:SPNT - Get Free Report)'s share price hit a new 52-week high during mid-day trading on Wednesday. The stock traded as high as $26.50 and last traded at $26.2790, with a volume of 161,046 shares changing hands. The stock had previously closed at $25.80.

Wall Street Analysts Forecast Growth

A number of research firms recently issued reports on SPNT. Royal Bank Of Canada assumed coverage on shares of SiriusPoint in a research report on Tuesday, September 22nd. They set an "outperform" rating and a $30.00 price objective for the company. Weiss Ratings upgraded shares of SiriusPoint from a "buy (a-)" rating to a "buy (a)" rating in a research report on Tuesday, October 27th. One research analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the company's stock. Based on data from MarketBeat, SiriusPoint presently has a consensus rating of "Moderate Buy" and a consensus price target of $30.50.

SiriusPoint Stock Up 1.1%

The firm has a market capitalization of $3.03 billion, a price-to-earnings ratio of 6.37 and a beta of 0.60. The company has a debt-to-equity ratio of 0.30, a current ratio of 0.58 and a quick ratio of 0.58. The stock has a fifty day moving average of $24.92 and a two-hundred day moving average of $23.06.

Hedge Funds Weigh In On SiriusPoint

A number of hedge funds have recently made changes to their positions in SPNT. BlackRock Inc. bought a new stake in shares of SiriusPoint during the 2nd quarter valued at about $271,853,000. Donald Smith & CO. Inc. bought a new stake in SiriusPoint in the second quarter worth approximately $147,941,000. Wellington Management Group LLP increased its holdings in SiriusPoint by 7.8% in the second quarter. Wellington Management Group LLP now owns 3,342,706 shares of the company's stock worth $80,225,000 after purchasing an additional 241,648 shares in the last quarter. Punch & Associates Investment Management Inc. bought a new stake in SiriusPoint in the second quarter worth approximately $36,047,000. Finally, Bank of New York Mellon Corp acquired a new position in SiriusPoint in the second quarter valued at approximately $16,774,000. 52.79% of the stock is currently owned by institutional investors.

SiriusPoint Company Profile

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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