SiriusPoint (NYSE:SPNT) Reaches New 12-Month High - What's Next?

Key Points

• SiriusPoint shares reached a new 52-week high, trading as high as $26.50 and closing near $26.20, with the stock up from its prior close of $25.42.
• Analysts maintain a generally positive outlook, with a “Moderate Buy” consensus and an average price target of $30.50; RBC initiated coverage with an “outperform” rating and a $30 target.
• The company exceeded quarterly EPS expectations, reporting $0.67 versus $0.65 forecast, while institutional ownership stands at 52.79% after major investors including BlackRock and Donald Smith & Co. acquired stakes.

SiriusPoint Ltd. (NYSE:SPNT - Get Free Report) shares reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $26.50 and last traded at $26.1950, with a volume of 938835 shares. The stock had previously closed at $25.42.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SPNT shares. Weiss Ratings reissued a "buy (b+)" rating on shares of SiriusPoint in a research note on Friday, August 7th. Royal Bank Of Canada initiated coverage on SiriusPoint in a report on Tuesday. They set an "outperform" rating and a $30.00 price target on the stock. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $30.50.

SiriusPoint Stock Performance

The stock has a market cap of $3.02 billion, a P/E ratio of 6.35 and a beta of 0.61. The firm has a 50 day moving average of $24.25 and a two-hundred day moving average of $23.23. The company has a debt-to-equity ratio of 0.30, a quick ratio of 0.58 and a current ratio of 0.58.

SiriusPoint (NYSE:SPNT - Get Free Report) last announced its quarterly earnings data on Thursday, July 30th. The company reported $0.67 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.65 by $0.02. The business had revenue of $744.10 million for the quarter, compared to the consensus estimate of $798.95 million. SiriusPoint had a net margin of 15.56% and a return on equity of 15.65%. On average, research analysts predict that SiriusPoint Ltd. will post 2.57 EPS for the current fiscal year.

Institutional Trading of SiriusPoint

A number of institutional investors and hedge funds have recently modified their holdings of the company. BlackRock Inc. bought a new stake in SiriusPoint in the 2nd quarter valued at $271,853,000. Donald Smith & CO. Inc. bought a new position in SiriusPoint during the second quarter worth about $147,941,000. Punch & Associates Investment Management Inc. acquired a new stake in SiriusPoint during the second quarter valued at approximately $36,047,000. Capital Research Global Investors boosted its holdings in SiriusPoint by 11.2% during the fourth quarter. Capital Research Global Investors now owns 7,447,968 shares of the company's stock valued at $163,036,000 after purchasing an additional 747,968 shares in the last quarter. Finally, Bank of New York Mellon Corp bought a new stake in shares of SiriusPoint in the 2nd quarter valued at approximately $16,774,000. 52.79% of the stock is currently owned by institutional investors.

About SiriusPoint

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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