SiriusPoint (NYSE:SPNT) Sets New 52-Week High - What's Next?

Key Points

• SiriusPoint shares reached a new 52-week high of $27.30, up about 3% from the prior close of $26.41.
• The insurer beat quarterly expectations, reporting EPS of $0.88 versus $0.64 forecast and revenue of $867.6 million versus $741.0 million expected.
• Analysts rate the stock a Moderate Buy, with an average price target of $30.67; recent targets include $31 from Oppenheimer and $30 from RBC.

SiriusPoint Ltd. (NYSE:SPNT - Get Free Report) shares hit a new 52-week high during trading on Tuesday. The stock traded as high as $27.30 and last traded at $27.2210, with a volume of 1,485,122 shares traded. The stock had previously closed at $26.41.

Wall Street Analyst Weigh In

A number of equities analysts have weighed in on the stock. Oppenheimer reaffirmed an "outperform" rating and issued a $31.00 target price on shares of SiriusPoint in a research note on Monday. Royal Bank Of Canada began coverage on SiriusPoint in a research report on Tuesday, September 22nd. They issued an "outperform" rating and a $30.00 price objective on the stock. Finally, Weiss Ratings raised SiriusPoint from a "buy (a-)" rating to a "buy (a)" rating in a research note on Tuesday, October 27th. One equities research analyst has rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, SiriusPoint presently has an average rating of "Moderate Buy" and an average target price of $30.67.

SiriusPoint Stock Up 3.0%

The company has a market cap of $3.16 billion, a price-to-earnings ratio of 6.61 and a beta of 0.60. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.30. The firm's fifty day moving average price is $25.09 and its 200-day moving average price is $23.18.

SiriusPoint (NYSE:SPNT - Get Free Report) last issued its quarterly earnings results on Thursday, November 5th. The company reported $0.88 EPS for the quarter, beating analysts' consensus estimates of $0.64 by $0.24. The company had revenue of $867.60 million for the quarter, compared to analyst estimates of $740.99 million. SiriusPoint had a return on equity of 15.65% and a net margin of 15.56%. Sell-side analysts predict that SiriusPoint Ltd. will post 2.64 earnings per share for the current year.

Institutional Trading of SiriusPoint

Hedge funds have recently modified their holdings of the stock. Teachers Retirement System of The State of Kentucky increased its position in shares of SiriusPoint by 66.1% in the third quarter. Teachers Retirement System of The State of Kentucky now owns 109,426 shares of the company's stock worth $2,654,000 after purchasing an additional 43,533 shares during the last quarter. HighTower Advisors LLC purchased a new stake in SiriusPoint during the third quarter valued at about $254,000. Maryland State Retirement & Pension System grew its stake in shares of SiriusPoint by 48.7% during the third quarter. Maryland State Retirement & Pension System now owns 22,592 shares of the company's stock valued at $548,000 after buying an additional 7,403 shares during the last quarter. Ritholtz Wealth Management raised its holdings in SiriusPoint by 21.0% during the 3rd quarter. Ritholtz Wealth Management now owns 77,781 shares of the company's stock valued at $1,886,000 after buying an additional 13,500 shares during the last quarter. Finally, Illinois Municipal Retirement Fund grew its holdings in SiriusPoint by 6.0% in the 3rd quarter. Illinois Municipal Retirement Fund now owns 53,421 shares of the company's stock worth $1,295,000 after acquiring an additional 3,023 shares during the last quarter. Institutional investors and hedge funds own 52.79% of the company's stock.

About SiriusPoint

SiriusPoint Ltd. is a Bermuda-based global insurer and reinsurer that provides specialty insurance and reinsurance products to businesses and other organizations. Its offerings span areas such as property and casualty, accident and health, and other specialty risks. The company works with brokers, agents, managing general agents and other distribution partners to underwrite risks across a range of markets. Its business serves clients in the United States and internationally, including in Europe and other regions.

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