SiriusPoint (NYSE:SPNT) Given Buy (B) Rating at Weiss Ratings

Key Points

• SiriusPoint's stock has received a buy rating from Weiss Ratings, indicating analysts' confidence in the stock's performance.
• The company reported a quarterly earnings per share of $0.66, which exceeded the consensus estimate of $0.56, alongside revenues of $948.20 million.
• Institutional investors now own 52.79% of SiriusPoint's stock, with notable acquisitions and increases in stakes from various hedge funds in recent quarters.

SiriusPoint (NYSE:SPNT - Get Free Report)'s stock had its "buy (b)" rating reissued by investment analysts at Weiss Ratings in a research report issued on Wednesday,Weiss Ratings reports.

Several other analysts have also weighed in on the company. Oppenheimer set a $25.00 price objective on SiriusPoint and gave the company an "outperform" rating in a research note on Thursday, June 26th. B. Riley assumed coverage on SiriusPoint in a research note on Monday, July 21st. They set a "buy" rating and a $33.00 price target on the stock. Finally, Wall Street Zen lowered SiriusPoint from a "strong-buy" rating to a "buy" rating in a research note on Friday, June 27th. Two research analysts have rated the stock with a Strong Buy rating, two have issued a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Buy" and a consensus price target of $25.00.

SiriusPoint Price Performance

NYSE:SPNT traded up $0.21 during trading hours on Wednesday, hitting $18.33. The company's stock had a trading volume of 324,495 shares, compared to its average volume of 1,027,425. The stock has a fifty day simple moving average of $18.41 and a 200-day simple moving average of $18.43. The company has a market capitalization of $2.14 billion, a P/E ratio of 20.60 and a beta of 0.76. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.60 and a quick ratio of 0.60. SiriusPoint has a twelve month low of $12.78 and a twelve month high of $21.03.

SiriusPoint (NYSE:SPNT - Get Free Report) last released its quarterly earnings data on Monday, August 4th. The company reported $0.66 earnings per share for the quarter, beating the consensus estimate of $0.56 by $0.10. The business had revenue of $948.20 million for the quarter, compared to analyst estimates of $720.10 million. SiriusPoint had a return on equity of 6.57% and a net margin of 4.38%.

Hedge Funds Weigh In On SiriusPoint

Hedge funds and other institutional investors have recently made changes to their positions in the stock. USA Financial Formulas acquired a new position in shares of SiriusPoint in the second quarter worth approximately $27,000. EverSource Wealth Advisors LLC lifted its stake in shares of SiriusPoint by 187.1% in the second quarter. EverSource Wealth Advisors LLC now owns 2,113 shares of the company's stock worth $43,000 after acquiring an additional 1,377 shares during the period. Quarry LP lifted its stake in shares of SiriusPoint by 1,737.6% in the first quarter. Quarry LP now owns 3,473 shares of the company's stock worth $60,000 after acquiring an additional 3,284 shares during the period. US Bancorp DE acquired a new position in SiriusPoint in the first quarter valued at approximately $65,000. Finally, GAMMA Investing LLC lifted its stake in SiriusPoint by 91.0% in the first quarter. GAMMA Investing LLC now owns 4,379 shares of the company's stock valued at $76,000 after buying an additional 2,086 shares during the period. 52.79% of the stock is owned by institutional investors and hedge funds.

About SiriusPoint

SiriusPoint Ltd. provides multi-line insurance and reinsurance products and services worldwide. The company operates through two segments, Reinsurance, and Insurance & Services. The Reinsurance segment provides aviation and space, accident and health, casualty, credit, marine and energy, property to insurance and reinsurance companies, government entities, and other risk bearing vehicles.

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