SiriusPoint (NYSE:SPNT) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• SiriusPoint reported a quarterly earnings per share (EPS) of $0.66, surpassing the consensus estimate of $0.64 by $0.02.
• The company's stock opened at $19.55, experiencing a slight decline of 0.3%, and has a market capitalization of $2.28 billion.
• Institutional ownership of SiriusPoint stands at 52.79%, with several hedge funds increasing their stakes in the company during the first quarter.

SiriusPoint (NYSE:SPNT - Get Free Report) posted its earnings results on Monday. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.64 by $0.02, Zacks reports. SiriusPoint had a net margin of 6.30% and a return on equity of 7.78%.

SiriusPoint Stock Down 0.3%

SiriusPoint stock opened at $19.55 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.60 and a current ratio of 0.60. SiriusPoint has a 52-week low of $12.78 and a 52-week high of $21.03. The firm has a 50 day moving average price of $19.43 and a two-hundred day moving average price of $17.23. The firm has a market cap of $2.28 billion, a price-to-earnings ratio of 20.36 and a beta of 0.86.

Insider Transactions at SiriusPoint

In other SiriusPoint news, Director La Gueronniere Rafe De sold 30,000 shares of the firm's stock in a transaction that occurred on Thursday, May 8th. The shares were sold at an average price of $19.55, for a total transaction of $586,500.00. Following the completion of the transaction, the director owned 127,578 shares in the company, valued at approximately $2,494,149.90. This trade represents a 19.04% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 10.32% of the company's stock.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Royal Bank of Canada lifted its position in shares of SiriusPoint by 20.1% during the 1st quarter. Royal Bank of Canada now owns 17,589 shares of the company's stock valued at $304,000 after acquiring an additional 2,949 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of SiriusPoint by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,933 shares of the company's stock valued at $967,000 after acquiring an additional 2,480 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of SiriusPoint by 15.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 228,874 shares of the company's stock valued at $3,957,000 after acquiring an additional 30,022 shares during the period. Jane Street Group LLC raised its holdings in SiriusPoint by 281.2% during the first quarter. Jane Street Group LLC now owns 236,222 shares of the company's stock worth $4,084,000 after buying an additional 174,246 shares during the last quarter. Finally, Goldman Sachs Group Inc. increased its position in shares of SiriusPoint by 223.1% during the first quarter. Goldman Sachs Group Inc. now owns 2,086,688 shares of the company's stock worth $36,079,000 after acquiring an additional 1,440,836 shares in the last quarter. Institutional investors own 52.79% of the company's stock.

Wall Street Analyst Weigh In

Several research firms recently commented on SPNT. Jefferies Financial Group began coverage on shares of SiriusPoint in a research report on Tuesday, April 15th. They set a "hold" rating and a $17.00 target price on the stock. B. Riley began coverage on shares of SiriusPoint in a research report on Monday, July 21st. They set a "buy" rating and a $33.00 target price on the stock. Oppenheimer set a $25.00 target price on shares of SiriusPoint and gave the stock an "outperform" rating in a research report on Thursday, June 26th. Finally, Wall Street Zen downgraded shares of SiriusPoint from a "strong-buy" rating to a "buy" rating in a research report on Friday, June 27th. One investment analyst has rated the stock with a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of "Buy" and a consensus price target of $25.00.

SiriusPoint Company Profile

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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