SiriusPoint (NYSE:SPNT) Issues Quarterly Earnings Results

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 quarterly earnings results on Monday. The company reported $0.66 EPS for the quarter, topping the consensus estimate of $0.56 by $0.10, Zacks reports. SiriusPoint had a net margin of 4.38% and a return on equity of 6.57%. The company had revenue of $948.20 million during the quarter, compared to analysts' expectations of $720.10 million.

SiriusPoint Stock Performance

Shares of SPNT traded up $0.18 during mid-day trading on Friday, hitting $18.21. 631,608 shares of the company's stock were exchanged, compared to its average volume of 694,819. The firm has a market capitalization of $2.13 billion, a P/E ratio of 20.46 and a beta of 0.86. The business's 50 day moving average is $19.34 and its two-hundred day moving average is $17.29. The company has a current ratio of 0.60, a quick ratio of 0.60 and a debt-to-equity ratio of 0.36. SiriusPoint has a fifty-two week low of $12.78 and a fifty-two week high of $21.03.

Institutional Trading of SiriusPoint

Institutional investors have recently modified their holdings of the business. Jane Street Group LLC increased its position 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 in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of SiriusPoint by 15.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 228,874 shares of the company's stock worth $3,957,000 after buying an additional 30,022 shares in the last quarter. Goldman Sachs Group Inc. raised its position in shares of SiriusPoint by 223.1% in the first quarter. Goldman Sachs Group Inc. now owns 2,086,688 shares of the company's stock valued at $36,079,000 after buying an additional 1,440,836 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of SiriusPoint by 4.6% during the first quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 55,933 shares of the company's stock valued at $967,000 after buying an additional 2,480 shares during the period. Finally, Royal Bank of Canada boosted its position in SiriusPoint by 20.1% during the first quarter. Royal Bank of Canada now owns 17,589 shares of the company's stock worth $304,000 after acquiring an additional 2,949 shares during the last quarter. 52.79% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Oppenheimer set a $25.00 target price on shares of SiriusPoint and gave the company an "outperform" rating in a report on Thursday, June 26th. Wall Street Zen lowered SiriusPoint from a "strong-buy" rating to a "buy" rating in a report on Friday, June 27th. Jefferies Financial Group assumed coverage on SiriusPoint in a research report on Tuesday, April 15th. They set a "hold" rating and a $17.00 target price on the stock. Finally, B. Riley assumed coverage on SiriusPoint in a research report on Monday, July 21st. They issued a "buy" rating and a $33.00 target price for the company. One investment analyst has rated the stock with a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus target price 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.