SiriusPoint (NYSE:SPNT) Shares Gap Up After Strong Earnings

SiriusPoint Ltd. (NYSE:SPNT - Get Free Report)'s stock price gapped up before the market opened on Tuesday following a better than expected earnings announcement. The stock had previously closed at $18.18, but opened at $18.91. SiriusPoint shares last traded at $19.47, with a volume of 62,264 shares.

The company reported $0.49 EPS for the quarter, topping the consensus estimate of $0.26 by $0.23. The business had revenue of $727.30 million during the quarter, compared to analysts' expectations of $688.00 million. SiriusPoint had a net margin of 7.68% and a return on equity of 8.73%.

Analyst Ratings Changes

Several analysts recently issued reports on the company. Jefferies Financial Group initiated coverage on SiriusPoint in a report on Tuesday, April 15th. They set a "hold" rating and a $17.00 price objective for the company. DOWLING & PARTN raised SiriusPoint from a "hold" rating to a "strong-buy" rating in a research note on Thursday, March 6th.

Insiders Place Their Bets

In other news, Director Daniel S. Loeb sold 4,106,631 shares of the company's stock in a transaction dated Thursday, February 27th. The stock was sold at an average price of $13.71, for a total transaction of $56,301,911.01. Following the completion of the sale, the director now owns 9,428,008 shares in the company, valued at approximately $129,257,989.68. This represents a 30.34 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Insiders own 11.70% of the company's stock.

Institutional Investors Weigh In On SiriusPoint

A number of large investors have recently added to or reduced their stakes in SPNT. Barclays PLC lifted its stake in shares of SiriusPoint by 172.7% in the third quarter. Barclays PLC now owns 210,545 shares of the company's stock worth $3,018,000 after buying an additional 133,331 shares during the last quarter. Smartleaf Asset Management LLC lifted its position in SiriusPoint by 122.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 3,236 shares of the company's stock worth $53,000 after acquiring an additional 1,779 shares during the last quarter. Proficio Capital Partners LLC bought a new stake in SiriusPoint during the fourth quarter valued at about $246,000. KLP Kapitalforvaltning AS bought a new stake in SiriusPoint during the fourth quarter valued at about $377,000. Finally, Capital Research Global Investors grew its position in shares of SiriusPoint by 17.8% in the fourth quarter. Capital Research Global Investors now owns 6,300,000 shares of the company's stock valued at $103,257,000 after purchasing an additional 950,000 shares during the last quarter. Institutional investors own 52.79% of the company's stock.

SiriusPoint Stock Down 0.4 %

The firm has a market capitalization of $2.24 billion, a P/E ratio of 20.03 and a beta of 0.81. The business has a 50 day moving average price of $16.39 and a 200 day moving average price of $15.28. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.57 and a quick ratio of 0.56.

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.