SiriusPoint (NYSE:SPNT) Sets New 1-Year High – Should You Buy?

SiriusPoint Ltd. (NYSE:SPNT) 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.

Analyst Ratings Changes

SPNT has been the topic of a number of research analyst reports. Royal Bank Of Canada started coverage on SiriusPoint in a report on Tuesday, September 22nd. They set an “outperform” rating and a $30.00 target price on the stock. Oppenheimer reissued an “outperform” rating and set a $31.00 price objective on shares of SiriusPoint in a research report on Monday. Finally, Weiss Ratings upgraded shares of SiriusPoint from a “buy (a-)” rating to a “buy (a)” rating in a research note on Tuesday, October 27th. One investment 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’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $30.67.

SiriusPoint Price Performance

The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.30. The stock has a market cap of $3.16 billion, a P/E ratio of 6.61 and a beta of 0.60. The firm has a 50 day moving average price of $25.09 and a 200 day moving average price of $23.18.

SiriusPoint (NYSE:SPNT) last announced its quarterly earnings data on Thursday, November 5th. The company reported $0.88 EPS for the quarter, beating the consensus estimate of $0.64 by $0.24. SiriusPoint had a net margin of 15.56% and a return on equity of 15.65%. The firm had revenue of $867.60 million for the quarter, compared to the consensus estimate of $740.99 million. On average, analysts forecast that SiriusPoint Ltd. will post 2.64 EPS for the current fiscal year.

Institutional Investors Weigh In On SiriusPoint

Several large investors have recently added to or reduced their stakes in the stock. Wellington Management Group LLP grew its stake in SiriusPoint by 7.8% in the second quarter. Wellington Management Group LLP now owns 3,342,706 shares of the company’s stock valued at $80,225,000 after purchasing an additional 241,648 shares during the last quarter. Bank of America Corp DE bought a new stake in shares of SiriusPoint in the 2nd quarter valued at about $8,721,000. The Manufacturers Life Insurance Company bought a new stake in shares of SiriusPoint in the 2nd quarter valued at about $988,000. Legal & General Group Plc bought a new stake in shares of SiriusPoint in the 2nd quarter valued at about $5,763,000. Finally, PDT Partners LLC purchased a new position in shares of SiriusPoint in the 2nd quarter worth approximately $3,400,000. 52.79% of the stock is owned by hedge funds and other institutional investors.

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.