SiriusPoint (NYSE:SPNT) Raised to Strong-Buy at Zacks Research

SiriusPoint (NYSE:SPNT) was upgraded by stock analysts at Zacks Research from a “hold” rating to a “strong-buy” rating in a research report issued on Monday,Zacks.com reports.

A number of other equities research analysts have also recently issued reports on the company. Wall Street Zen upgraded SiriusPoint from a “buy” rating to a “strong-buy” rating in a report on Saturday, November 8th. Weiss Ratings restated a “buy (b+)” rating on shares of SiriusPoint in a research note on Monday. Three research analysts have rated the stock with a Strong Buy rating, two have assigned a Buy rating and one has given a Hold rating to the stock. According to MarketBeat, SiriusPoint currently has a consensus rating of “Buy” and an average target price of $25.00.

SiriusPoint Price Performance

NYSE:SPNT opened at $21.10 on Monday. The company has a market cap of $2.46 billion, a P/E ratio of 13.27 and a beta of 0.68. The firm’s fifty day moving average price is $19.05 and its two-hundred day moving average price is $19.04. SiriusPoint has a one year low of $13.26 and a one year high of $21.33. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.57 and a quick ratio of 0.57.

SiriusPoint (NYSE:SPNT) last posted its earnings results on Thursday, October 30th. The company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.21. SiriusPoint had a net margin of 6.97% and a return on equity of 11.31%. The company had revenue of $755.90 million during the quarter, compared to analysts’ expectations of $738.35 million.

Institutional Trading of SiriusPoint

A number of institutional investors and hedge funds have recently made changes to their positions in SPNT. USA Financial Formulas acquired a new stake in shares of SiriusPoint during the 2nd quarter worth approximately $27,000. Caitlin John LLC acquired a new stake in shares of SiriusPoint in the 3rd quarter valued at $39,000. EverSource Wealth Advisors LLC increased its stake in shares of SiriusPoint by 187.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 2,113 shares of the company’s stock valued at $43,000 after purchasing an additional 1,377 shares during the last quarter. Quarry LP raised its holdings in shares of SiriusPoint by 1,737.6% during the 1st quarter. Quarry LP now owns 3,473 shares of the company’s stock worth $60,000 after buying an additional 3,284 shares in the last quarter. Finally, US Bancorp DE bought a new stake in shares of SiriusPoint during the 1st quarter worth $65,000. Institutional investors own 52.79% of the company’s stock.

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.