SiriusPoint (NYSE:SPNT) Upgraded by Royal Bank Of Canada to “Moderate Buy” Rating

Royal Bank Of Canada upgraded shares of SiriusPoint (NYSE:SPNT) to a moderate buy rating in a research note released on Tuesday,Zacks reports.

Separately, Weiss Ratings reaffirmed a “buy (b+)” rating on shares of SiriusPoint in a report on Friday, August 7th. Three investment analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $30.50.

SiriusPoint Stock Down 0.2%

SPNT stock opened at $25.42 on Tuesday. The stock has a market cap of $2.95 billion, a P/E ratio of 6.20 and a beta of 0.61. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.30. SiriusPoint has a twelve month low of $17.35 and a twelve month high of $26.48. The company’s 50 day moving average is $24.25 and its two-hundred day moving average is $23.23.

SiriusPoint (NYSE:SPNT) last issued its earnings results on Thursday, July 30th. The company reported $0.67 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.65 by $0.02. SiriusPoint had a net margin of 15.56% and a return on equity of 15.65%. The business had revenue of $744.10 million during the quarter, compared to analysts’ expectations of $798.95 million. Research analysts expect that SiriusPoint will post 2.57 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SiriusPoint

A number of institutional investors have recently modified their holdings of SPNT. Corient Private Wealth LP lifted its holdings in shares of SiriusPoint by 50.8% during the second quarter. Corient Private Wealth LP now owns 16,557 shares of the company’s stock worth $397,000 after purchasing an additional 5,581 shares during the period. VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in SiriusPoint during the second quarter worth about $3,065,000. Susquehanna International Group LLP grew its position in SiriusPoint by 2.0% during the second quarter. Susquehanna International Group LLP now owns 46,476 shares of the company’s stock worth $1,115,000 after buying an additional 895 shares during the period. Wellington Management Group LLP increased its holdings 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 buying an additional 241,648 shares in the last quarter. Finally, Empowered Funds LLC purchased a new position in SiriusPoint in the second quarter valued at about $13,566,000. 52.79% of the stock is owned by institutional investors and hedge funds.

About SiriusPoint

SiriusPoint Ltd. (NYSE: SPNT) is a global specialty insurance and reinsurance company headquartered in Bermuda. The company provides underwriting capacity and risk-management solutions to businesses, insurers, brokers and managing general agents across a range of specialty markets.

Its business includes property and casualty insurance, property and casualty reinsurance, accident and health coverage, marine and aviation insurance, and other specialty lines. SiriusPoint distributes products through brokers, partnerships and delegated underwriting platforms, with operations and underwriting activities serving clients in the United States, Bermuda, the United Kingdom, Europe and other international markets.

The company was created in 2021 through the combination of Third Point Reinsurance and Sirius International Insurance Group.