SiriusPoint (NYSE:SPNT – Get Free Report) was upgraded by analysts at Royal Bank Of Canada to a “moderate buy” rating in a note issued to investors on Tuesday, Zacks reports.
Separately, Weiss Ratings restated a “buy (b+)” rating on shares of SiriusPoint in a research note on Friday, August 7th. Three analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $30.50.
View Our Latest Research Report on SiriusPoint
SiriusPoint Stock Performance
SiriusPoint (NYSE:SPNT – Get Free Report) last announced its earnings results on Thursday, July 30th. The company reported $0.67 EPS for the quarter, beating analysts’ consensus estimates 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. On average, equities research analysts predict that SiriusPoint will post 2.57 EPS for the current year.
Hedge Funds Weigh In On SiriusPoint
A number of hedge funds have recently modified their holdings of the company. BlackRock Inc. purchased a new position in shares of SiriusPoint during the 2nd quarter valued at $271,853,000. Donald Smith & CO. Inc. increased its stake in SiriusPoint by 13.9% in the 4th quarter. Donald Smith & CO. Inc. now owns 8,428,966 shares of the company’s stock worth $184,510,000 after buying an additional 1,026,284 shares in the last quarter. Capital Research Global Investors raised its holdings in SiriusPoint by 11.2% during the fourth quarter. Capital Research Global Investors now owns 7,447,968 shares of the company’s stock valued at $163,036,000 after acquiring an additional 747,968 shares during the period. Wellington Management Group LLP raised its holdings in SiriusPoint by 7.8% during the second quarter. Wellington Management Group LLP now owns 3,342,706 shares of the company’s stock valued at $80,225,000 after acquiring an additional 241,648 shares during the period. Finally, Punch & Associates Investment Management Inc. purchased a new position in shares of SiriusPoint in the second quarter valued at about $36,047,000. 52.79% of the stock is currently owned by institutional investors.
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.
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