SiriusPoint (NYSE:SPNT) Reaches New 52-Week High – Should You Buy?

SiriusPoint Ltd. (NYSE:SPNT)’s share price reached a new 52-week high during mid-day trading on Thursday . The stock traded as high as $26.50 and last traded at $26.1950, with a volume of 938835 shares. The stock had previously closed at $25.42.

Wall Street Analyst Weigh In

Several equities research analysts have recently commented on the stock. Weiss Ratings restated a “buy (b+)” rating on shares of SiriusPoint in a research note on Friday, August 7th. Royal Bank Of Canada began coverage on shares of SiriusPoint in a report on Tuesday. They set an “outperform” rating and a $30.00 price target for the company. Three investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the stock. Based on data from MarketBeat.com, SiriusPoint has an average rating of “Moderate Buy” and a consensus target price of $30.50.

SiriusPoint Price Performance

The stock has a fifty day moving average of $24.25 and a 200-day moving average of $23.23. The firm has a market capitalization of $3.02 billion, a P/E ratio of 6.35 and a beta of 0.61. The company has a quick ratio of 0.58, a current ratio of 0.58 and a debt-to-equity ratio of 0.30.

SiriusPoint (NYSE:SPNT) last posted its quarterly earnings data on Thursday, July 30th. The company reported $0.67 earnings per share 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 firm had revenue of $744.10 million during the quarter, compared to analysts’ expectations of $798.95 million. Equities analysts predict that SiriusPoint Ltd. will post 2.57 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of SPNT. BlackRock Inc. bought a new position in SiriusPoint in the 2nd quarter valued at $271,853,000. Donald Smith & CO. Inc. lifted its stake in shares of SiriusPoint by 13.9% during the fourth quarter. Donald Smith & CO. Inc. now owns 8,428,966 shares of the company’s stock valued at $184,510,000 after acquiring an additional 1,026,284 shares during the period. Capital Research Global Investors boosted its holdings in SiriusPoint by 11.2% in 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 last quarter. Wellington Management Group LLP boosted 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 acquiring an additional 241,648 shares during the last quarter. Finally, Punch & Associates Investment Management Inc. acquired a new stake in SiriusPoint in the second quarter worth about $36,047,000. Institutional investors and hedge funds own 52.79% of the company’s stock.

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.