Wall Street Zen Downgrades SiriusPoint (NYSE:SPNT) to Buy

by · The Markets Daily

Wall Street Zen lowered shares of SiriusPoint (NYSE:SPNT – Free Report) from a strong-buy rating to a buy rating in a research note released on Friday morning.

A number of other research firms have also issued reports on SPNT. DOWLING & PARTN upgraded SiriusPoint from a “hold” rating to a “strong-buy” rating in a research report on Thursday, March 6th. Jefferies Financial Group started coverage on SiriusPoint in a research note on Tuesday, April 15th. They issued a “hold” rating and a $17.00 target price on the stock. Finally, Oppenheimer set a $25.00 price target on shares of SiriusPoint and gave the stock an “outperform” rating in a research report on Thursday.

View Our Latest Analysis on SPNT

SiriusPoint Trading Down 2.0%

NYSE SPNT opened at $20.46 on Friday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.60 and a current ratio of 0.60. SiriusPoint has a one year low of $11.96 and a one year high of $21.03. The company has a 50-day simple moving average of $18.89 and a 200-day simple moving average of $16.45. The firm has a market capitalization of $2.38 billion, a PE ratio of 21.31 and a beta of 0.86.

SiriusPoint (NYSE:SPNT – Get Free Report) last issued its earnings results on Monday, May 5th. The company reported $0.49 EPS for the quarter, beating analysts’ consensus estimates of $0.26 by $0.23. The company had revenue of $727.30 million during the quarter, compared to the consensus estimate of $688.00 million. SiriusPoint had a return on equity of 7.78% and a net margin of 6.30%.

Insider Activity

In other news, Director La Gueronniere Rafe De sold 30,000 shares of the stock in a transaction on Thursday, May 8th. The stock was sold at an average price of $19.55, for a total value of $586,500.00. Following the completion of the transaction, the director now owns 127,578 shares of the company’s stock, valued at approximately $2,494,149.90. This represents a 19.04% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Corporate insiders own 10.32% of the company’s stock.

Institutional Investors Weigh In On SiriusPoint

A number of hedge funds and other institutional investors have recently modified their holdings of SPNT. Vanguard Group Inc. grew its position in SiriusPoint by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 11,035,872 shares of the company’s stock valued at $180,878,000 after buying an additional 144,963 shares in the last quarter. Wellington Management Group LLP lifted its stake in shares of SiriusPoint by 3.2% in the 1st quarter. Wellington Management Group LLP now owns 11,035,310 shares of the company’s stock worth $190,801,000 after acquiring an additional 341,096 shares during the period. Donald Smith & CO. Inc. boosted its holdings in shares of SiriusPoint by 12.9% in the fourth quarter. Donald Smith & CO. Inc. now owns 7,887,887 shares of the company’s stock valued at $129,282,000 after acquiring an additional 900,209 shares in the last quarter. Dimensional Fund Advisors LP boosted its holdings in shares of SiriusPoint by 3.4% in the fourth quarter. Dimensional Fund Advisors LP now owns 7,568,197 shares of the company’s stock valued at $124,018,000 after acquiring an additional 252,120 shares in the last quarter. Finally, Capital Research Global Investors increased its stake in shares of SiriusPoint by 17.8% during the fourth quarter. Capital Research Global Investors now owns 6,300,000 shares of the company’s stock valued at $103,257,000 after acquiring an additional 950,000 shares during the period. 52.79% of the stock is currently owned by institutional investors.

About SiriusPoint

(Get Free Report)

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.

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