SiriusPoint (NYSE:SPNT) Sees Unusually-High Trading Volume Following Analyst Upgrade

SiriusPoint Ltd. (NYSE:SPNT) shares saw an uptick in trading volume on Tuesday after Royal Bank Of Canada upgraded the stock to a moderate buy rating. Approximately 1,874,324 shares traded hands during mid-day trading, an increase of 158% from the previous session’s volume of 726,908 shares.The stock last traded at $25.84 and had previously closed at $25.17.

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

Institutional Trading of SiriusPoint

A number of institutional investors have recently bought and sold shares of the company. ProShare Advisors LLC boosted its stake in SiriusPoint by 3.2% during the 4th quarter. ProShare Advisors LLC now owns 19,954 shares of the company’s stock worth $437,000 after acquiring an additional 612 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in SiriusPoint by 50.6% during the 4th quarter. EverSource Wealth Advisors LLC now owns 2,448 shares of the company’s stock worth $54,000 after buying an additional 823 shares during the period. Susquehanna International Group LLP lifted its holdings 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 acquiring an additional 895 shares in the last quarter. Illinois Municipal Retirement Fund grew its stake in SiriusPoint by 2.4% in the first quarter. Illinois Municipal Retirement Fund now owns 55,103 shares of the company’s stock valued at $1,187,000 after acquiring an additional 1,313 shares during the period. Finally, Caitlin John LLC bought a new stake in shares of SiriusPoint in the second quarter worth about $52,000. Institutional investors and hedge funds own 52.79% of the company’s stock.

SiriusPoint Price Performance

The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.30. The company has a fifty day moving average price of $24.25 and a two-hundred day moving average price of $23.23. The firm has a market cap of $2.95 billion, a P/E ratio of 6.20 and a beta of 0.61.

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

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.