SiriusPoint (NYSE:SPNT) Hits New 1-Year High – Should You Buy?

SiriusPoint Ltd. (NYSE:SPNT)’s stock price reached a new 52-week high on Wednesday. The stock traded as high as $26.50 and last traded at $26.2790, with a volume of 161,046 shares trading hands. The stock had previously closed at $25.80.

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on SPNT. Royal Bank Of Canada began coverage on shares of SiriusPoint in a research note on Tuesday, September 22nd. They set an “outperform” rating and a $30.00 target price on the stock. Weiss Ratings upgraded shares of SiriusPoint from a “buy (a-)” rating to a “buy (a)” rating in a report on Tuesday, October 27th. One analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and three have given a Hold rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $30.50.

SiriusPoint Price Performance

The firm has a market capitalization of $3.03 billion, a P/E ratio of 6.37 and a beta of 0.60. The business has a 50-day moving average of $24.92 and a 200 day moving average of $23.06. The company has a current ratio of 0.58, a quick ratio of 0.58 and a debt-to-equity ratio of 0.30.

Institutional Investors Weigh In On SiriusPoint

Several hedge funds and other institutional investors have recently modified their holdings of SPNT. BlackRock Inc. acquired a new position in shares of SiriusPoint during the second quarter worth approximately $271,853,000. Donald Smith & CO. Inc. bought a new position in shares of SiriusPoint in the 2nd quarter worth $147,941,000. Punch & Associates Investment Management Inc. bought a new position in shares of SiriusPoint in the 2nd quarter worth $36,047,000. Bank of New York Mellon Corp acquired a new stake in SiriusPoint in the 2nd quarter valued at $16,774,000. Finally, Empowered Funds LLC acquired a new stake in SiriusPoint in the 2nd quarter valued at $13,566,000. Institutional investors own 52.79% of the company’s stock.

SiriusPoint Company Profile

SiriusPoint Ltd. (NYSE: SPNT) is a global specialty insurance and reinsurance company headquartered in Bermuda. The company provides underwriting solutions to businesses, insurers and other organizations through a combination of insurance and reinsurance operations.

Its offerings include property and casualty coverage, specialty insurance, accident and health products, and reinsurance. SiriusPoint serves clients through underwriting platforms and subsidiaries in key insurance markets, including Bermuda, the United States, the United Kingdom and other international jurisdictions.