SiriusPoint (NYSE:SPNT) Shares Gap Up After Better-Than-Expected Earnings

SiriusPoint Ltd. (NYSE:SPNT) gapped up prior to trading on Tuesday following a stronger than expected earnings report. The stock had previously closed at $18.18, but opened at $18.91. SiriusPoint shares last traded at $19.47, with a volume of 62,264 shares.

The company reported $0.49 earnings per share for the quarter, topping the consensus estimate of $0.26 by $0.23. The company had revenue of $727.30 million for the quarter, compared to analyst estimates of $688.00 million. SiriusPoint had a return on equity of 8.73% and a net margin of 7.68%.

Analysts Set New Price Targets

Several brokerages have recently commented on SPNT. DOWLING & PARTN upgraded shares of SiriusPoint from a “hold” rating to a “strong-buy” rating in a research note on Thursday, March 6th. Jefferies Financial Group assumed coverage on SiriusPoint in a research report on Tuesday, April 15th. They issued a “hold” rating and a $17.00 price target for the company.

Insider Transactions at SiriusPoint

In other SiriusPoint news, Director Daniel S. Loeb sold 4,106,631 shares of SiriusPoint stock in a transaction that occurred on Thursday, February 27th. The stock was sold at an average price of $13.71, for a total value of $56,301,911.01. Following the transaction, the director now directly owns 9,428,008 shares of the company’s stock, valued at $129,257,989.68. The trade was a 30.34 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. 11.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On SiriusPoint

Hedge funds and other institutional investors have recently modified their holdings of the stock. Mariner LLC lifted its stake in shares of SiriusPoint by 6.3% in the fourth quarter. Mariner LLC now owns 20,792 shares of the company’s stock valued at $341,000 after buying an additional 1,230 shares during the period. Bank of Montreal Can grew its holdings in shares of SiriusPoint by 8.4% during the 4th quarter. Bank of Montreal Can now owns 18,013 shares of the company’s stock worth $295,000 after purchasing an additional 1,393 shares in the last quarter. Smartleaf Asset Management LLC increased its position in shares of SiriusPoint by 122.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 3,236 shares of the company’s stock valued at $53,000 after purchasing an additional 1,779 shares during the period. Flagship Harbor Advisors LLC raised its stake in shares of SiriusPoint by 8.4% in the fourth quarter. Flagship Harbor Advisors LLC now owns 24,971 shares of the company’s stock valued at $409,000 after purchasing an additional 1,945 shares in the last quarter. Finally, GAMMA Investing LLC boosted its stake in SiriusPoint by 91.0% during the first quarter. GAMMA Investing LLC now owns 4,379 shares of the company’s stock worth $76,000 after buying an additional 2,086 shares in the last quarter. Institutional investors and hedge funds own 52.79% of the company’s stock.

SiriusPoint Price Performance

The stock has a market cap of $3.13 billion, a P/E ratio of 20.09 and a beta of 0.81. The company has a current ratio of 0.57, a quick ratio of 0.56 and a debt-to-equity ratio of 0.37. The company’s fifty day simple moving average is $16.22 and its 200-day simple moving average is $15.19.

About SiriusPoint

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.