Assurant (NYSE:AIZ) Reaches New 12-Month High – Still a Buy?

Assurant, Inc. (NYSE:AIZ)’s share price reached a new 52-week high on Monday . The company traded as high as $240.82 and last traded at $240.9550, with a volume of 36060 shares traded. The stock had previously closed at $239.02.

Wall Street Analysts Forecast Growth

AIZ has been the subject of several recent analyst reports. Truist Financial set a $255.00 target price on shares of Assurant in a research note on Wednesday, October 29th. UBS Group raised their price objective on shares of Assurant from $255.00 to $257.00 and gave the company a “buy” rating in a research report on Monday, November 10th. Morgan Stanley lifted their price objective on Assurant from $232.00 to $248.00 and gave the company an “equal weight” rating in a report on Monday, November 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Assurant in a research note on Monday. Finally, Zacks Research cut Assurant from a “strong-buy” rating to a “hold” rating in a report on Friday, October 17th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, Assurant presently has an average rating of “Moderate Buy” and a consensus price target of $252.67.

Assurant Stock Performance

The stock’s fifty day simple moving average is $222.60 and its 200-day simple moving average is $210.33. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $12.11 billion, a PE ratio of 14.72 and a beta of 0.57.

Assurant (NYSE:AIZ) last announced its quarterly earnings results on Thursday, March 24th. The financial services provider reported $1.80 EPS for the quarter. The business had revenue of $2.42 billion for the quarter. Assurant had a return on equity of 18.61% and a net margin of 6.75%.Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. On average, research analysts predict that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 1st will be given a $0.88 dividend. This is an increase from Assurant’s previous quarterly dividend of $0.80. This represents a $3.52 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Monday, December 1st. Assurant’s dividend payout ratio (DPR) is currently 21.42%.

Insider Buying and Selling

In related news, CEO Keith Demmings sold 13,725 shares of the business’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $220.52, for a total value of $3,026,637.00. Following the completion of the transaction, the chief executive officer owned 84,647 shares of the company’s stock, valued at approximately $18,666,356.44. The trade was a 13.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Hedge Funds Weigh In On Assurant

A number of institutional investors have recently modified their holdings of AIZ. Versant Capital Management Inc grew its position in shares of Assurant by 72.6% in the third quarter. Versant Capital Management Inc now owns 126 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 53 shares during the period. CYBER HORNET ETFs LLC acquired a new stake in Assurant in the 2nd quarter worth about $27,000. REAP Financial Group LLC grew its holdings in Assurant by 193.9% in the 2nd quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider’s stock valued at $29,000 after buying an additional 95 shares during the period. Cullen Frost Bankers Inc. increased its stake in shares of Assurant by 1,133.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 148 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 136 shares during the last quarter. Finally, Smartleaf Asset Management LLC lifted its holdings in shares of Assurant by 65.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 149 shares of the financial services provider’s stock worth $32,000 after acquiring an additional 59 shares during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.

Assurant Company Profile

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.