Analysts Set Assurant, Inc. (NYSE:AIZ) Price Target at $283.57

Assurant, Inc. (NYSE:AIZ) has been assigned an average rating of “Moderate Buy” from the ten brokerages that are presently covering the stock, Marketbeat.com reports. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $291.4286.

Several brokerages have recently weighed in on AIZ. Weiss Ratings cut Assurant from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, June 23rd. Royal Bank Of Canada set a $310.00 price objective on Assurant in a research note on Wednesday, June 17th. Piper Sandler reiterated an “overweight” rating on shares of Assurant in a report on Monday, June 22nd. Morgan Stanley upped their target price on Assurant from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Monday. Finally, Truist Financial increased their target price on shares of Assurant from $290.00 to $310.00 and gave the company a “buy” rating in a research report on Wednesday, June 17th.

Assurant Stock Performance

Shares of Assurant stock opened at $278.94 on Monday. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38. Assurant has a twelve month low of $183.39 and a twelve month high of $284.12. The stock has a market cap of $13.82 billion, a price-to-earnings ratio of 14.27 and a beta of 0.55. The company’s fifty day moving average is $257.67 and its 200 day moving average is $238.71.

Assurant (NYSE:AIZ) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share for the quarter, beating analysts’ consensus estimates of $5.29 by $0.66. The business had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.Assurant’s quarterly revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the business posted $5.79 earnings per share. Sell-side analysts forecast that Assurant will post 21.04 EPS for the current year.

Assurant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 8th were given a dividend of $0.88 per share. The ex-dividend date was Monday, June 8th. This represents a $3.52 annualized dividend and a dividend yield of 1.3%. Assurant’s dividend payout ratio is 18.01%.

Insider Activity

In other Assurant news, CAO Dimitry Dirienzo sold 2,000 shares of the company’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total transaction of $511,360.00. Following the sale, the chief accounting officer owned 2,741 shares of the company’s stock, valued at approximately $700,818.88. This represents a 42.19% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Lonergan sold 7,000 shares of the stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $262.71, for a total value of $1,838,970.00. Following the sale, the executive vice president owned 27,374 shares of the company’s stock, valued at approximately $7,191,423.54. The trade was a 20.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 36,000 shares of company stock valued at $9,211,620. 0.54% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in AIZ. Montag A & Associates Inc. acquired a new stake in Assurant during the fourth quarter worth approximately $28,000. Arlington Trust Co LLC lifted its stake in Assurant by 81.4% in the second quarter. Arlington Trust Co LLC now owns 127 shares of the financial services provider’s stock valued at $34,000 after buying an additional 57 shares during the period. CYBER HORNET ETFs LLC acquired a new position in Assurant in the second quarter valued at approximately $27,000. Western Wealth Management LLC acquired a new position in Assurant in the first quarter valued at approximately $33,000. Finally, BOKF NA bought a new position in shares of Assurant during the 3rd quarter worth approximately $32,000. 92.65% of the stock is owned by institutional investors and hedge funds.

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.