Assurant (NYSE:AIZ) Rating Increased to Strong-Buy at Zacks Research

Zacks Research upgraded shares of Assurant (NYSE:AIZ) from a hold rating to a strong-buy rating in a research note issued to investors on Wednesday morning,Zacks reports.

Several other equities research analysts have also weighed in on the company. Morgan Stanley lifted their price target on Assurant from $300.00 to $320.00 and gave the company an “overweight” rating in a research report on Wednesday, August 19th. UBS Group increased their price objective on Assurant from $274.00 to $331.00 and gave the stock a “buy” rating in a report on Thursday, August 13th. Weiss Ratings raised Assurant from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods boosted their target price on shares of Assurant from $310.00 to $325.00 and gave the company an “outperform” rating in a report on Friday, August 7th. Finally, Piper Sandler increased their price target on shares of Assurant from $290.00 to $329.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to MarketBeat, Assurant presently has an average rating of “Buy” and a consensus price target of $327.14.

Assurant Stock Performance

Shares of AIZ opened at $284.39 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.38 and a quick ratio of 0.38. Assurant has a one year low of $206.03 and a one year high of $303.94. The company has a 50-day simple moving average of $282.16 and a two-hundred day simple moving average of $255.38. The firm has a market capitalization of $14.03 billion, a PE ratio of 13.58 and a beta of 0.54.

Assurant (NYSE:AIZ) last posted its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share for the quarter, topping analysts’ consensus estimates of $5.17 by $1.24. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The firm had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the prior year, the business earned $5.56 EPS. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, analysts anticipate that Assurant will post 22.28 EPS for the current fiscal year.

Assurant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.88 per share. The ex-dividend date is Monday, August 31st. This represents a $3.52 dividend on an annualized basis and a yield of 1.2%. Assurant’s payout ratio is presently 16.81%.

Insider Buying and Selling at Assurant

In other Assurant news, EVP Robert Lonergan sold 7,000 shares of the business’s stock in a transaction on 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 directly 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. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Biju Nair sold 3,931 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $302.46, for a total value of $1,188,970.26. Following the completion of the sale, the executive vice president directly owned 24,247 shares in the company, valued at approximately $7,333,747.62. This represents a 13.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.54% of the company’s stock.

Institutional Trading of Assurant

Several institutional investors have recently bought and sold shares of AIZ. Sequoia Financial Advisors LLC raised its holdings in Assurant by 26.3% in the second quarter. Sequoia Financial Advisors LLC now owns 3,535 shares of the financial services provider’s stock worth $949,000 after buying an additional 735 shares during the last quarter. Tidal Investments LLC increased its position in shares of Assurant by 9.5% during the second quarter. Tidal Investments LLC now owns 4,091 shares of the financial services provider’s stock valued at $1,099,000 after acquiring an additional 355 shares in the last quarter. Integrated Wealth Concepts LLC bought a new stake in shares of Assurant during the second quarter valued at approximately $173,000. Squarepoint Ops LLC raised its holdings in Assurant by 956.7% in the 2nd quarter. Squarepoint Ops LLC now owns 14,065 shares of the financial services provider’s stock worth $3,777,000 after acquiring an additional 12,734 shares during the last quarter. Finally, Beacon Investment Advisory Services Inc. raised its holdings in Assurant by 12.1% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 2,605 shares of the financial services provider’s stock worth $700,000 after acquiring an additional 282 shares during the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

About Assurant

Assurant, Inc is a global business services and insurance company that provides protection products and services supporting major purchases and everyday needs. Its offerings are designed to help consumers, businesses and distribution partners manage risks associated with connected devices, housing and transportation.

The company’s Lifestyle segment provides mobile device protection, extended service contracts, vehicle service contracts and related services. Its Global Housing segment offers renters insurance, homeowners insurance, lender-placed insurance and other specialty property products.