BMO Capital Markets Raises Assurant (NYSE:AIZ) Price Target to $320.00

Assurant (NYSE:AIZ) had its price target hoisted by analysts at BMO Capital Markets from $274.00 to $320.00 in a report released on Friday,Benzinga reports. The firm presently has an “outperform” rating on the financial services provider’s stock. BMO Capital Markets’ target price would indicate a potential upside of 12.13% from the company’s current price.

A number of other analysts have also commented on AIZ. Piper Sandler raised their price target on Assurant from $290.00 to $329.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Royal Bank Of Canada set a $310.00 price objective on shares of Assurant in a research report on Wednesday, June 17th. Wall Street Zen cut shares of Assurant from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Keefe, Bruyette & Woods lifted their target price on shares of Assurant from $310.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Finally, UBS Group boosted their price target on shares of Assurant from $274.00 to $331.00 and gave the company a “buy” rating in a research report on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Buy” and a consensus price target of $327.14.

Assurant Stock Down 1.1%

NYSE AIZ opened at $285.38 on Friday. Assurant has a 1 year low of $205.01 and a 1 year high of $303.94. The stock has a market capitalization of $14.08 billion, a PE ratio of 13.63 and a beta of 0.55. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.38 and a quick ratio of 0.38. The business’s 50-day moving average is $278.41 and its 200 day moving average is $249.02.

Assurant (NYSE:AIZ) last released its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $6.41 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $1.24. The business had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.43 billion. Assurant had a return on equity of 20.40% and a net margin of 7.90%.Assurant’s quarterly revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $5.56 EPS. Sell-side analysts forecast that Assurant will post 22.05 earnings per share for the current year.

Insiders Place Their Bets

In related news, EVP Robert Lonergan sold 7,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $262.71, for a total value of $1,838,970.00. Following the completion of the transaction, the executive vice president directly owned 27,374 shares in the company, valued at $7,191,423.54. This trade represents a 20.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Nair Biju sold 3,931 shares of Assurant stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the transaction, the executive vice president directly owned 24,247 shares of the company’s stock, valued at approximately $7,333,747.62. This trade represents a 13.95% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On Assurant

A number of hedge funds and other institutional investors have recently bought and sold shares of AIZ. First Bancorp Inc ME bought a new position in Assurant during the 2nd quarter valued at approximately $31,000. Montag A & Associates Inc. bought a new position in Assurant in the 4th quarter worth about $28,000. Arlington Trust Co LLC grew its position in Assurant by 81.4% during the 2nd quarter. Arlington Trust Co LLC now owns 127 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 57 shares during the last quarter. CYBER HORNET ETFs LLC purchased a new stake in Assurant during the 2nd quarter valued at about $27,000. Finally, Transamerica Financial Advisors LLC bought a new stake in Assurant during the 2nd quarter valued at about $40,000. Hedge funds and other institutional investors own 92.65% of the company’s stock.

About Assurant

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.