Brokerages Set Assurant, Inc. (NYSE:AIZ) Target Price at $256.83
by Michael Walen · The Markets DailyAssurant, Inc. (NYSE:AIZ – Get Free Report) has been assigned a consensus rating of “Moderate Buy” from the ten research firms that are covering the stock, Marketbeat reports. Two analysts have rated the stock with a hold recommendation and eight have assigned a buy recommendation to the company. The average twelve-month price target among brokerages that have covered the stock in the last year is $256.8333.
AIZ has been the topic of several analyst reports. Wall Street Zen lowered Assurant from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Truist Financial raised their price target on Assurant from $265.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Assurant in a research report on Monday, December 29th. BMO Capital Markets dropped their price objective on Assurant from $255.00 to $246.00 and set an “outperform” rating on the stock in a research note on Thursday, February 12th. Finally, Morgan Stanley cut their price objective on Assurant from $248.00 to $240.00 and set an “equal weight” rating for the company in a report on Monday, April 6th.
Check Out Our Latest Stock Report on Assurant
Insider Transactions at Assurant
In other news, EVP Subhashish Sengupta sold 1,880 shares of Assurant stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $210.53, for a total value of $395,796.40. Following the completion of the transaction, the executive vice president owned 2,895 shares of the company’s stock, valued at $609,484.35. This trade represents a 39.37% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, CAO Dimitry Dirienzo sold 750 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $210.98, for a total transaction of $158,235.00. Following the transaction, the chief accounting officer owned 4,741 shares in the company, valued at $1,000,256.18. This represents a 13.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last three months, insiders sold 2,650 shares of company stock valued at $558,331. Insiders own 0.51% of the company’s stock.
Hedge Funds Weigh In On Assurant
A number of institutional investors have recently bought and sold shares of the business. New York State Common Retirement Fund increased its stake in shares of Assurant by 37.9% during the third quarter. New York State Common Retirement Fund now owns 37,148 shares of the financial services provider’s stock worth $8,046,000 after purchasing an additional 10,200 shares during the period. JPMorgan Chase & Co. boosted its stake in Assurant by 15.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 124,993 shares of the financial services provider’s stock valued at $27,076,000 after purchasing an additional 16,388 shares during the period. GW&K Investment Management LLC boosted its stake in Assurant by 25.6% in the 3rd quarter. GW&K Investment Management LLC now owns 274,862 shares of the financial services provider’s stock valued at $59,537,000 after purchasing an additional 56,009 shares during the period. Allspring Global Investments Holdings LLC grew its holdings in Assurant by 1,823.1% in the 3rd quarter. Allspring Global Investments Holdings LLC now owns 45,386 shares of the financial services provider’s stock valued at $9,871,000 after buying an additional 43,026 shares in the last quarter. Finally, Bank of New York Mellon Corp grew its holdings in Assurant by 23.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 5,010,373 shares of the financial services provider’s stock valued at $1,085,247,000 after buying an additional 959,259 shares in the last quarter. Institutional investors and hedge funds own 92.65% of the company’s stock.
Assurant Stock Down 0.3%
Shares of AIZ stock opened at $229.69 on Wednesday. The firm’s fifty day moving average price is $221.59 and its two-hundred day moving average price is $225.75. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.38. Assurant has a 1 year low of $183.39 and a 1 year high of $246.31. The firm has a market capitalization of $11.42 billion, a P/E ratio of 13.53 and a beta of 0.56.
Assurant (NYSE:AIZ – Get Free Report) last posted its quarterly earnings data on Tuesday, February 10th. The financial services provider reported $5.61 EPS for the quarter, topping analysts’ consensus estimates of $5.55 by $0.06. The company had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.28 billion. Assurant had a net margin of 6.81% and a return on equity of 18.65%. The company’s quarterly revenue was up 7.9% on a year-over-year basis. During the same period in the prior year, the business posted $4.79 EPS. On average, equities analysts predict that Assurant will post 20.75 EPS for the current fiscal year.
Assurant Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, March 30th. Shareholders of record on Tuesday, February 17th were paid a $0.88 dividend. The ex-dividend date was Tuesday, February 17th. This represents a $3.52 dividend on an annualized basis and a yield of 1.5%. Assurant’s dividend payout ratio (DPR) is currently 20.74%.
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.