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

Key Points

• Zacks Research upgraded Assurant to “strong buy” from “hold,” while other analysts also raised price targets. The stock has an overall “Buy” consensus rating and an average target price of $327.14.
• Assurant reported quarterly earnings of $6.41 per share, exceeding estimates by $1.24, while revenue rose 9.4% year over year to $3.45 billion.
• Shares opened at $284.39, up 0.3%, with a market capitalization of approximately $14.03 billion; institutional investors own 92.65% of the company.

Assurant (NYSE:AIZ - Get Free Report) was upgraded by Zacks Research from a "hold" rating to a "strong-buy" rating in a research report issued to clients and investors on Wednesday, Zacks reports.

AIZ has been the topic of several other research reports. BMO Capital Markets boosted their price target on shares of Assurant from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, August 28th. Royal Bank Of Canada set a $310.00 price objective on Assurant in a research report on Wednesday, June 17th. Weiss Ratings raised Assurant from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday, August 11th. UBS Group boosted their target price on Assurant from $274.00 to $331.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Finally, Morgan Stanley increased their price target on Assurant from $300.00 to $320.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $327.14.

Assurant Trading Up 0.3%

Assurant stock opened at $284.39 on Wednesday. The stock has a market cap of $14.03 billion, a P/E ratio of 13.58 and a beta of 0.54. 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 1 year low of $206.03 and a 1 year high of $303.94. The firm's 50 day moving average price is $282.16 and its 200-day moving average price is $255.38.

Assurant (NYSE:AIZ - Get Free Report) last issued 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. The firm had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.43 billion. Assurant had a net margin of 7.90% and a return on equity of 20.40%. Assurant's revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the prior year, the business earned $5.56 earnings per share. On average, equities analysts predict that Assurant will post 22.28 earnings per share for the current fiscal year.

Insider Activity

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

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of the company. First Bancorp Inc ME bought a new stake in Assurant during the 2nd quarter valued at $31,000. Arlington Trust Co LLC raised its holdings in shares of 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 acquiring an additional 57 shares in the last quarter. Transamerica Financial Advisors LLC purchased a new stake in Assurant in the second quarter worth about $40,000. Western Wealth Management LLC purchased a new stake in Assurant in the first quarter worth about $33,000. Finally, Root Financial Partners LLC grew its holdings in Assurant by 27.5% during the 1st quarter. Root Financial Partners LLC now owns 246 shares of the financial services provider's stock worth $54,000 after acquiring an additional 53 shares in the last quarter. Institutional investors own 92.65% of the company's stock.

Assurant Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.