Assurant (NYSE:AIZ) Stock Price Target Raised at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised Assurant’s price target to $345 from $325 and maintained its “outperform” rating, implying 11.66% upside from the prior close.
• Assurant reported quarterly EPS of $6.15, beating the $4.75 consensus estimate, while revenue of $3.53 billion topped expectations and grew 9.2% year over year.
• Analyst sentiment is broadly positive: MarketBeat reports an average “Buy” rating and an average price target of $327.14.

Assurant (NYSE:AIZ - Get Free Report) had its target price boosted by investment analysts at Keefe, Bruyette & Woods from $325.00 to $345.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods's price target would suggest a potential upside of 11.66% from the stock's previous close.

Several other research firms have also issued reports on AIZ. Wall Street Zen lowered shares of Assurant from a "buy" rating to a "hold" rating in a report on Saturday, October 24th. Zacks Research upgraded shares of Assurant from a "hold" rating to a "strong-buy" rating in a report on Wednesday, September 16th. Truist Financial increased their price objective on shares of Assurant from $310.00 to $355.00 and gave the stock a "buy" rating in a research report on Thursday, August 6th. BMO Capital Markets raised their price objective 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. Finally, Piper Sandler boosted their target price on Assurant from $290.00 to $329.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $327.14.

Assurant Stock Performance

NYSE:AIZ opened at $308.99 on Thursday. The stock's fifty day moving average is $279.62 and its 200 day moving average is $255.54. Assurant has a fifty-two week low of $209.86 and a fifty-two week high of $314.39. The firm has a market capitalization of $15.24 billion, a PE ratio of 12.28 and a beta of 0.52. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.38 and a current ratio of 0.38.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $6.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.75 by $1.40. The company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.48 billion. Assurant had a return on equity of 20.48% and a net margin of 7.80%. Assurant's revenue was up 9.2% on a year-over-year basis. During the same period last year, the company earned $5.73 earnings per share. On average, sell-side analysts anticipate that Assurant will post 22.40 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Lido Advisors LLC grew its position in shares of Assurant by 59.9% in the 3rd quarter. Lido Advisors LLC now owns 3,402 shares of the financial services provider's stock worth $897,000 after buying an additional 1,274 shares during the last quarter. New York Life Investment Management LLC boosted its stake in Assurant by 6.3% in the third quarter. New York Life Investment Management LLC now owns 13,992 shares of the financial services provider's stock valued at $3,687,000 after acquiring an additional 824 shares in the last quarter. AlphaCore Capital LLC grew its holdings in Assurant by 28.6% in the third quarter. AlphaCore Capital LLC now owns 3,231 shares of the financial services provider's stock worth $851,000 after purchasing an additional 719 shares during the last quarter. Leuthold Group LLC grew its holdings in Assurant by 9.1% in the third quarter. Leuthold Group LLC now owns 18,380 shares of the financial services provider's stock worth $4,843,000 after purchasing an additional 1,534 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC grew its holdings in Assurant by 11.7% in the third quarter. Allspring Global Investments Holdings LLC now owns 47,739 shares of the financial services provider's stock worth $12,710,000 after purchasing an additional 4,995 shares during the last quarter. 92.65% of the stock is currently owned by institutional investors.

About Assurant

Assurant, Inc NYSE: AIZ is a global business services company that provides insurance products and related services. Its offerings are designed to help consumers protect mobile devices, household belongings, vehicles, homes and other significant purchases, while supporting businesses in managing risk and customer relationships.

Assurant operates through three primary business segments: Global Lifestyle, Global Housing and Global Preneed. Global Lifestyle provides mobile device protection, extended service contracts and related services for consumer electronics, appliances and vehicles.

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