BMO Capital Markets Issues Positive Forecast for Assurant (NYSE:AIZ) Stock Price

Key Points

• BMO Capital Markets raised Assurant’s price target from $274 to $320 and maintained an “outperform” rating, implying 12.13% potential upside. Analysts’ consensus rating is “Buy,” with an average target of $327.14.
• Assurant reported quarterly EPS of $6.41, beating estimates by $1.24, while revenue rose 9.4% year over year to $3.45 billion.
• Assurant shares opened at $285.38, with a market capitalization of $14.08 billion; institutional investors own approximately 92.65% of the stock, while two executive vice presidents recently sold shares.

Assurant (NYSE:AIZ - Get Free Report) had its price objective raised by investment analysts at BMO Capital Markets from $274.00 to $320.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an "outperform" rating on the financial services provider's stock. BMO Capital Markets' price objective suggests a potential upside of 12.13% from the company's current price.

Other equities research analysts have also recently issued reports about the company. Royal Bank Of Canada set a $310.00 price target 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 research note on Tuesday, August 11th. Truist Financial upped their target price on Assurant from $310.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. Wall Street Zen downgraded Assurant from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Finally, Piper Sandler boosted their price objective on Assurant from $290.00 to $329.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of "Buy" and a consensus price target of $327.14.

Assurant Stock Performance

NYSE:AIZ opened at $285.38 on Friday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.36. The company has a fifty day moving average of $278.41 and a 200-day moving average of $249.02. The firm has a market capitalization of $14.08 billion, a P/E ratio of 13.63 and a beta of 0.55. Assurant has a twelve month low of $205.01 and a twelve month high of $303.94.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $1.24. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The company had revenue of $3.45 billion for the quarter, compared to analysts' expectations of $3.43 billion. During the same quarter in the previous year, the firm earned $5.56 earnings per share. Assurant's quarterly revenue was up 9.4% on a year-over-year basis. As a group, sell-side analysts anticipate that Assurant will post 22.05 EPS for the current year.

Insider Activity at Assurant

In other news, EVP Robert Lonergan sold 7,000 shares of the business's stock in a transaction that occurred on 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 sale, the executive vice president directly owned 27,374 shares in the company, valued at approximately $7,191,423.54. The trade was a 20.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Nair Biju sold 3,931 shares of the company's stock in a transaction on 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 completion of the sale, the executive vice president directly owned 24,247 shares of the company's stock, valued at $7,333,747.62. This trade represents a 13.95% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.54% of the company's stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. Jones Financial Companies Lllp boosted its holdings in Assurant by 606.7% during the 1st quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider's stock valued at $222,000 after acquiring an additional 910 shares during the period. Goldman Sachs Group Inc. lifted its position in Assurant by 19.6% in the first quarter. Goldman Sachs Group Inc. now owns 290,759 shares of the financial services provider's stock valued at $60,987,000 after purchasing an additional 47,548 shares during the last quarter. United Services Automobile Association bought a new stake in Assurant in the first quarter valued at approximately $203,000. Focus Partners Wealth boosted its stake in shares of Assurant by 66.6% during the first quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider's stock valued at $556,000 after purchasing an additional 1,059 shares during the period. Finally, Geneos Wealth Management Inc. grew its holdings in shares of Assurant by 57.8% in the first quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock worth $38,000 after purchasing an additional 67 shares during the last quarter. 92.65% of the stock is owned by institutional investors.

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.

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