Assurant (NYSE:AIZ) Price Target Raised to $218.00 at Morgan Stanley

Assurant (NYSE:AIZ - Free Report) had its target price boosted by Morgan Stanley from $217.00 to $218.00 in a report published on Monday morning,Benzinga reports. They currently have an equal weight rating on the financial services provider's stock.

Several other research analysts have also issued reports on the company. Wall Street Zen lowered Assurant from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Piper Sandler upgraded Assurant from a "neutral" rating to an "overweight" rating and set a $223.00 price target on the stock in a report on Thursday, April 10th. Finally, Keefe, Bruyette & Woods increased their price target on Assurant from $224.00 to $225.00 and gave the stock an "outperform" rating in a report on Monday, May 19th. Two equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $228.83.

Assurant Trading Down 3.0%

Shares of Assurant stock traded down $5.77 on Monday, hitting $185.30. 327,229 shares of the company's stock traded hands, compared to its average volume of 428,406. Assurant has a one year low of $164.63 and a one year high of $230.55. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.41 and a quick ratio of 0.41. The company has a fifty day moving average of $197.02 and a two-hundred day moving average of $201.51. The company has a market capitalization of $9.43 billion, a price-to-earnings ratio of 14.44 and a beta of 0.59.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results on Tuesday, May 6th. The financial services provider reported $3.39 EPS for the quarter, beating the consensus estimate of $2.78 by $0.61. Assurant had a return on equity of 15.49% and a net margin of 5.55%. The company had revenue of $3.07 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter in the prior year, the company earned $4.78 EPS. The firm's revenue for the quarter was up 6.7% compared to the same quarter last year. As a group, sell-side analysts expect that Assurant will post 16.88 earnings per share for the current year.

Assurant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date was Monday, June 9th. Assurant's payout ratio is currently 24.94%.

Insider Buying and Selling

In related news, EVP Jay Rosenblum sold 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $201.93, for a total value of $201,930.00. Following the completion of the sale, the executive vice president directly owned 11,775 shares of the company's stock, valued at approximately $2,377,725.75. This represents a 7.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 0.51% of the company's stock.

Institutional Investors Weigh In On Assurant

Several large investors have recently made changes to their positions in AIZ. Norges Bank purchased a new stake in shares of Assurant during the 4th quarter valued at $143,475,000. Bank of New York Mellon Corp increased its position in shares of Assurant by 12.7% during the 1st quarter. Bank of New York Mellon Corp now owns 3,740,659 shares of the financial services provider's stock valued at $784,603,000 after purchasing an additional 420,069 shares during the last quarter. Invesco Ltd. grew its stake in shares of Assurant by 28.0% during the 1st quarter. Invesco Ltd. now owns 1,479,310 shares of the financial services provider's stock worth $310,285,000 after acquiring an additional 323,573 shares during the period. Millennium Management LLC raised its stake in Assurant by 1,499.1% in the 4th quarter. Millennium Management LLC now owns 344,128 shares of the financial services provider's stock valued at $73,375,000 after acquiring an additional 322,608 shares during the period. Finally, GAMMA Investing LLC lifted its holdings in Assurant by 20,818.1% during the first quarter. GAMMA Investing LLC now owns 308,123 shares of the financial services provider's stock valued at $646,290,000 after purchasing an additional 306,650 shares during the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Assurant Company Profile

Assurant, Inc, together with its subsidiaries, provides business services that supports, protects, and connects consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products; and vehicle protection, commercial equipment, and other related services.