Assurant (NYSE:AIZ) Given New $290.00 Price Target at Truist Financial

Key Points

• Truist Financial raised its price target on Assurant from $280 to $290 and maintained a "buy" rating, implying roughly a 23.02% upside from the prior close.
• Assurant beat Q1 estimates with EPS of $5.95 versus $5.29 expected and revenue of $3.42 billion (up 11.3% year-over-year), and analysts forecast full-year EPS of 20.75.
• Shares traded near $235.73, below the consensus target of $258.50; eight analysts rate the stock Buy and two Hold (consensus "Moderate Buy"), while institutional investors own about 92.65% of the shares.

Assurant (NYSE:AIZ - Get Free Report) had its target price lifted by investment analysts at Truist Financial from $280.00 to $290.00 in a research report issued on Thursday,Benzinga reports. The brokerage currently has a "buy" rating on the financial services provider's stock. Truist Financial's target price would suggest a potential upside of 23.02% from the stock's previous close.

AIZ has been the subject of several other research reports. BMO Capital Markets decreased their price target on shares of Assurant from $255.00 to $246.00 and set an "outperform" rating for the company in a report on Thursday, February 12th. Morgan Stanley decreased their target price on Assurant from $248.00 to $240.00 and set an "equal weight" rating for the company in a research note on Monday, April 6th. Weiss Ratings raised Assurant from a "buy (b)" rating to a "buy (b+)" rating in a research report on Monday, April 27th. Finally, Wall Street Zen lowered Assurant from a "buy" rating to a "hold" rating in a research report on Saturday, February 14th. Eight research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $258.50.

Assurant Trading Down 0.4%

AIZ traded down $0.89 during midday trading on Thursday, reaching $235.73. 93,377 shares of the company were exchanged, compared to its average volume of 395,960. The stock has a market capitalization of $11.72 billion, a P/E ratio of 12.04 and a beta of 0.56. Assurant has a one year low of $183.39 and a one year high of $246.31. The stock's 50-day simple moving average is $223.37 and its 200 day simple moving average is $226.66. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.39 and a current ratio of 0.39.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share for the quarter, topping the consensus estimate of $5.29 by $0.66. Assurant had a net margin of 7.60% and a return on equity of 20.46%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.29 billion. During the same quarter last year, the firm earned $5.79 EPS. Assurant's quarterly revenue was up 11.3% compared to the same quarter last year. As a group, analysts forecast that Assurant will post 20.75 earnings per share for the current fiscal year.

Insider Transactions at Assurant

In other news, EVP Subhashish Sengupta sold 1,880 shares of the business's stock in a transaction on Friday, March 20th. The shares were sold at an average price of $210.53, for a total value of $395,796.40. Following the sale, the executive vice president owned 2,895 shares of the company's stock, valued at $609,484.35. The trade was a 39.37% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CAO Dimitry Dirienzo sold 750 shares of the stock in a transaction on 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 of the company's stock, valued at $1,000,256.18. The trade was a 13.66% decrease in their position. The SEC filing for this sale provides additional information. Over the last quarter, insiders have sold 2,650 shares of company stock valued at $558,331. 0.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Assurant

Several hedge funds have recently modified their holdings of the stock. JPMorgan Chase & Co. increased its holdings in shares of Assurant by 15.1% during the third quarter. JPMorgan Chase & Co. now owns 124,993 shares of the financial services provider's stock worth $27,076,000 after purchasing an additional 16,388 shares during the period. New York State Common Retirement Fund lifted its position in shares of Assurant by 37.9% during the 3rd quarter. New York State Common Retirement Fund now owns 37,148 shares of the financial services provider's stock valued at $8,046,000 after acquiring an additional 10,200 shares during the period. GW&K Investment Management LLC increased its holdings 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 buying an additional 56,009 shares during the period. Bank of New York Mellon Corp raised its position in Assurant by 23.7% during the third 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 purchasing an additional 959,259 shares in the last quarter. Finally, Nordea Investment Management AB lifted its stake in Assurant by 29.3% during the third quarter. Nordea Investment Management AB now owns 665,683 shares of the financial services provider's stock worth $143,588,000 after purchasing an additional 150,907 shares during the last quarter. Institutional investors own 92.65% of the company's stock.

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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