Assurant (NYSE:AIZ) Hits New 12-Month High - Here's Why

Key Points

• Assurant shares hit a new 52-week high, trading as high as $261.10 after rising about 0.8%, reflecting strong recent momentum in the stock.
• Analysts remain bullish on the company, with multiple firms raising price targets and Morgan Stanley upgrading Assurant to overweight; the consensus rating is a Buy with an average target of $275.83.
• Recent earnings topped expectations, as Assurant reported $5.95 EPS versus the $5.29 forecast and revenue of $3.42 billion, while also announcing a quarterly dividend of $0.88 per share.

Shares of Assurant, Inc. (NYSE:AIZ - Get Free Report) hit a new 52-week high on Friday . The stock traded as high as $261.10 and last traded at $260.6650, with a volume of 161203 shares. The stock had previously closed at $258.50.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AIZ shares. UBS Group increased their price objective on shares of Assurant from $270.00 to $274.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Morgan Stanley raised shares of Assurant from an "equal weight" rating to an "overweight" rating and upped their price target for the stock from $240.00 to $285.00 in a research report on Thursday, May 14th. BMO Capital Markets dropped their price target on shares of Assurant from $255.00 to $246.00 and set an "outperform" rating for the company in a research report on Thursday, February 12th. Keefe, Bruyette & Woods upped their price target on shares of Assurant from $258.00 to $270.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Finally, Weiss Ratings raised shares of Assurant from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the company currently has an average rating of "Buy" and an average target price of $275.83.

Assurant Trading Up 0.8%

The business has a fifty day moving average price of $239.19 and a 200 day moving average price of $232.74. The company has a market capitalization of $12.92 billion, a PE ratio of 13.33 and a beta of 0.56. 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 EPS for the quarter, topping analysts' consensus estimates of $5.29 by $0.66. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The company's quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the business posted $5.79 EPS. Analysts expect that Assurant, Inc. will post 21.04 EPS for the current fiscal year.

Assurant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 8th will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, June 8th. Assurant's dividend payout ratio (DPR) is 18.01%.

Insider Buying and Selling

In related news, EVP Subhashish Sengupta sold 1,880 shares of the firm's stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $210.53, for a total transaction of $395,796.40. Following the sale, the executive vice president directly owned 2,895 shares in the company, valued at approximately $609,484.35. This trade represents a 39.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Keith Meier sold 25,000 shares of the firm's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $254.31, for a total value of $6,357,750.00. Following the sale, the executive vice president owned 18,552 shares in the company, valued at approximately $4,717,959.12. The trade was a 57.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last 90 days, insiders have sold 31,650 shares of company stock valued at $7,930,981. Corporate insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On Assurant

Several hedge funds have recently modified their holdings of the stock. Parallel Advisors LLC raised its holdings in shares of Assurant by 21.4% during the 1st quarter. Parallel Advisors LLC now owns 386 shares of the financial services provider's stock valued at $84,000 after buying an additional 68 shares during the period. NewEdge Advisors LLC raised its holdings in shares of Assurant by 13.9% during the 1st quarter. NewEdge Advisors LLC now owns 4,657 shares of the financial services provider's stock valued at $1,014,000 after buying an additional 568 shares during the period. Glenmede Trust Co. NA increased its holdings in Assurant by 32.8% during the 1st quarter. Glenmede Trust Co. NA now owns 3,345 shares of the financial services provider's stock worth $729,000 after purchasing an additional 826 shares during the last quarter. Arete Wealth Advisors LLC purchased a new stake in Assurant during the 1st quarter worth approximately $22,271,000. Finally, Western Wealth Management LLC purchased a new stake in Assurant during the 1st quarter worth approximately $33,000. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Assurant Company Profile

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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