Assurant (NYSE:AIZ) Price Target Raised to $290.00

Key Points

• Piper Sandler raised its price target on Assurant to $290 from $268 and kept an overweight rating, implying about 13.8% upside from the prior close.
• Recent analyst sentiment has been broadly positive, with several firms lifting targets and nine analysts rating the stock a Buy; the consensus target now stands at $275.83.
• Assurant recently reported better-than-expected Q1 earnings, posting $5.95 EPS on revenue of $3.42 billion, while its stock opened at $254.90 and remains near its 52-week high.

Assurant (NYSE:AIZ - Get Free Report) had its target price raised by equities researchers at Piper Sandler from $268.00 to $290.00 in a report released on Tuesday,Benzinga reports. The firm currently has an "overweight" rating on the financial services provider's stock. Piper Sandler's target price would suggest a potential upside of 13.77% from the stock's previous close.

Other research analysts have also recently issued research reports about the stock. UBS Group upped their target price on shares of Assurant from $270.00 to $274.00 and gave the stock a "buy" rating in a research report on Monday, May 11th. BMO Capital Markets decreased their target price 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 target price 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. Morgan Stanley upgraded shares of Assurant from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $240.00 to $285.00 in a research report on Thursday, May 14th. Finally, Truist Financial upped their target price on shares of Assurant from $280.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $275.83.

Assurant Price Performance

AIZ opened at $254.90 on Tuesday. The firm has a market cap of $12.63 billion, a price-to-earnings ratio of 13.04 and a beta of 0.56. Assurant has a fifty-two week low of $183.39 and a fifty-two week high of $260.96. The company's 50-day moving average price is $229.76 and its 200 day moving average price is $230.21. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38.

Assurant (NYSE:AIZ - Get Free Report) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 EPS 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 20.32%. The firm had revenue of $3.42 billion during the quarter, compared to analysts' expectations of $3.29 billion. During the same quarter in the prior year, the firm earned $5.79 EPS. Assurant's quarterly revenue was up 11.3% on a year-over-year basis. As a group, sell-side analysts expect that Assurant will post 21.04 earnings per share for the current year.

Insider Activity at Assurant

In other news, EVP Subhashish Sengupta sold 1,880 shares of the stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 2,895 shares in the company, valued at $609,484.35. This trade represents a 39.37% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Jay Rosenblum sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $251.77, for a total transaction of $503,540.00. Following the completion of the transaction, the executive vice president owned 12,764 shares of the company's stock, valued at $3,213,592.28. This trade represents a 13.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders have sold 29,650 shares of company stock valued at $7,419,621. Insiders own 0.54% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Bank of New York Mellon Corp boosted its holdings in shares of Assurant by 0.6% in the fourth quarter. Bank of New York Mellon Corp now owns 5,040,347 shares of the financial services provider's stock valued at $1,213,968,000 after acquiring an additional 29,974 shares in the last quarter. Dimensional Fund Advisors LP grew its position in Assurant by 22.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,125,406 shares of the financial services provider's stock worth $245,121,000 after buying an additional 205,767 shares during the last quarter. Fuller & Thaler Asset Management Inc. increased its holdings in shares of Assurant by 7.7% in the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 697,555 shares of the financial services provider's stock valued at $168,006,000 after buying an additional 49,698 shares in the last quarter. Norges Bank bought a new position in shares of Assurant in the fourth quarter valued at $161,574,000. Finally, Morgan Stanley increased its holdings in shares of Assurant by 5.2% in the fourth quarter. Morgan Stanley now owns 640,431 shares of the financial services provider's stock valued at $154,248,000 after buying an additional 31,432 shares in the last quarter. 92.65% of the stock is currently owned by 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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