Assurant (NYSE:AIZ) Price Target Raised to $310.00

Key Points

• Keefe, Bruyette & Woods raised Assurant’s price target from $270 to $310 and kept an outperform rating, implying about 10.69% upside from the previous close.
• Recent analyst sentiment remains mostly positive, with multiple firms lifting targets or maintaining buy ratings; the consensus view is a Moderate Buy with an average target price of $291.43.
• Assurant’s latest quarter beat expectations, posting $5.95 EPS on $3.42 billion in revenue, while revenue rose 11.3% year over year and analysts expect full-year EPS of 21.04.

Assurant (NYSE:AIZ - Get Free Report) had its target price hoisted by stock analysts at Keefe, Bruyette & Woods from $270.00 to $310.00 in a report issued on Wednesday,Benzinga reports. The firm currently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 10.69% from the company's previous close.

AIZ has been the topic of several other reports. Weiss Ratings lowered shares of Assurant from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, June 23rd. Royal Bank Of Canada set a $310.00 price target on shares of Assurant in a research report on Wednesday, June 17th. Wall Street Zen downgraded shares of Assurant from a "buy" rating to a "hold" rating in a research report on Sunday, June 28th. Morgan Stanley upped their target price on Assurant from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Monday. Finally, Truist Financial raised their target price on Assurant from $290.00 to $310.00 and gave the company a "buy" rating in a report on Wednesday, June 17th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, Assurant presently has an average rating of "Moderate Buy" and an average target price of $291.43.

Assurant Stock Performance

NYSE AIZ opened at $280.05 on Wednesday. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $13.88 billion, a P/E ratio of 14.32 and a beta of 0.55. Assurant has a 12-month low of $183.39 and a 12-month high of $284.12. The firm has a 50-day moving average price of $254.96 and a two-hundred day moving average price of $237.85.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.29 by $0.66. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.29 billion. The firm's quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.79 earnings per share. Analysts anticipate that Assurant will post 21.04 earnings per share for the current year.

Insider Activity at Assurant

In related news, CAO Dimitry Dirienzo sold 2,000 shares of the business's stock in a transaction on Tuesday, May 26th. The stock was sold at an average price of $255.68, for a total transaction of $511,360.00. Following the sale, the chief accounting officer owned 2,741 shares in the company, valued at $700,818.88. The trade was a 42.19% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Jay Rosenblum sold 2,000 shares of the business's stock in a transaction on Thursday, May 14th. The stock was sold at an average price of $251.77, for a total value of $503,540.00. Following the sale, the executive vice president owned 12,764 shares in the company, valued at $3,213,592.28. This represents a 13.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 36,000 shares of company stock valued at $9,211,620 over the last three months. 0.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Assurant

Several hedge funds and other institutional investors have recently made changes to their positions in the company. JPMorgan Chase & Co. raised its stake 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 valued at $27,076,000 after acquiring an additional 16,388 shares during the last quarter. Robeco Institutional Asset Management B.V. grew its stake in shares of Assurant by 16.8% in the fourth quarter. Robeco Institutional Asset Management B.V. now owns 185,949 shares of the financial services provider's stock worth $44,786,000 after purchasing an additional 26,678 shares during the last quarter. Clark Capital Management Group Inc. grew its stake in shares of Assurant by 2.1% in the third quarter. Clark Capital Management Group Inc. now owns 310,802 shares of the financial services provider's stock worth $67,320,000 after purchasing an additional 6,277 shares during the last quarter. Jupiter Asset Management Ltd. increased its holdings in Assurant by 1.6% in the fourth quarter. Jupiter Asset Management Ltd. now owns 349,361 shares of the financial services provider's stock valued at $84,144,000 after purchasing an additional 5,462 shares during the period. Finally, Sumitomo Mitsui Trust Group Inc. increased its holdings in Assurant by 198.9% in the fourth quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,997 shares of the financial services provider's stock valued at $2,889,000 after purchasing an additional 7,983 shares during the period. 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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