Assurant (NYSE:AIZ) Reaches New 1-Year High - Here's Why

Key Points

• Assurant shares hit a new 52-week high, trading as high as $268.95 after a recent run-up, with the stock last changing hands near $269.48.
• Analysts remain broadly positive on the stock, with nine Buy ratings and one Hold; the average price target is $283.57 after several firms recently raised their targets.
• The company posted strong quarterly results, earning $5.95 per share on revenue of $3.42 billion, both ahead of expectations, while also paying a quarterly dividend of $0.88 per share.

Assurant, Inc. (NYSE:AIZ - Get Free Report)'s stock price reached a new 52-week high on Tuesday . The company traded as high as $268.95 and last traded at $269.4830, with a volume of 38573 shares changing hands. The stock had previously closed at $267.98.

Analyst Upgrades and Downgrades

AIZ has been the subject of a number of analyst reports. Keefe, Bruyette & Woods upped their price objective 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. UBS Group lifted their target price on shares of Assurant from $270.00 to $274.00 and gave the company a "buy" rating in a report on Monday, May 11th. Royal Bank Of Canada set a $310.00 price target on shares of Assurant in a research note on Wednesday, June 17th. Weiss Ratings cut shares of Assurant from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, June 23rd. Finally, Piper Sandler restated an "overweight" rating on shares of Assurant in a research report on Monday, June 22nd. Nine equities research 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 stock currently has an average rating of "Moderate Buy" and an average price target of $283.57.

Assurant Stock Performance

The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $13.37 billion, a price-to-earnings ratio of 13.79 and a beta of 0.56. The stock's 50 day moving average price is $249.19 and its two-hundred day moving average price is $235.90.

Assurant (NYSE:AIZ - Get Free Report) last announced its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $5.95 EPS for the quarter, beating the consensus estimate of $5.29 by $0.66. The firm had revenue of $3.42 billion during the quarter, compared to analysts' expectations of $3.29 billion. Assurant had a net margin of 7.60% and a return on equity of 20.32%. The business's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the business earned $5.79 earnings per share. On average, analysts forecast that Assurant, Inc. will post 21.04 EPS for the current year.

Assurant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 8th were paid a dividend of $0.88 per share. The ex-dividend date of this dividend was Monday, June 8th. This represents a $3.52 annualized dividend and a dividend yield of 1.3%. Assurant's payout ratio is 18.01%.

Insider Transactions at Assurant

In related news, EVP Jay Rosenblum sold 2,000 shares of the firm's stock in a transaction that occurred 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 completion of the transaction, the executive vice president directly owned 12,764 shares of the company's stock, valued at $3,213,592.28. This trade represents a 13.55% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, 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 value of $511,360.00. Following the sale, the chief accounting officer owned 2,741 shares in the company, valued at approximately $700,818.88. The trade was a 42.19% 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 36,000 shares of company stock worth $9,211,620. 0.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Assurant

A number of large investors have recently added to or reduced their stakes in the business. Jones Financial Companies Lllp raised its position in Assurant by 606.7% during the first quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider's stock worth $222,000 after acquiring an additional 910 shares during the last quarter. Goldman Sachs Group Inc. grew its position in shares of Assurant by 19.6% in the first quarter. Goldman Sachs Group Inc. now owns 290,759 shares of the financial services provider's stock valued at $60,987,000 after purchasing an additional 47,548 shares during the last quarter. United Services Automobile Association purchased a new position in shares of Assurant during the 1st quarter worth approximately $203,000. Focus Partners Wealth increased its stake in shares of Assurant by 66.6% during the 1st quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider's stock worth $556,000 after purchasing an additional 1,059 shares in the last quarter. Finally, Geneos Wealth Management Inc. raised its position in shares of Assurant by 57.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock worth $38,000 after purchasing an additional 67 shares during the last quarter. 92.65% of the stock is owned by institutional investors and hedge funds.

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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