Assurant (NYSE:AIZ) Reaches New 12-Month High - Here's What Happened

Key Points

• Assurant shares hit a new 52-week high, reaching as much as $266.90 in trading on Wednesday before closing at $265.83, up from the prior close of $261.58.
• Analyst sentiment remains positive, with several firms raising price targets and ratings; the consensus target is $283.57 and the stock carries an average “Buy” rating.
• The company posted stronger-than-expected quarterly results, reporting EPS of $5.95 versus $5.29 expected and revenue of $3.42 billion, while also announcing a quarterly dividend of $0.88 per share.

Assurant, Inc. (NYSE:AIZ - Get Free Report)'s share price reached a new 52-week high during trading on Wednesday . The company traded as high as $266.90 and last traded at $265.83, with a volume of 394494 shares. The stock had previously closed at $261.58.

Wall Street Analysts Forecast Growth

Several analysts recently weighed in on AIZ shares. Keefe, Bruyette & Woods increased their target price on Assurant from $258.00 to $270.00 and gave the company an "outperform" rating in a research note on Wednesday, May 13th. Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a report on Saturday. Truist Financial increased their price objective on Assurant from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Wednesday, June 17th. Royal Bank Of Canada set a $310.00 price objective on shares of Assurant in a research note on Wednesday, June 17th. Finally, Weiss Ratings raised shares of Assurant from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, June 9th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Hold rating to the company. Based on data from MarketBeat.com, Assurant presently has an average rating of "Buy" and a consensus price target of $283.57.

Assurant Stock Performance

The firm has a fifty day simple moving average of $245.88 and a 200 day simple moving average of $234.73. 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 stock has a market cap of $13.17 billion, a price-to-earnings ratio of 13.60 and a beta of 0.56.

Assurant (NYSE:AIZ - Get Free Report) last announced 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. The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.Assurant's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm earned $5.79 EPS. As a group, sell-side analysts expect that Assurant, Inc. will post 21.04 earnings per share for the current year.

Assurant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 8th will be paid a dividend of $0.88 per share. The ex-dividend date is Monday, June 8th. This represents a $3.52 dividend on an annualized basis and a yield of 1.3%. Assurant's payout ratio is currently 18.01%.

Insider Buying and Selling at Assurant

In other news, CAO Dimitry Dirienzo sold 2,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total value of $511,360.00. Following the completion of the transaction, the chief accounting officer owned 2,741 shares in the company, valued at approximately $700,818.88. This represents a 42.19% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Jay Rosenblum sold 2,000 shares of the firm's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $251.77, for a total transaction of $503,540.00. Following the transaction, the executive vice president directly owned 12,764 shares of the company's stock, valued at $3,213,592.28. The trade was a 13.55% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 36,000 shares of company stock worth $9,211,620. Corporate insiders own 0.54% of the company's stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in shares of Assurant in the 4th quarter worth approximately $161,574,000. Adage Capital Partners GP L.L.C. boosted its stake in Assurant by 676.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 240,240 shares of the financial services provider's stock valued at $57,862,000 after buying an additional 209,300 shares in the last quarter. Dimensional Fund Advisors LP boosted its stake in Assurant by 22.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,125,406 shares of the financial services provider's stock valued at $245,121,000 after buying an additional 205,767 shares in the last quarter. Millennium Management LLC grew its position in Assurant by 122.9% in the fourth quarter. Millennium Management LLC now owns 322,235 shares of the financial services provider's stock valued at $77,610,000 after acquiring an additional 177,642 shares during the period. Finally, Gillson Capital LP grew its position in Assurant by 62.6% in the fourth quarter. Gillson Capital LP now owns 390,205 shares of the financial services provider's stock valued at $93,981,000 after acquiring an additional 150,168 shares during the period. Institutional investors own 92.65% of the company's stock.

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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