Assurant (NYSE:AIZ) Sets New 12-Month High - Still a Buy?

Key Points

• Assurant hit a new 52-week high, trading as high as $279.50, as the stock continues to rally above its 50-day and 200-day moving averages.
• Wall Street sentiment remains positive, with several analysts raising price targets; the consensus rating is “Moderate Buy” and the average target price is $285.71.
• Recent results were strong, as the company beat quarterly EPS and revenue estimates, while also paying a quarterly dividend of $0.88 per share for a 1.3% annualized yield.

Assurant, Inc. (NYSE:AIZ - Get Free Report) reached a new 52-week high during trading on Monday . The stock traded as high as $279.50 and last traded at $279.5160, with a volume of 276415 shares traded. The stock had previously closed at $279.48.

Analyst Ratings Changes

A number of equities analysts have weighed in on AIZ shares. Morgan Stanley boosted their target price on Assurant from $285.00 to $300.00 and gave the stock an "overweight" rating in a research report on Monday. Keefe, Bruyette & Woods increased their price objective on shares of Assurant from $258.00 to $270.00 and gave the company an "outperform" rating in a research report on Wednesday, May 13th. UBS Group raised their target price on shares of Assurant from $270.00 to $274.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Royal Bank Of Canada set a $310.00 target price on shares of Assurant in a research note on Wednesday, June 17th. Finally, Piper Sandler restated an "overweight" rating on shares of Assurant in a research note on Monday, June 22nd. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $285.71.

Assurant Stock Performance

The business's fifty day moving average is $252.98 and its 200-day moving average is $237.23. 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 cap of $13.93 billion, a PE ratio of 14.38 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings results 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. Assurant had a net margin of 7.60% and a return on equity of 20.32%. The business had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.29 billion. During the same period last year, the firm earned $5.79 earnings per share. The company's quarterly revenue was up 11.3% on a year-over-year basis. As a group, research analysts predict that Assurant, Inc. will post 21.04 EPS for the current fiscal year.

Assurant Dividend Announcement

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

Insider Buying and Selling

In other news, EVP Robert Lonergan sold 7,000 shares of the firm's stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $262.71, for a total value of $1,838,970.00. Following the transaction, the executive vice president owned 27,374 shares of the company's stock, valued at $7,191,423.54. This trade represents a 20.36% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Keith Meier sold 25,000 shares of Assurant 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 transaction, the executive vice president directly 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. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 36,000 shares of company stock worth $9,211,620. Company insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On Assurant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Bank of New York Mellon Corp lifted its holdings in Assurant by 0.6% during 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 purchasing an additional 29,974 shares in the last quarter. Dimensional Fund Advisors LP raised its position in shares of Assurant by 22.4% during 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 purchasing an additional 205,767 shares during the period. Fuller & Thaler Asset Management Inc. raised its position in shares of Assurant by 7.7% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 697,555 shares of the financial services provider's stock valued at $168,006,000 after purchasing an additional 49,698 shares during the period. Norges Bank purchased a new position in shares of Assurant during the 4th quarter valued at $161,574,000. Finally, Morgan Stanley boosted its holdings in Assurant by 5.2% in the 4th quarter. Morgan Stanley now owns 640,431 shares of the financial services provider's stock worth $154,248,000 after buying an additional 31,432 shares during the period. 92.65% of the stock is 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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