Assurant (NYSE:AIZ) Sets New 12-Month High - What's Next?

Key Points

• Assurant shares reached a new 52-week high of $284.64, supported by favorable analyst sentiment. Nine analysts rate the stock a Buy and one rates it Hold, with a consensus “Moderate Buy” rating and an average price target of $291.43.
• The company reported strong quarterly results, with earnings per share of $5.95 and revenue of $3.42 billion, beating analyst expectations; revenue increased 11.3% year over year.
• Assurant paid a quarterly dividend of $0.88 per share, equivalent to an annualized $3.52 dividend and a 1.3% yield. Institutional investors own 92.65% of the stock, while insiders sold 36,000 shares worth approximately $9.2 million during the last quarter.

Assurant, Inc. (NYSE:AIZ - Get Free Report) shares reached a new 52-week high during mid-day trading on Wednesday . The stock traded as high as $284.64 and last traded at $283.1790, with a volume of 125050 shares changing hands. The stock had previously closed at $283.08.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on AIZ shares. Piper Sandler reiterated an "overweight" rating on shares of Assurant in a research report on Monday, June 22nd. Keefe, Bruyette & Woods raised their price target on shares of Assurant from $270.00 to $310.00 and gave the company an "outperform" rating in a research note on Wednesday, July 8th. Weiss Ratings cut Assurant from a "buy (a-)" rating to a "buy (b+)" rating in a report on Tuesday, June 23rd. Morgan Stanley lifted their price objective on Assurant from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Finally, Royal Bank Of Canada set a $310.00 price objective on Assurant in a research note 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's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price of $291.43.

Assurant Stock Performance

The company has a market cap of $13.92 billion, a price-to-earnings ratio of 14.35 and a beta of 0.55. 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's fifty day simple moving average is $265.34 and its 200 day simple moving average is $241.76.

Assurant (NYSE:AIZ - Get Free Report) last issued its 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. The business had revenue of $3.42 billion for the quarter, compared to analysts' expectations of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The business's revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the firm posted $5.79 EPS. As a group, analysts anticipate that Assurant, Inc. will post 21.04 earnings per share for the current year.

Assurant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Shareholders 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 dividend on an annualized basis and a yield of 1.3%. Assurant's payout ratio is 18.01%.

Insider Buying and Selling

In other Assurant news, CAO Dimitry Dirienzo sold 2,000 shares of the company'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 completion of the sale, the chief accounting officer directly owned 2,741 shares in the company, valued at $700,818.88. This represents a 42.19% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Keith Meier sold 25,000 shares of the business's stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $254.31, for a total transaction 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 position. The SEC filing for this sale provides additional information. Insiders have sold 36,000 shares of company stock valued at $9,211,620 in the last quarter. Corporate insiders own 0.54% of the company's stock.

Institutional Investors Weigh In On Assurant

A number of institutional investors have recently made changes to their positions in AIZ. Bank of New York Mellon Corp lifted its holdings in shares of Assurant by 0.6% in the 4th quarter. Bank of New York Mellon Corp now owns 5,040,347 shares of the financial services provider's stock worth $1,213,968,000 after acquiring an additional 29,974 shares during the last quarter. Dimensional Fund Advisors LP increased its holdings 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 purchasing an additional 205,767 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its position in 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 purchasing an additional 49,698 shares during the period. Norges Bank purchased a new stake in Assurant in the fourth quarter valued at approximately $161,574,000. Finally, Morgan Stanley raised its position in 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 purchasing an additional 31,432 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

About Assurant

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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