Assurant (NYSE:AIZ) Stock Price Expected to Rise, Keefe, Bruyette & Woods Analyst Says

Key Points

• Keefe, Bruyette & Woods raised Assurant’s price target to $325 from $310 and maintained an “outperform” rating, implying roughly 9.8% upside. Analysts overall give the stock a “Moderate Buy” consensus rating with a $305.57 average target.
• Assurant reported a strong quarter, with earnings per share of $6.41 versus the $5.17 consensus estimate and revenue of $3.45 billion, up 9.4% year over year.
• The stock opened at $296.01 after gaining substantially over recent months, while insiders sold 36,000 shares worth about $9.2 million in the past 90 days; institutional investors own 92.65% of the company.

Assurant (NYSE:AIZ - Get Free Report) had its price target raised by equities research analysts at Keefe, Bruyette & Woods from $310.00 to $325.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an "outperform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price objective indicates a potential upside of 9.80% from the stock's current price.

A number of other research firms also recently issued reports on AIZ. Wall Street Zen downgraded shares of Assurant from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Morgan Stanley upped their target price on Assurant from $285.00 to $300.00 and gave the stock an "overweight" rating in a report on Monday, July 6th. Piper Sandler increased their target price on Assurant from $290.00 to $329.00 and gave the stock an "overweight" rating in a research report on Thursday. Truist Financial raised their target price on Assurant from $310.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday. Finally, Royal Bank Of Canada set a $310.00 price target on Assurant in a research report on Wednesday, June 17th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $305.57.

Assurant Stock Down 1.8%

Shares of NYSE AIZ opened at $296.01 on Friday. The company has a current ratio of 0.67, a quick ratio of 0.39 and a debt-to-equity ratio of 0.36. Assurant has a 12 month low of $200.62 and a 12 month high of $303.94. The firm has a market capitalization of $14.67 billion, a PE ratio of 14.14 and a beta of 0.55. The firm has a fifty day simple moving average of $269.87 and a two-hundred day simple moving average of $244.19.

Assurant (NYSE:AIZ - Get Free Report) last posted its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 EPS for the quarter, topping the consensus estimate of $5.17 by $1.24. The firm had revenue of $3.45 billion during the quarter, compared to analysts' expectations of $3.43 billion. Assurant had a net margin of 7.90% and a return on equity of 20.40%. The company's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the company posted $5.56 EPS. Equities analysts expect that Assurant will post 21.04 earnings per share for the current year.

Insider Buying and Selling

In other news, EVP Keith Meier sold 25,000 shares of Assurant stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $254.31, for a total value of $6,357,750.00. Following the completion of the transaction, the executive vice president owned 18,552 shares of the company's stock, valued at $4,717,959.12. The trade was a 57.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jay Rosenblum sold 2,000 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $251.77, for a total transaction of $503,540.00. Following the sale, the executive vice president directly owned 12,764 shares in the company, valued at $3,213,592.28. This trade represents a 13.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 36,000 shares of company stock valued at $9,211,620 over the last ninety days. Insiders own 0.54% of the company's stock.

Hedge Funds Weigh In On Assurant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Robeco Institutional Asset Management B.V. boosted 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 acquiring an additional 26,678 shares during the period. Jupiter Asset Management Ltd. lifted its holdings in Assurant by 1.6% in the 4th quarter. Jupiter Asset Management Ltd. now owns 349,361 shares of the financial services provider's stock worth $84,144,000 after purchasing an additional 5,462 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. lifted its holdings in Assurant by 198.9% in the 4th quarter. Sumitomo Mitsui Trust Group Inc. now owns 11,997 shares of the financial services provider's stock worth $2,889,000 after purchasing an additional 7,983 shares in the last quarter. Strs Ohio boosted its stake in Assurant by 972.1% in the 4th quarter. Strs Ohio now owns 12,994 shares of the financial services provider's stock worth $3,130,000 after purchasing an additional 11,782 shares during the period. Finally, Deprince Race & Zollo Inc. boosted its stake in Assurant by 14.0% in the 4th quarter. Deprince Race & Zollo Inc. now owns 120,815 shares of the financial services provider's stock worth $29,098,000 after purchasing an additional 14,864 shares during the period. 92.65% of the stock is owned by institutional investors.

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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