Assurant (NYSE:AIZ) Stock Rating Upgraded by Wall Street Zen

Key Points

• Wall Street Zen upgraded Assurant from “hold” to “buy,” adding to a generally bullish analyst view that now includes a consensus Buy rating and an average price target of $283.57.
• Assurant posted strong quarterly results, with earnings of $5.95 per share beating estimates and revenue of $3.42 billion coming in above expectations; revenue rose 11.3% year over year.
• The stock has been moving near its 12-month high, opening at $260.25, while insiders have recently sold shares and institutional investors continue to hold a large majority of the company.

Assurant (NYSE:AIZ - Get Free Report) was upgraded by research analysts at Wall Street Zen from a "hold" rating to a "buy" rating in a research report issued on Saturday.

Other equities analysts have also issued research reports about the stock. Royal Bank Of Canada set a $310.00 target price on shares of Assurant in a research report on Wednesday. Keefe, Bruyette & Woods boosted their price objective on shares of Assurant from $258.00 to $270.00 and gave the stock an "outperform" rating in a report on Wednesday, May 13th. UBS Group upped their price objective on shares of Assurant from $270.00 to $274.00 and gave the company a "buy" rating in a research report on Monday, May 11th. Piper Sandler increased their target price on shares of Assurant from $268.00 to $290.00 and gave the company an "overweight" rating in a research note on Tuesday, May 26th. Finally, Morgan Stanley raised Assurant from an "equal weight" rating to an "overweight" rating and lifted their target price for the stock from $240.00 to $285.00 in a research report on Thursday, May 14th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Assurant has a consensus rating of "Buy" and an average price target of $283.57.

Assurant Trading Up 0.2%

Shares of NYSE:AIZ opened at $260.25 on Friday. The firm has a fifty day moving average of $244.18 and a two-hundred day moving average of $234.08. The firm has a market capitalization of $12.90 billion, a P/E ratio of 13.31 and a beta of 0.56. Assurant has a 12-month low of $183.39 and a 12-month high of $265.66. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38.

Assurant (NYSE:AIZ - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share for the quarter, topping analysts' consensus estimates 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 in the prior year, the business posted $5.79 earnings per share. Assurant's revenue for the quarter was up 11.3% compared to the same quarter last year. On average, equities analysts expect that Assurant will post 21.04 EPS for the current fiscal year.

Insider Buying and Selling at Assurant

In other news, EVP Jay Rosenblum sold 2,000 shares of Assurant 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 approximately $3,213,592.28. The trade was a 13.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Keith Meier sold 25,000 shares of the company'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 completion of the sale, 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 29,000 shares of company stock valued at $7,372,650 in the last 90 days. 0.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Assurant

Institutional investors have recently added to or reduced their stakes in the stock. Jones Financial Companies Lllp grew its position in Assurant by 606.7% in the first quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider's stock valued at $222,000 after acquiring an additional 910 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Assurant by 19.6% during 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 acquiring an additional 47,548 shares during the period. United Services Automobile Association bought a new position in shares of Assurant during the first quarter valued at $203,000. Focus Partners Wealth boosted its stake in shares of Assurant by 66.6% in the 1st quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider's stock valued at $556,000 after purchasing an additional 1,059 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of Assurant by 57.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 67 shares in the last quarter. 92.65% of the stock is 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.