BMO Capital Markets Begins Coverage on Assurant (NYSE:AIZ)

Key Points

• Assurant has been upgraded to a "strong-buy" rating by BMO Capital Markets, reflecting increased investor confidence in the company's future performance.
• Analysts have raised their target price for Assurant shares, with Morgan Stanley now at $218.00 and Keefe, Bruyette & Woods at $235.00, contributing to a consensus price target of $231.57.
• The company's latest quarterly earnings showed a net margin of 5.83% and reported earnings per share of $5.56, exceeding estimates by $1.13.

BMO Capital Markets began coverage on shares of Assurant (NYSE:AIZ - Free Report) in a research note released on Tuesday morning, Marketbeat Ratings reports. The firm issued an outperform rating and a $238.00 price objective on the financial services provider's stock.

A number of other equities research analysts have also issued reports on AIZ. Keefe, Bruyette & Woods upped their price target on Assurant from $225.00 to $235.00 and gave the company an "outperform" rating in a research report on Tuesday. Stephens initiated coverage on Assurant in a research report on Tuesday. They issued an "overweight" rating for the company. Benchmark initiated coverage on Assurant in a research report on Tuesday. They issued a "buy" rating for the company. Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Morgan Stanley increased their price objective on Assurant from $217.00 to $218.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. One investment analyst has rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $231.57.

Assurant Stock Down 0.1%

AIZ stock traded down $0.12 on Tuesday, hitting $212.81. 578,289 shares of the company's stock were exchanged, compared to its average volume of 435,513. Assurant has a 12-month low of $174.97 and a 12-month high of $230.55. The firm has a 50 day moving average price of $194.56 and a two-hundred day moving average price of $199.22. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a market cap of $10.74 billion, a P/E ratio of 15.41 and a beta of 0.58.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.43 by $1.13. The business had revenue of $3.16 billion during the quarter, compared to analysts' expectations of $3.13 billion. Assurant had a return on equity of 16.47% and a net margin of 5.83%. The company's revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $4.77 EPS. As a group, equities research analysts expect that Assurant will post 16.88 EPS for the current fiscal year.

Assurant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Tuesday, September 2nd. Assurant's dividend payout ratio is 23.17%.

Insider Transactions at Assurant

In other Assurant news, EVP Jay Rosenblum sold 3,900 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the completion of the transaction, the executive vice president owned 7,875 shares in the company, valued at approximately $1,642,173.75. This represents a 33.12% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Dimitry Dirienzo sold 950 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $204.96, for a total transaction of $194,712.00. Following the completion of the transaction, the chief accounting officer owned 3,135 shares of the company's stock, valued at $642,549.60. This trade represents a 23.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.51% of the company's stock.

Institutional Investors Weigh In On Assurant

Several hedge funds have recently made changes to their positions in AIZ. Norges Bank bought a new position in shares of Assurant during the 2nd quarter valued at $131,300,000. Qube Research & Technologies Ltd raised its holdings in shares of Assurant by 482.8% during the 2nd quarter. Qube Research & Technologies Ltd now owns 621,830 shares of the financial services provider's stock valued at $122,805,000 after purchasing an additional 515,127 shares in the last quarter. Bank of New York Mellon Corp raised its holdings in shares of Assurant by 12.7% during the 1st quarter. Bank of New York Mellon Corp now owns 3,740,659 shares of the financial services provider's stock valued at $784,603,000 after purchasing an additional 420,069 shares in the last quarter. Jupiter Asset Management Ltd. raised its holdings in shares of Assurant by 1,222.0% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 356,064 shares of the financial services provider's stock valued at $70,319,000 after purchasing an additional 329,131 shares in the last quarter. Finally, Invesco Ltd. raised its holdings in shares of Assurant by 28.0% during the 1st quarter. Invesco Ltd. now owns 1,479,310 shares of the financial services provider's stock valued at $310,285,000 after purchasing an additional 323,573 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company's stock.

Assurant Company Profile

Assurant, Inc, together with its subsidiaries, provides business services that supports, protects, and connects consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products; and vehicle protection, commercial equipment, and other related services.