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

Key Points

• Assurant was upgraded by Wall Street Zen from hold to buy, adding to a generally positive analyst backdrop. Overall, nine analysts rate the stock Buy and the consensus remains Moderate Buy with a price target of $291.43.
• The stock recently traded at $278.94, near its 52-week high of $284.12, and has been supported by strong recent earnings. Assurant beat quarterly EPS and revenue expectations, while revenue rose 11.3% year over year.
• Insider selling has also been active, including sales by EVP Robert Lonergan and CAO Dimitry Dirienzo. In the past three months, insiders sold 36,000 shares worth about $9.2 million, though hedge funds still own the vast majority of the company.

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

Several other equities research analysts have also recently weighed in on AIZ. Weiss Ratings cut Assurant from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, June 23rd. Royal Bank Of Canada set a $310.00 price objective on Assurant in a research note on Wednesday, June 17th. UBS Group lifted their target price on Assurant from $270.00 to $274.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Piper Sandler reissued an "overweight" rating on shares of Assurant in a research report on Monday, June 22nd. Finally, Keefe, Bruyette & Woods increased their price target on Assurant from $270.00 to $310.00 and gave the company an "outperform" rating in a report on Wednesday. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, Assurant currently has a consensus rating of "Moderate Buy" and a consensus price target of $291.43.

Assurant Price Performance

Shares of NYSE:AIZ traded down $0.26 on Friday, reaching $278.94. The company's stock had a trading volume of 404,252 shares, compared to its average volume of 360,605. The company has a 50-day simple moving average of $257.67 and a 200 day simple moving average of $238.71. Assurant has a 52-week low of $183.39 and a 52-week high of $284.12. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.39 and a current ratio of 0.39. The company has a market cap of $13.82 billion, a P/E ratio of 14.27 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $3.42 billion for the quarter, compared to analysts' expectations of $3.29 billion. During the same period in the prior year, the company earned $5.79 EPS. The business's revenue was up 11.3% compared to the same quarter last year. As a group, equities research analysts anticipate that Assurant will post 21.04 EPS for the current fiscal year.

Insider Activity at Assurant

In related news, EVP Robert Lonergan sold 7,000 shares of Assurant stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the completion of the sale, the executive vice president owned 27,374 shares in the company, valued at $7,191,423.54. This trade represents a 20.36% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Dimitry Dirienzo sold 2,000 shares of the business's stock in a transaction dated Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total transaction of $511,360.00. Following the completion of the sale, the chief accounting officer directly owned 2,741 shares of the company's stock, valued at approximately $700,818.88. This trade represents a 42.19% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 36,000 shares of company stock valued at $9,211,620. Company insiders own 0.54% of the company's stock.

Hedge Funds Weigh In On Assurant

A number of institutional investors have recently modified their holdings of the stock. Ascent Group LLC boosted its stake in shares of Assurant by 0.8% in the fourth quarter. Ascent Group LLC now owns 5,339 shares of the financial services provider's stock worth $1,286,000 after buying an additional 43 shares during the last quarter. ProShare Advisors LLC raised its position in Assurant by 0.3% during the fourth quarter. ProShare Advisors LLC now owns 17,064 shares of the financial services provider's stock valued at $4,110,000 after acquiring an additional 47 shares in the last quarter. Root Financial Partners LLC raised its position in Assurant by 27.5% during the first quarter. Root Financial Partners LLC now owns 246 shares of the financial services provider's stock valued at $54,000 after acquiring an additional 53 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in Assurant by 0.9% in the first quarter. Oregon Public Employees Retirement Fund now owns 5,739 shares of the financial services provider's stock valued at $1,250,000 after acquiring an additional 54 shares during the period. Finally, Cresset Asset Management LLC lifted its holdings in Assurant by 5.4% in the second quarter. Cresset Asset Management LLC now owns 1,075 shares of the financial services provider's stock valued at $212,000 after acquiring an additional 55 shares during the period. 92.65% of the stock is owned by hedge funds and other 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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