Assurant, Inc. (NYSE:AIZ) Receives Average Recommendation of "Buy" from Brokerages

Key Points

• Analysts remain bullish on Assurant: Eight brokerages give the stock a consensus “Buy” rating, with an average 12-month price target of $327.14.
• Assurant reported quarterly earnings of $6.41 per share, beating estimates of $5.17, while revenue rose 9.4% year over year to $3.45 billion.
• The company declared a quarterly dividend of $0.88 per share, equivalent to an annualized $3.52 payout and a 1.2% yield; institutional investors own 92.65% of the stock.

Assurant, Inc. (NYSE:AIZ - Get Free Report) has been assigned a consensus recommendation of "Buy" from the eight brokerages that are presently covering the company, Marketbeat reports. Six analysts have rated the stock with a buy rating and two have given a strong buy rating to the company. The average 1 year price target among analysts that have covered the stock in the last year is $327.1429.

Several analysts have commented on the stock. UBS Group boosted their target price on shares of Assurant from $274.00 to $331.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Wall Street Zen downgraded shares of Assurant from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. BMO Capital Markets lifted their price objective on shares of Assurant from $274.00 to $320.00 and gave the company an "outperform" rating in a research note on Friday, August 28th. Truist Financial upped their price objective on shares of Assurant from $310.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Finally, Weiss Ratings upgraded shares of Assurant from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday, August 11th.

Insider Activity

In related news, EVP Robert Lonergan sold 7,000 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $262.71, for a total value of $1,838,970.00. Following the transaction, the executive vice president directly owned 27,374 shares of the company's stock, valued at approximately $7,191,423.54. This trade represents a 20.36% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Biju Nair sold 3,931 shares of the business's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $302.46, for a total value of $1,188,970.26. Following the completion of the sale, the executive vice president owned 24,247 shares of the company's stock, valued at approximately $7,333,747.62. This trade represents a 13.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Corporate 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 company. Sequoia Financial Advisors LLC lifted its stake in shares of Assurant by 26.3% in the second quarter. Sequoia Financial Advisors LLC now owns 3,535 shares of the financial services provider's stock worth $949,000 after buying an additional 735 shares during the last quarter. Tidal Investments LLC grew its stake in Assurant by 9.5% in the 2nd quarter. Tidal Investments LLC now owns 4,091 shares of the financial services provider's stock valued at $1,099,000 after buying an additional 355 shares during the last quarter. Integrated Wealth Concepts LLC bought a new position in Assurant in the 2nd quarter worth $173,000. Squarepoint Ops LLC raised its holdings in Assurant by 956.7% in the 2nd quarter. Squarepoint Ops LLC now owns 14,065 shares of the financial services provider's stock worth $3,777,000 after acquiring an additional 12,734 shares during the period. Finally, Beacon Investment Advisory Services Inc. lifted its position in Assurant by 12.1% during the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 2,605 shares of the financial services provider's stock worth $700,000 after acquiring an additional 282 shares during the last quarter. Institutional investors own 92.65% of the company's stock.

Assurant Trading Down 0.7%

Shares of NYSE:AIZ opened at $281.81 on Friday. The firm has a market capitalization of $13.90 billion, a P/E ratio of 13.46 and a beta of 0.54. Assurant has a 12-month low of $206.03 and a 12-month high of $303.94. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.36. The firm has a fifty day moving average of $282.22 and a two-hundred day moving average of $255.57.

Assurant (NYSE:AIZ - Get Free Report) last issued its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share for the quarter, topping the consensus estimate of $5.17 by $1.24. The company had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.43 billion. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The business's revenue was up 9.4% compared to the same quarter last year. During the same period in the prior year, the firm posted $5.56 EPS. On average, equities analysts expect that Assurant will post 22.28 EPS for the current fiscal year.

Assurant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, August 31st will be given a $0.88 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.2%. Assurant's payout ratio is currently 16.81%.

Assurant Company Profile

Assurant, Inc is a global business services and insurance company that provides protection products and services supporting major purchases and everyday needs. Its offerings are designed to help consumers, businesses and distribution partners manage risks associated with connected devices, housing and transportation.

The company's Lifestyle segment provides mobile device protection, extended service contracts, vehicle service contracts and related services. Its Global Housing segment offers renters insurance, homeowners insurance, lender-placed insurance and other specialty property products.

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