Assurant (NYSE:AIZ) Shares Break Above 200 Day Moving Average - Here's What Happened

Key Points

• Assurant shares crossed above their 200-day moving average, reaching $265.93 and last trading at $263.65, compared with the moving average of $257.49.
• Analysts remain bullish, with several firms raising price targets; Assurant has a consensus “Buy” rating and an average target price of $327.14.
• The company reported quarterly EPS of $6.41, well above the $5.17 consensus estimate, while revenue rose 9.4% year over year to $3.45 billion. Assurant also maintains a quarterly dividend of $0.88 per share, or $3.52 annually.

Assurant, Inc. (NYSE:AIZ - Get Free Report) crossed above its 200-day moving average during trading on Monday. The stock has a 200-day moving average of $257.49 and traded as high as $265.93. Assurant shares last traded at $263.65, with a volume of 335,728 shares trading hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on the company. Truist Financial upped their price objective on Assurant from $310.00 to $355.00 and gave the stock a "buy" rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods raised their price objective on Assurant from $310.00 to $325.00 and gave the company an "outperform" rating in a report on Friday, August 7th. BMO Capital Markets raised their price objective on Assurant from $274.00 to $320.00 and gave the company an "outperform" rating in a report on Friday, August 28th. Weiss Ratings upgraded Assurant from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday, August 11th. Finally, UBS Group upped their target price on Assurant from $274.00 to $331.00 and gave the stock a "buy" rating in a research note on Thursday, August 13th. Two analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat, Assurant currently has a consensus rating of "Buy" and an average target price of $327.14.

Assurant Price Performance

The company has a market capitalization of $13.00 billion, a PE ratio of 12.59 and a beta of 0.54. The firm has a fifty day moving average of $281.16 and a two-hundred day moving average of $257.49. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.36.

Assurant (NYSE:AIZ - Get Free Report) last announced its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $6.41 EPS for the quarter, topping analysts' consensus estimates of $5.17 by $1.24. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The business had revenue of $3.45 billion for the quarter, compared to analysts' expectations of $3.43 billion. During the same period in the previous year, the firm earned $5.56 EPS. The business's quarterly revenue was up 9.4% on a year-over-year basis. Research analysts anticipate that Assurant, Inc. will post 22.28 EPS for the current fiscal year.

Assurant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Monday, August 31st were given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 31st. Assurant's payout ratio is presently 16.81%.

Insider Activity at Assurant

In other Assurant news, EVP Biju Nair sold 3,931 shares of the firm's stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the completion of the transaction, 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 sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.54% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Assurant

Several institutional investors and hedge funds have recently made changes to their positions in the company. BlackRock Inc. purchased a new position in shares of Assurant in the second quarter valued at about $1,345,211,000. Bank of New York Mellon Corp bought a new position in Assurant in the 2nd quarter worth approximately $1,269,591,000. Bank of America Corp DE purchased a new stake in Assurant during the 2nd quarter valued at approximately $269,635,000. Dimensional Fund Advisors LP raised its position in shares of Assurant by 22.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,125,406 shares of the financial services provider's stock valued at $245,121,000 after buying an additional 205,767 shares during the last quarter. Finally, Norges Bank purchased a new position in shares of Assurant in the fourth quarter worth $161,574,000. Institutional investors own 92.65% of the company's stock.

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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