StockNews.com Upgrades Assurant (NYSE:AIZ) to Buy

StockNews.com upgraded shares of Assurant (NYSE:AIZ) from a hold rating to a buy rating in a research report sent to investors on Friday.

Several other analysts have also recently commented on the stock. Piper Sandler restated an overweight rating and set a $205.00 price objective on shares of Assurant in a research note on Friday, June 28th. UBS Group lifted their price objective on shares of Assurant from $210.00 to $217.00 and gave the company a buy rating in a research note on Tuesday, August 13th. Keefe, Bruyette & Woods lifted their price objective on shares of Assurant from $186.00 to $194.00 and gave the company a market perform rating in a research note on Wednesday, August 14th. Finally, Bank of America decreased their price objective on shares of Assurant from $223.00 to $222.00 and set a buy rating for the company in a research note on Thursday, July 11th. One analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of Moderate Buy and an average target price of $208.60.

Assurant Stock Up 0.8 %

NYSE:AIZ opened at $188.77 on Friday. The company has a market cap of $9.81 billion, a PE ratio of 13.17, a P/E/G ratio of 1.73 and a beta of 0.54. Assurant has a twelve month low of $136.15 and a twelve month high of $189.77. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.42. The company’s 50 day moving average is $170.82 and its two-hundred day moving average is $174.32.

Assurant (NYSE:AIZ) last released its earnings results on Tuesday, August 6th. The financial services provider reported $4.08 earnings per share for the quarter, topping the consensus estimate of $3.58 by $0.50. The company had revenue of $2.92 billion for the quarter, compared to the consensus estimate of $2.89 billion. Assurant had a net margin of 6.73% and a return on equity of 20.08%. Assurant’s revenue was up 7.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.89 EPS. Analysts anticipate that Assurant will post 16.04 EPS for the current year.

Assurant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be paid a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.53%. The ex-dividend date of this dividend is Tuesday, September 3rd. Assurant’s dividend payout ratio is currently 20.10%.

Insider Activity at Assurant

In related news, EVP Martin Jenns sold 1,500 shares of the business’s stock in a transaction on Monday, August 12th. The shares were sold at an average price of $178.13, for a total value of $267,195.00. Following the completion of the transaction, the executive vice president now directly owns 4,027 shares in the company, valued at approximately $717,329.51. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.53% of the company’s stock.

Hedge Funds Weigh In On Assurant

A number of large investors have recently added to or reduced their stakes in the stock. Quarry LP raised its position in Assurant by 1,580.9% during the second quarter. Quarry LP now owns 1,143 shares of the financial services provider’s stock worth $190,000 after acquiring an additional 1,075 shares during the period. Creative Planning raised its position in Assurant by 428.0% during the second quarter. Creative Planning now owns 7,667 shares of the financial services provider’s stock worth $1,275,000 after acquiring an additional 6,215 shares during the period. Scientech Research LLC acquired a new position in Assurant during the second quarter worth $360,000. The Manufacturers Life Insurance Company raised its position in Assurant by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 40,568 shares of the financial services provider’s stock worth $6,744,000 after acquiring an additional 210 shares during the period. Finally, MBB Public Markets I LLC acquired a new position in Assurant during the second quarter worth $648,000. 92.65% of the stock is currently owned by institutional investors and hedge funds.

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.