Truist Financial Boosts Assurant (NYSE:AIZ) Price Target to $280.00

Assurant (NYSE:AIZ) had its price target boosted by analysts at Truist Financial from $265.00 to $280.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would suggest a potential upside of 28.92% from the company’s previous close.

Several other equities research analysts have also weighed in on AIZ. Weiss Ratings reissued a “buy (b)” rating on shares of Assurant in a research report on Monday, December 29th. UBS Group boosted their price objective on shares of Assurant from $255.00 to $257.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Morgan Stanley raised their price objective on Assurant from $232.00 to $248.00 and gave the stock an “equal weight” rating in a report on Monday, November 17th. Zacks Research cut Assurant from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Finally, Keefe, Bruyette & Woods lifted their price target on Assurant from $248.00 to $254.00 and gave the stock an “outperform” rating in a research report on Thursday, November 20th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $258.17.

Assurant Stock Up 1.3%

Shares of Assurant stock opened at $217.19 on Thursday. The company has a market capitalization of $10.88 billion, a P/E ratio of 12.80 and a beta of 0.56. The company has a 50 day moving average of $235.50 and a 200 day moving average of $221.65. Assurant has a 52-week low of $174.97 and a 52-week high of $246.31. The company has a quick ratio of 0.40, a current ratio of 0.66 and a debt-to-equity ratio of 0.38.

Assurant (NYSE:AIZ) last posted its earnings results on Tuesday, February 10th. The financial services provider reported $5.61 EPS for the quarter, beating the consensus estimate of $5.55 by $0.06. Assurant had a return on equity of 18.65% and a net margin of 6.81%.The firm had revenue of $3.35 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same quarter in the prior year, the company posted $4.79 earnings per share. Assurant’s revenue for the quarter was up 7.9% compared to the same quarter last year. As a group, research analysts forecast that Assurant will post 16.88 EPS for the current fiscal year.

Institutional Trading of Assurant

Institutional investors have recently bought and sold shares of the company. Bank of New York Mellon Corp lifted its holdings in shares of Assurant by 23.7% in the third quarter. Bank of New York Mellon Corp now owns 5,010,373 shares of the financial services provider’s stock valued at $1,085,247,000 after purchasing an additional 959,259 shares in the last quarter. Norges Bank purchased a new position in Assurant in the 4th quarter valued at about $161,574,000. Qube Research & Technologies Ltd boosted its stake 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 worth $122,805,000 after purchasing an additional 515,127 shares during the last quarter. Voya Investment Management LLC grew its holdings in shares of Assurant by 685.2% during the third quarter. Voya Investment Management LLC now owns 452,293 shares of the financial services provider’s stock worth $97,851,000 after buying an additional 394,694 shares in the last quarter. Finally, Jupiter Asset Management Ltd. raised its position in shares of Assurant by 1,222.0% in the second quarter. Jupiter Asset Management Ltd. now owns 356,064 shares of the financial services provider’s stock valued at $70,319,000 after buying an additional 329,131 shares during the last quarter. 92.65% of the stock is currently 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.