Zacks Research Upgrades Assurant (NYSE:AIZ) to Strong-Buy

Assurant (NYSE:AIZ) was upgraded by equities researchers at Zacks Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday, Zacks reports.

Several other equities analysts have also recently issued reports on AIZ. Keefe, Bruyette & Woods lifted their price objective on Assurant from $310.00 to $325.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Royal Bank Of Canada set a $310.00 target price on Assurant in a report on Wednesday, June 17th. Piper Sandler raised their price target on Assurant from $290.00 to $329.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Morgan Stanley lifted their price target on Assurant from $300.00 to $320.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Finally, Truist Financial boosted their price objective on shares of Assurant from $310.00 to $355.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Two investment analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Buy” and a consensus target price of $327.14.

Assurant Trading Up 0.3%

Shares of AIZ opened at $284.39 on Wednesday. Assurant has a twelve month low of $206.03 and a twelve month high of $303.94. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.36. The firm has a market capitalization of $14.03 billion, a P/E ratio of 13.58 and a beta of 0.54. The firm’s 50-day moving average is $282.16 and its two-hundred day moving average is $255.38.

Assurant (NYSE:AIZ) last posted its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $1.24. The company had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.43 billion. Assurant had a net margin of 7.90% and a return on equity of 20.40%. The company’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period last year, the firm earned $5.56 EPS. On average, research analysts predict that Assurant will post 22.28 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Assurant news, EVP Robert Lonergan sold 7,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the completion of the transaction, the executive vice president 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 ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, EVP Biju Nair sold 3,931 shares of the business’s stock in a transaction 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 transaction, the executive vice president directly 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 SEC filing for this sale provides additional information. 0.54% of the stock is currently owned by corporate insiders.

Institutional Trading of Assurant

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp boosted its holdings in shares of Assurant by 0.6% in the 4th quarter. Bank of New York Mellon Corp now owns 5,040,347 shares of the financial services provider’s stock valued at $1,213,968,000 after purchasing an additional 29,974 shares during the last quarter. BlackRock Inc. acquired a new stake in shares of Assurant during the 2nd quarter worth $1,345,211,000. Dimensional Fund Advisors LP raised its position in shares of Assurant by 22.4% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,125,406 shares of the financial services provider’s stock worth $245,121,000 after buying an additional 205,767 shares during the period. Bank of America Corp DE purchased a new position in shares of Assurant in the 2nd quarter worth $269,635,000. Finally, Norges Bank purchased a new position in shares of Assurant in the 4th quarter worth $161,574,000. Hedge funds and other 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.