Assurant (NYSE:AIZ) Cut to “Hold” at Wall Street Zen

Wall Street Zen downgraded shares of Assurant (NYSE:AIZ) from a buy rating to a hold rating in a research note released on Saturday,Wall Street Zen reports.

AIZ has been the topic of a number of other reports. Weiss Ratings raised Assurant from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday, October 8th. Piper Sandler lifted their price target on Assurant from $290.00 to $329.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods upped their price objective on shares of Assurant from $310.00 to $325.00 and gave the company an “outperform” rating in a research note on Friday, August 7th. Morgan Stanley cut their price objective on shares of Assurant from $320.00 to $300.00 and set an “overweight” rating on the stock in a report on Tuesday, October 6th. Finally, Zacks Research upgraded shares of Assurant from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 16th. Two equities research analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Buy” and an average price target of $324.29.

Assurant Trading Up 0.9%

Shares of Assurant stock opened at $287.26 on Friday. Assurant has a fifty-two week low of $206.03 and a fifty-two week high of $303.94. The business’s fifty day moving average is $277.93 and its two-hundred day moving average is $253.29. 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 market cap of $14.17 billion, a PE ratio of 12.02 and a beta of 0.52.

Assurant (NYSE:AIZ) last announced its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $6.41 EPS for the quarter, beating analysts’ consensus estimates of $5.17 by $1.24. The business had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.43 billion. Assurant had a return on equity of 20.40% and a net margin of 7.90%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the business earned $5.56 earnings per share. Analysts anticipate that Assurant will post 22.40 earnings per share for the current year.

Assurant Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Monday, August 31st were issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date was Monday, August 31st. Assurant’s dividend payout ratio is presently 16.81%.

Insider Activity at Assurant

In related news, EVP Biju Nair sold 3,931 shares of the 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 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 position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.54% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. First Bancorp Inc ME purchased a new position in shares of Assurant in the 2nd quarter worth about $31,000. Western Wealth Management LLC purchased a new stake in shares of Assurant during the 1st quarter worth about $33,000. Arlington Trust Co LLC grew its holdings in shares of Assurant by 81.4% during the 2nd quarter. Arlington Trust Co LLC now owns 127 shares of the financial services provider’s stock worth $34,000 after purchasing an additional 57 shares during the period. Transamerica Financial Advisors LLC purchased a new stake in shares of Assurant during the 2nd quarter worth about $40,000. Finally, Root Financial Partners LLC increased its position in Assurant by 27.5% during the 1st quarter. Root Financial Partners LLC now owns 246 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 53 shares in the last quarter. Institutional investors and hedge funds own 92.65% of the company’s stock.

About Assurant

Assurant, Inc (NYSE:AIZ) is a global business services company that provides insurance products and related services. Its offerings are designed to help consumers protect mobile devices, household belongings, vehicles, homes and other significant purchases, while supporting businesses in managing risk and customer relationships.

Assurant operates through three primary business segments: Global Lifestyle, Global Housing and Global Preneed. Global Lifestyle provides mobile device protection, extended service contracts and related services for consumer electronics, appliances and vehicles.