Assurant (NYSE:AIZ) Price Target Raised to $233.00 at Bank of America

Assurant (NYSE:AIZ) had its price objective raised by Bank of America from $228.00 to $233.00 in a report published on Thursday morning, Benzinga reports. Bank of America currently has a buy rating on the financial services provider’s stock.

AIZ has been the subject of several other research reports. StockNews.com upgraded shares of Assurant from a hold rating to a buy rating in a report on Wednesday, October 9th. UBS Group lifted their target price on shares of Assurant from $217.00 to $224.00 and gave the company a buy rating in a report on Monday, September 23rd. Keefe, Bruyette & Woods lifted their target price on shares of Assurant from $186.00 to $194.00 and gave the company a market perform rating in a report on Wednesday, August 14th. Finally, Piper Sandler lifted their target price on shares of Assurant from $200.00 to $217.00 and gave the company a neutral rating in a report on Wednesday, October 2nd. Two analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Based on data from MarketBeat.com, Assurant currently has an average rating of Moderate Buy and an average price target of $214.60.

Assurant Stock Up 0.8 %

Shares of NYSE AIZ opened at $191.89 on Thursday. The company has a 50 day simple moving average of $190.78 and a 200-day simple moving average of $178.93. The company has a market capitalization of $9.98 billion, a P/E ratio of 13.39, a P/E/G ratio of 1.61 and a beta of 0.57. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40. Assurant has a 1 year low of $144.61 and a 1 year high of $201.55.

Assurant (NYSE:AIZ) last announced its quarterly earnings results on Tuesday, August 6th. The financial services provider reported $4.08 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.58 by $0.50. The business had revenue of $2.92 billion during the quarter, compared to the consensus estimate of $2.89 billion. Assurant had a net margin of 6.90% and a return on equity of 19.63%. The business’s revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the firm earned $3.89 EPS. On average, equities research analysts predict that Assurant will post 16.54 earnings per share for the current year.

Assurant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were given a $0.72 dividend. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $2.88 annualized dividend and a yield of 1.50%. Assurant’s dividend payout ratio is presently 20.10%.

Insider Buying and Selling at Assurant

In other Assurant news, EVP Martin Jenns sold 1,500 shares of the firm’s stock in a transaction that occurred 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 owns 4,027 shares of the company’s stock, valued at $717,329.51. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. In other news, EVP Martin Jenns sold 1,500 shares of Assurant stock in a transaction on Monday, August 12th. The shares were sold at an average price of $178.13, for a total transaction of $267,195.00. Following the completion of the sale, the executive vice president now directly owns 4,027 shares of the company’s stock, valued at approximately $717,329.51. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Dimitry Dirienzo sold 550 shares of Assurant stock in a transaction on Monday, August 19th. The stock was sold at an average price of $188.44, for a total transaction of $103,642.00. Following the sale, the chief accounting officer now directly owns 3,152 shares of the company’s stock, valued at approximately $593,962.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Assurant

Several institutional investors have recently modified their holdings of the company. Catalyst Financial Partners LLC lifted its position in shares of Assurant by 4.2% during the 2nd quarter. Catalyst Financial Partners LLC now owns 1,466 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 59 shares during the last quarter. Empirical Finance LLC raised its stake in Assurant by 3.3% during the 1st quarter. Empirical Finance LLC now owns 1,980 shares of the financial services provider’s stock worth $373,000 after acquiring an additional 64 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in Assurant by 1.2% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,373 shares of the financial services provider’s stock worth $1,200,000 after acquiring an additional 73 shares in the last quarter. Richardson Financial Services Inc. raised its stake in Assurant by 62.1% during the 2nd quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 77 shares in the last quarter. Finally, Covestor Ltd raised its stake in Assurant by 35.7% during the 1st quarter. Covestor Ltd now owns 346 shares of the financial services provider’s stock worth $65,000 after acquiring an additional 91 shares in the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

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.