Assurant (NYSE:AIZ) Sets New 1-Year High – Should You Buy?

Assurant, Inc. (NYSE:AIZ) shares hit a new 52-week high during trading on Monday . The stock traded as high as $240.82 and last traded at $240.9550, with a volume of 36060 shares traded. The stock had previously closed at $239.02.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on the stock. Keefe, Bruyette & Woods raised their target price on shares of Assurant from $248.00 to $254.00 and gave the company an “outperform” rating in a research report on Thursday, November 20th. Zacks Research downgraded Assurant from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Piper Sandler increased their price objective on Assurant from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Friday. UBS Group upped their price target 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. Finally, Morgan Stanley upped their target price on shares of Assurant from $232.00 to $248.00 and gave the company an “equal weight” rating in a report on Monday, November 17th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $252.67.

Assurant Stock Performance

The firm’s 50 day moving average is $221.72 and its 200 day moving average is $209.79. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a market cap of $12.02 billion, a P/E ratio of 14.62 and a beta of 0.57.

Assurant (NYSE:AIZ) last posted its quarterly earnings results on Thursday, March 24th. The financial services provider reported $1.80 EPS for the quarter. Assurant had a net margin of 6.75% and a return on equity of 18.61%. The company had revenue of $2.42 billion for the quarter. Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. Analysts anticipate that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 1st will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.5%. This is a boost from Assurant’s previous quarterly dividend of $0.80. The ex-dividend date is Monday, December 1st. Assurant’s dividend payout ratio (DPR) is presently 21.42%.

Insider Buying and Selling

In related news, CEO Keith Demmings sold 13,725 shares of the firm’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $220.52, for a total value of $3,026,637.00. Following the transaction, the chief executive officer directly owned 84,647 shares of the company’s stock, valued at approximately $18,666,356.44. 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. Insiders own 0.51% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of the business. Cambria Investment Management L.P. raised its stake in shares of Assurant by 24.9% in the 3rd quarter. Cambria Investment Management L.P. now owns 2,661 shares of the financial services provider’s stock valued at $576,000 after acquiring an additional 531 shares during the period. CIBC Bancorp USA Inc. acquired a new stake in Assurant in the 3rd quarter valued at approximately $1,116,000. WBI Investments LLC increased its holdings in Assurant by 120.4% in the 3rd quarter. WBI Investments LLC now owns 2,510 shares of the financial services provider’s stock valued at $544,000 after purchasing an additional 1,371 shares during the last quarter. Coldstream Capital Management Inc. raised its position in Assurant by 12.4% in the third quarter. Coldstream Capital Management Inc. now owns 2,452 shares of the financial services provider’s stock valued at $531,000 after purchasing an additional 270 shares during the period. Finally, Danske Bank A S acquired a new position in Assurant during the third quarter worth $1,451,000. 92.65% of the stock is owned by hedge funds and other institutional investors.

Assurant Company Profile

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.