Assurant (NYSE:AIZ) Sets New 52-Week High on Analyst Upgrade

Assurant, Inc. (NYSE:AIZ) shares hit a new 52-week high during mid-day trading on Tuesday after Morgan Stanley raised their price target on the stock from $300.00 to $330.00. Morgan Stanley currently has an overweight rating on the stock. Assurant traded as high as $318.75 and last traded at $315.72, with a volume of 103,503 shares traded. The stock had previously closed at $317.21.

Several other brokerages have also recently weighed in on AIZ. Truist Financial upped their price objective on shares of Assurant from $310.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Zacks Research upgraded shares of Assurant from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, September 16th. Piper Sandler boosted their target price on Assurant from $329.00 to $356.00 and gave the stock an “overweight” rating in a report on Monday. BMO Capital Markets increased their price target on Assurant from $274.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday, August 28th. Finally, Keefe, Bruyette & Woods raised their price target on Assurant from $325.00 to $345.00 and gave the company an “outperform” rating in a report on Thursday, November 5th. Two analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $335.29.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the business. Edgestream Partners L.P. acquired a new position in Assurant in the third quarter valued at approximately $1,496,000. Intech Investment Management LLC acquired a new stake in Assurant during the 3rd quarter worth $3,487,000. Hantz Financial Services Inc. grew its holdings in Assurant by 61.7% during the 3rd quarter. Hantz Financial Services Inc. now owns 152 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 58 shares during the period. Aberdeen Group plc raised its position in shares of Assurant by 64.0% during the 3rd quarter. Aberdeen Group plc now owns 3,539 shares of the financial services provider’s stock valued at $933,000 after acquiring an additional 1,381 shares during the last quarter. Finally, Eurizon Capital SGR S.p.A. raised its position in shares of Assurant by 13.0% during the 3rd quarter. Eurizon Capital SGR S.p.A. now owns 826 shares of the financial services provider’s stock valued at $218,000 after acquiring an additional 95 shares during the last quarter. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Assurant Stock Performance

The stock has a 50 day moving average price of $281.03 and a two-hundred day moving average price of $256.66. The company has a current ratio of 0.66, a quick ratio of 0.38 and a debt-to-equity ratio of 0.37. The company has a market cap of $15.56 billion, a price-to-earnings ratio of 14.83 and a beta of 0.52.

Assurant (NYSE:AIZ) last announced its quarterly earnings data on Tuesday, November 3rd. The financial services provider reported $6.15 EPS for the quarter, topping analysts’ consensus estimates of $4.75 by $1.40. Assurant had a return on equity of 20.44% and a net margin of 7.80%. The business had revenue of $3.53 billion during the quarter, compared to analysts’ expectations of $3.48 billion. During the same period in the previous year, the firm earned $5.73 earnings per share. The firm’s quarterly revenue was up 9.2% compared to the same quarter last year. Analysts predict that Assurant, Inc. will post 22.99 EPS for the current year.

Assurant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Monday, August 31st were paid a dividend of $0.88 per share. The ex-dividend date of this dividend was Monday, August 31st. This represents a $3.52 annualized dividend and a yield of 1.1%. Assurant’s dividend payout ratio (DPR) is presently 16.56%.

About Assurant

Assurant, Inc is a global provider of insurance products and services, with a focus on protecting purchases and supporting housing-related needs. Its operations are organized around Global Housing and Global Lifestyle.

Through its housing business, Assurant offers products and services such as renters, manufactured housing, and lender-placed insurance, along with related claims and risk-management solutions. Its lifestyle business provides mobile device protection, extended service contracts, vehicle protection products, and support services for consumers and business partners.

The company serves customers and business partners in markets across North America, Latin America, Europe, and Asia-Pacific.