Assurant (NYSE:AIZ) Upgraded at Zacks Research

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

Other equities analysts have also issued research reports about the company. BMO Capital Markets lifted their price target on Assurant from $274.00 to $320.00 and gave the company an “outperform” rating in a research note on Friday, August 28th. Truist Financial raised their price objective on Assurant from $310.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Piper Sandler raised their price objective on Assurant from $290.00 to $329.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Royal Bank Of Canada set a $310.00 price objective on Assurant in a research report on Wednesday, June 17th. Finally, Morgan Stanley upped their target price on Assurant from $300.00 to $320.00 and gave the stock an “overweight” rating in a research note on Wednesday, August 19th. Two equities research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company. According to data from MarketBeat, Assurant currently has an average rating of “Buy” and an average target price of $327.14.

Assurant Trading Up 0.3%

Assurant stock opened at $284.39 on Wednesday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.36. Assurant has a 52 week low of $206.03 and a 52 week high of $303.94. The company has a market capitalization of $14.03 billion, a price-to-earnings ratio of 13.58 and a beta of 0.54. The stock has a 50-day moving average price of $282.16 and a 200 day moving average price of $255.38.

Assurant (NYSE:AIZ) last issued its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share for the quarter, topping analysts’ consensus estimates of $5.17 by $1.24. Assurant had a net margin of 7.90% and a return on equity of 20.40%. The business had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the prior year, the firm posted $5.56 earnings per share. The company’s revenue was up 9.4% compared to the same quarter last year. Sell-side analysts anticipate that Assurant will post 22.28 EPS for the current year.

Insider Activity

In related news, EVP Biju Nair sold 3,931 shares of Assurant stock in a transaction dated 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 sale, the executive vice president directly owned 24,247 shares in the company, valued at approximately $7,333,747.62. The trade was a 13.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, EVP Robert Lonergan sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $262.71, for a total value of $1,838,970.00. Following the sale, 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 disclosure for this sale is available in the SEC filing. 0.54% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Assurant

A number of hedge funds have recently made changes to their positions in AIZ. Sequoia Financial Advisors LLC boosted its stake in shares of Assurant by 26.3% in the second quarter. Sequoia Financial Advisors LLC now owns 3,535 shares of the financial services provider’s stock worth $949,000 after acquiring an additional 735 shares during the last quarter. Tidal Investments LLC increased its position in shares of Assurant by 9.5% during the second quarter. Tidal Investments LLC now owns 4,091 shares of the financial services provider’s stock worth $1,099,000 after purchasing an additional 355 shares in the last quarter. Integrated Wealth Concepts LLC acquired a new position in Assurant in the 2nd quarter valued at $173,000. Squarepoint Ops LLC raised its stake in Assurant by 956.7% in the 2nd quarter. Squarepoint Ops LLC now owns 14,065 shares of the financial services provider’s stock valued at $3,777,000 after purchasing an additional 12,734 shares during the last quarter. Finally, Beacon Investment Advisory Services Inc. lifted its holdings in Assurant by 12.1% in the 2nd quarter. Beacon Investment Advisory Services Inc. now owns 2,605 shares of the financial services provider’s stock valued at $700,000 after purchasing an additional 282 shares in the last quarter. Institutional investors and hedge funds own 92.65% of the company’s stock.

About Assurant

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.