Morgan Stanley Issues Positive Forecast for Assurant (NYSE:AIZ) Stock Price

Assurant (NYSE:AIZ) had its price objective lifted by Morgan Stanley from $218.00 to $230.00 in a research report sent to investors on Monday morning,Benzinga reports. Morgan Stanley currently has an equal weight rating on the financial services provider’s stock.

AIZ has been the topic of a number of other reports. Wall Street Zen upgraded shares of Assurant from a “hold” rating to a “buy” rating in a report on Saturday, August 9th. Benchmark initiated coverage on shares of Assurant in a report on Tuesday, August 12th. They issued a “buy” rating for the company. Keefe, Bruyette & Woods lifted their price objective on shares of Assurant from $225.00 to $235.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. Stephens initiated coverage on shares of Assurant in a report on Tuesday, August 12th. They issued an “overweight” rating for the company. Finally, BMO Capital Markets initiated coverage on shares of Assurant in a report on Tuesday, August 12th. They issued an “outperform” rating and a $238.00 price objective for the company. One investment analyst has rated the stock with a sell rating and nine have given a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $233.29.

Assurant Stock Performance

NYSE:AIZ opened at $209.53 on Monday. The company’s 50-day moving average price is $194.78 and its 200-day moving average price is $198.91. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market cap of $10.57 billion, a P/E ratio of 15.17 and a beta of 0.58. Assurant has a twelve month low of $174.97 and a twelve month high of $230.55.

Assurant (NYSE:AIZ) last issued its earnings results on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, topping analysts’ consensus estimates of $4.43 by $1.13. Assurant had a net margin of 5.83% and a return on equity of 16.47%. The company had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the previous year, the firm earned $4.77 earnings per share. Assurant’s quarterly revenue was up 8.0% compared to the same quarter last year. On average, sell-side analysts forecast that Assurant will post 16.88 earnings per share for the current fiscal year.

Assurant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.80 per share. The ex-dividend date is Tuesday, September 2nd. This represents a $3.20 dividend on an annualized basis and a yield of 1.5%. Assurant’s dividend payout ratio is presently 23.17%.

Insiders Place Their Bets

In related news, EVP Jay Rosenblum sold 3,900 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the sale, the executive vice president directly owned 7,875 shares of the company’s stock, valued at approximately $1,642,173.75. This represents a 33.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Dimitry Dirienzo sold 950 shares of the stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $204.96, for a total transaction of $194,712.00. Following the completion of the sale, the chief accounting officer directly owned 3,135 shares in the company, valued at approximately $642,549.60. The trade was a 23.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Assurant

Several hedge funds have recently modified their holdings of AIZ. CYBER HORNET ETFs LLC purchased a new position in shares of Assurant during the 2nd quarter worth about $27,000. FORA Capital LLC purchased a new position in shares of Assurant during the 2nd quarter worth about $427,000. MUFG Securities EMEA plc purchased a new position in shares of Assurant during the 2nd quarter worth about $1,235,000. Two Sigma Securities LLC purchased a new position in shares of Assurant during the 2nd quarter worth about $362,000. Finally, Tidal Investments LLC lifted its holdings in shares of Assurant by 196.7% during the 2nd quarter. Tidal Investments LLC now owns 10,887 shares of the financial services provider’s stock worth $2,150,000 after acquiring an additional 7,218 shares during the period. 92.65% of the stock is owned by institutional investors and hedge funds.

About Assurant

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.