Analysts Set Assurant, Inc. (NYSE:AIZ) Target Price at $250.00

Shares of Assurant, Inc. (NYSE:AIZ) have been assigned a consensus rating of “Moderate Buy” from the ten analysts that are covering the firm, Marketbeat reports. Two equities research analysts have rated the stock with a hold rating and eight have issued a buy rating on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $250.00.

A number of research firms recently weighed in on AIZ. Benchmark assumed coverage on shares of Assurant in a research report on Tuesday, August 12th. They issued a “buy” rating on the stock. Piper Sandler boosted their target price on Assurant from $238.00 to $248.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. UBS Group increased their price target on Assurant from $255.00 to $257.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Stephens started coverage on Assurant in a research note on Tuesday, August 12th. They set an “overweight” rating for the company. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Assurant in a report on Wednesday, November 19th.

Assurant Stock Up 1.0%

Shares of AIZ opened at $228.20 on Friday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. The business has a fifty day moving average of $217.18 and a 200 day moving average of $206.23. The company has a market cap of $11.43 billion, a PE ratio of 16.52 and a beta of 0.56. Assurant has a 52-week low of $174.97 and a 52-week high of $232.02.

Assurant (NYSE:AIZ) last posted its quarterly earnings data on Thursday, March 24th. The financial services provider reported $1.80 earnings per share for the quarter. The business had revenue of $2.42 billion for the quarter. Assurant had a net margin of 5.83% and a return on equity of 16.47%. Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. On average, sell-side analysts expect that Assurant will post 16.88 EPS for the current year.

Assurant Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 1st will be paid a dividend of $0.88 per share. This is an increase from Assurant’s previous quarterly dividend of $0.80. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Monday, December 1st. Assurant’s payout ratio is presently 21.42%.

Insider Activity at Assurant

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 owned 84,647 shares of the company’s stock, valued at $18,666,356.44. This trade represents a 13.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders have sold 22,275 shares of company stock valued at $4,909,946 in the last quarter. Corporate insiders own 0.51% of the company’s stock.

Institutional Investors Weigh In On Assurant

Large investors have recently added to or reduced their stakes in the stock. Bank of New York Mellon Corp increased its position in shares of Assurant by 23.7% during the third quarter. Bank of New York Mellon Corp now owns 5,010,373 shares of the financial services provider’s stock worth $1,085,247,000 after acquiring an additional 959,259 shares during the period. Norges Bank bought a new position in Assurant in the second quarter worth approximately $131,300,000. Qube Research & Technologies Ltd grew its stake in Assurant by 482.8% in the second quarter. Qube Research & Technologies Ltd now owns 621,830 shares of the financial services provider’s stock worth $122,805,000 after purchasing an additional 515,127 shares in the last quarter. Voya Investment Management LLC increased its holdings in Assurant by 685.2% during the 3rd quarter. Voya Investment Management LLC now owns 452,293 shares of the financial services provider’s stock worth $97,851,000 after purchasing an additional 394,694 shares during the period. Finally, Jupiter Asset Management Ltd. raised its position in Assurant by 1,222.0% during the 2nd quarter. Jupiter Asset Management Ltd. now owns 356,064 shares of the financial services provider’s stock valued at $70,319,000 after purchasing an additional 329,131 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.