UBS Group Boosts Assurant (NYSE:AIZ) Price Target to $224.00

Assurant (NYSE:AIZ) had its price target boosted by UBS Group from $217.00 to $224.00 in a report published on Monday morning, Benzinga reports. They currently have a buy rating on the financial services provider’s stock.

AIZ has been the topic of several other reports. Bank of America decreased their price target on Assurant from $223.00 to $222.00 and set a buy rating on the stock in a research report on Thursday, July 11th. Piper Sandler cut shares of Assurant from an overweight rating to a neutral rating and set a $200.00 target price on the stock. in a research note on Thursday, August 22nd. Keefe, Bruyette & Woods raised their price target on shares of Assurant from $186.00 to $194.00 and gave the company a market perform rating in a report on Wednesday, August 14th. Finally, StockNews.com raised shares of Assurant from a hold rating to a buy rating in a report on Thursday, September 12th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of Moderate Buy and an average price target of $209.00.

Assurant Stock Up 1.3 %

Assurant stock opened at $199.00 on Monday. The firm has a 50 day simple moving average of $185.34 and a 200 day simple moving average of $177.76. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. Assurant has a 1-year low of $141.83 and a 1-year high of $200.00. The firm has a market capitalization of $10.35 billion, a price-to-earnings ratio of 13.89, a P/E/G ratio of 1.68 and a beta of 0.57.

Assurant (NYSE:AIZ) last announced its quarterly earnings results on Tuesday, August 6th. The financial services provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.58 by $0.50. Assurant had a return on equity of 19.63% and a net margin of 6.90%. The company had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.89 billion. During the same period in the previous year, the business earned $3.89 earnings per share. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. On average, analysts predict that Assurant will post 16.54 earnings per share for the current year.

Assurant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd will be paid a $0.72 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $2.88 dividend on an annualized basis and a yield of 1.45%. Assurant’s dividend payout ratio is presently 20.10%.

Insider Activity

In related news, EVP Martin Jenns sold 1,500 shares of the stock in a transaction on Monday, August 12th. The stock was sold at an average price of $178.13, for a total value of $267,195.00. Following the transaction, the executive vice president now owns 4,027 shares of the company’s stock, valued at $717,329.51. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, CAO Dimitry Dirienzo sold 550 shares of the stock in a transaction on Monday, August 19th. The shares were sold at an average price of $188.44, for a total transaction of $103,642.00. Following the transaction, the chief accounting officer now owns 3,152 shares of the company’s stock, valued at approximately $593,962.88. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Martin Jenns sold 1,500 shares of Assurant stock in a transaction on Monday, August 12th. The stock was sold at an average price of $178.13, for a total transaction of $267,195.00. Following the completion of the transaction, the executive vice president now owns 4,027 shares in the company, valued at approximately $717,329.51. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of AIZ. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Assurant by 444.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 24,500 shares of the financial services provider’s stock valued at $4,073,000 after acquiring an additional 20,000 shares during the last quarter. Sanctuary Advisors LLC purchased a new position in Assurant in the 2nd quarter worth approximately $475,000. Cetera Investment Advisers lifted its position in Assurant by 10.6% in the second quarter. Cetera Investment Advisers now owns 14,342 shares of the financial services provider’s stock valued at $2,384,000 after purchasing an additional 1,369 shares during the last quarter. Quarry LP boosted its stake in shares of Assurant by 1,580.9% during the second quarter. Quarry LP now owns 1,143 shares of the financial services provider’s stock valued at $190,000 after purchasing an additional 1,075 shares during the period. Finally, Creative Planning grew its holdings in shares of Assurant by 428.0% in the second quarter. Creative Planning now owns 7,667 shares of the financial services provider’s stock worth $1,275,000 after purchasing an additional 6,215 shares during the last quarter. 92.65% of the stock is owned by institutional investors.

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.