Assurant, Inc. (NYSE:AIZ) Stock Rated “Buy” by Wall Street Brokerages

Shares of Assurant, Inc. (NYSE:AIZ) have received an average recommendation of “Buy” from the eight ratings firms that are currently covering the company, MarketBeat reports. Six analysts have rated the stock with a buy recommendation and two have issued a strong buy recommendation on the company. The average 12 month target price among brokerages that have updated their coverage on the stock in the last year is $327.14.

A number of research analysts have commented on AIZ shares. Piper Sandler increased their target price on Assurant from $290.00 to $329.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings upgraded Assurant from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, October 8th. Morgan Stanley dropped their price target on Assurant from $320.00 to $300.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 6th. UBS Group raised their price objective on Assurant from $274.00 to $331.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. Finally, Zacks Research raised shares of Assurant from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 16th.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of AIZ. Aberdeen Group plc lifted its holdings in Assurant by 64.0% in 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. Eurizon Capital SGR S.p.A. boosted 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 purchasing an additional 95 shares in the last quarter. Fifth Third Bancorp boosted its position in shares of Assurant by 18.8% during the 3rd quarter. Fifth Third Bancorp now owns 12,787 shares of the financial services provider’s stock valued at $3,369,000 after purchasing an additional 2,027 shares in the last quarter. Ritholtz Wealth Management grew its stake in shares of Assurant by 23.0% in the 3rd quarter. Ritholtz Wealth Management now owns 2,431 shares of the financial services provider’s stock worth $641,000 after purchasing an additional 454 shares during the last quarter. Finally, Machina Capital S.A.S. grew its stake in shares of Assurant by 84.8% in the 3rd quarter. Machina Capital S.A.S. now owns 5,661 shares of the financial services provider’s stock worth $1,492,000 after purchasing an additional 2,597 shares during the last quarter. 92.65% of the stock is owned by institutional investors and hedge funds.

Assurant Price Performance

Shares of NYSE AIZ opened at $306.77 on Friday. Assurant has a 1-year low of $209.86 and a 1-year high of $316.72. The business has a 50-day moving average of $280.40 and a 200-day moving average of $256.27. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.66 and a quick ratio of 0.38. The company has a market capitalization of $15.13 billion, a price-to-earnings ratio of 14.43 and a beta of 0.52.

Assurant (NYSE:AIZ) last released its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $6.15 earnings per share for the quarter, beating analysts’ consensus estimates of $4.75 by $1.40. The business had revenue of $3.53 billion during the quarter, compared to analyst estimates of $3.48 billion. Assurant had a net margin of 7.80% and a return on equity of 20.44%. The business’s revenue was up 9.2% on a year-over-year basis. During the same period last year, the business earned $5.73 EPS. On average, equities analysts anticipate that Assurant will post 22.99 EPS for the current fiscal year.

Assurant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Monday, August 31st were issued 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 dividend yield of 1.1%. Assurant’s payout ratio is 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.