Assurant (NYSE:AIZ) Reaches New 1-Year High – Here’s Why

Assurant, Inc. (NYSE:AIZ)’s share price reached a new 52-week high on Tuesday . The stock traded as high as $268.95 and last traded at $269.4830, with a volume of 38573 shares. The stock had previously closed at $267.98.

Analysts Set New Price Targets

AIZ has been the subject of a number of analyst reports. UBS Group boosted their price target on Assurant from $270.00 to $274.00 and gave the stock a “buy” rating in a report on Monday, May 11th. Morgan Stanley raised Assurant from an “equal weight” rating to an “overweight” rating and increased their price objective for the company from $240.00 to $285.00 in a research note on Thursday, May 14th. Piper Sandler reiterated an “overweight” rating on shares of Assurant in a research report on Monday, June 22nd. Wall Street Zen downgraded shares of Assurant from a “buy” rating to a “hold” rating in a research note on Sunday. Finally, Keefe, Bruyette & Woods upped their target price on shares of Assurant from $258.00 to $270.00 and gave the company an “outperform” rating in a report on Wednesday, May 13th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $283.57.

Assurant Stock Performance

The firm has a market cap of $13.37 billion, a PE ratio of 13.79 and a beta of 0.56. The stock has a 50-day moving average price of $249.19 and a 200 day moving average price of $235.90. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.39 and a quick ratio of 0.39.

Assurant (NYSE:AIZ) last released its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share for the quarter, topping the consensus estimate of $5.29 by $0.66. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The firm had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.29 billion. During the same period in the prior year, the business posted $5.79 earnings per share. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. Research analysts forecast that Assurant, Inc. will post 21.04 earnings per share for the current year.

Assurant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 8th were paid a dividend of $0.88 per share. The ex-dividend date of this dividend was Monday, June 8th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.3%. Assurant’s dividend payout ratio is currently 18.01%.

Insider Activity at Assurant

In related news, EVP Robert Lonergan sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the completion of the transaction, the executive vice president owned 27,374 shares of the company’s stock, valued at approximately $7,191,423.54. This represents a 20.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Keith Meier sold 25,000 shares of the stock in a transaction that occurred on Friday, May 15th. The stock was sold at an average price of $254.31, for a total transaction of $6,357,750.00. Following the transaction, the executive vice president directly owned 18,552 shares in the company, valued at approximately $4,717,959.12. This represents a 57.40% decrease in their position. The SEC filing for this sale provides additional information. In the last 90 days, insiders have sold 36,000 shares of company stock valued at $9,211,620. Insiders own 0.54% of the company’s stock.

Institutional Investors Weigh In On Assurant

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Montag A & Associates Inc. purchased a new stake in Assurant during the fourth quarter worth approximately $28,000. CYBER HORNET ETFs LLC acquired a new position in shares of Assurant during the 2nd quarter valued at $27,000. Western Wealth Management LLC acquired a new position in shares of Assurant during the 1st quarter valued at $33,000. BOKF NA purchased a new stake in Assurant during the 3rd quarter worth $32,000. Finally, Park Square Financial Group LLC boosted its position in Assurant by 205.5% during the 4th quarter. Park Square Financial Group LLC now owns 168 shares of the financial services provider’s stock worth $40,000 after purchasing an additional 113 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

About Assurant

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.