Assurant (NYSE:AIZ) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Assurant (NYSE:AIZ) from a hold rating to a buy rating in a research note issued to investors on Saturday morning,Wall Street Zen reports.

A number of other research firms have also recently issued reports on AIZ. Zacks Research upgraded Assurant from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 16th. Royal Bank Of Canada set a $310.00 price objective on Assurant in a report on Wednesday, June 17th. Morgan Stanley decreased their price objective on Assurant from $320.00 to $300.00 and set an “overweight” rating for the company in a report on Tuesday, October 6th. Keefe, Bruyette & Woods lifted their target price on Assurant from $310.00 to $325.00 and gave the company an “outperform” rating in a research report on Friday, August 7th. Finally, Piper Sandler upped 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. Two investment analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $324.29.

Assurant Stock Up 0.8%

Shares of Assurant stock opened at $268.56 on Friday. Assurant has a 1 year low of $206.03 and a 1 year high of $303.94. The business has a 50-day moving average of $278.91 and a two-hundred day moving average of $261.10. The company has a market capitalization of $13.25 billion, a P/E ratio of 12.83 and a beta of 0.52. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.38 and a quick ratio of 0.38.

Assurant (NYSE:AIZ) last released its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $6.41 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $1.24. Assurant had a return on equity of 20.40% and a net margin of 7.90%. The company had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.43 billion. During the same quarter last year, the firm posted $5.56 earnings per share. Assurant’s revenue was up 9.4% compared to the same quarter last year. As a group, equities analysts predict that Assurant will post 22.40 EPS for the current year.

Assurant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 28th. Investors of record on Monday, August 31st were issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, August 31st. Assurant’s dividend payout ratio (DPR) is presently 16.81%.

Insider Buying and Selling at Assurant

In related news, EVP Biju Nair sold 3,931 shares of the firm’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the transaction, the executive vice president directly owned 24,247 shares of the company’s stock, valued at approximately $7,333,747.62. This trade represents a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.54% of the company’s stock.

Hedge Funds Weigh In On Assurant

Several hedge funds and other institutional investors have recently added to or reduced their stakes in AIZ. BlackRock Inc. bought a new position in shares of Assurant during the 2nd quarter worth approximately $1,345,211,000. Bank of New York Mellon Corp bought a new position in Assurant during the second quarter worth $1,269,591,000. Bank of America Corp DE acquired a new stake in Assurant in the second quarter worth $269,635,000. Deutsche Bank AG acquired a new stake in Assurant in the second quarter worth $76,718,000. Finally, Dimensional Fund Advisors LP grew its holdings in Assurant by 22.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,125,406 shares of the financial services provider’s stock worth $245,121,000 after purchasing an additional 205,767 shares during the period. 92.65% of the stock is owned by institutional investors and hedge funds.

About Assurant

Assurant, Inc is a global business services company that provides insurance products and related services supporting major purchases and everyday needs. Its offerings are distributed through partnerships with mobile carriers, retailers, automotive manufacturers and dealers, financial institutions, housing providers, and other businesses.

Through its Global Lifestyle business, Assurant provides mobile device protection, extended service contracts, vehicle service contracts, and related protection products.