Assurant (NYSE:AIZ) Cut to Hold at StockNews.com

StockNews.com downgraded shares of Assurant (NYSE:AIZ) from a buy rating to a hold rating in a research note released on Thursday morning.

Several other equities research analysts also recently weighed in on AIZ. Keefe, Bruyette & Woods raised their target price on shares of Assurant from $186.00 to $194.00 and gave the company a “market perform” rating in a research note on Wednesday, August 14th. UBS Group raised their price objective on Assurant from $217.00 to $224.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Piper Sandler upped their target price on Assurant from $200.00 to $217.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Finally, Bank of America increased their price target on Assurant from $228.00 to $233.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $214.60.

Assurant Trading Down 0.3 %

Shares of NYSE AIZ opened at $197.50 on Thursday. Assurant has a 1-year low of $144.61 and a 1-year high of $201.55. The business has a fifty day moving average price of $193.24 and a 200 day moving average price of $179.25. The stock has a market capitalization of $10.27 billion, a P/E ratio of 13.78, a price-to-earnings-growth ratio of 1.61 and a beta of 0.57. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40.

Assurant (NYSE:AIZ) last released its quarterly earnings results on Tuesday, August 6th. The financial services provider reported $4.08 EPS for the quarter, beating the consensus estimate of $3.58 by $0.50. Assurant had a net margin of 6.90% and a return on equity of 19.63%. The business had revenue of $2.92 billion during the quarter, compared to analyst estimates of $2.89 billion. During the same period in the prior year, the firm posted $3.89 earnings per share. The company’s quarterly revenue was up 7.1% on a year-over-year basis. Equities research analysts expect that Assurant will post 16.54 EPS for the current fiscal year.

Assurant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a $0.72 dividend. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.46%. The ex-dividend date of this dividend was Tuesday, September 3rd. Assurant’s dividend payout ratio (DPR) is presently 20.10%.

Insider Activity

In related news, EVP Martin Jenns sold 1,500 shares of Assurant stock in a transaction on Monday, August 12th. The shares were sold at an average price of $178.13, for a total value of $267,195.00. Following the sale, the executive vice president now owns 4,027 shares of the company’s stock, valued at approximately $717,329.51. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Assurant news, EVP Martin Jenns sold 1,500 shares of the business’s stock in a transaction that occurred 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 sale, the executive vice president now directly owns 4,027 shares in the company, valued at approximately $717,329.51. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CAO Dimitry Dirienzo sold 550 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $188.44, for a total value of $103,642.00. Following the completion of the transaction, the chief accounting officer now owns 3,152 shares in the company, valued at approximately $593,962.88. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Assurant

Hedge funds have recently modified their holdings of the business. Goldman Sachs Group Inc. increased its holdings in shares of Assurant by 8.4% in the fourth quarter. Goldman Sachs Group Inc. now owns 255,736 shares of the financial services provider’s stock valued at $43,089,000 after purchasing an additional 19,839 shares during the last quarter. Mather Group LLC. acquired a new stake in shares of Assurant in the 1st quarter worth $81,000. Perpetual Ltd purchased a new position in shares of Assurant during the 1st quarter worth $789,000. Park Avenue Securities LLC boosted its position in shares of Assurant by 31.1% during the 1st quarter. Park Avenue Securities LLC now owns 4,865 shares of the financial services provider’s stock valued at $916,000 after acquiring an additional 1,154 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in shares of Assurant by 1.2% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 6,373 shares of the financial services provider’s stock valued at $1,200,000 after purchasing an additional 73 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

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.