Assurant, Inc. (NYSE:AIZ – Get Free Report) shares reached a new 52-week high during trading on Thursday . The company traded as high as $265.66 and last traded at $262.3290, with a volume of 361626 shares changing hands. The stock had previously closed at $260.55.
Analysts Set New Price Targets
AIZ has been the topic of a number of recent analyst reports. Piper Sandler increased their price objective on Assurant from $268.00 to $290.00 and gave the company an “overweight” rating in a report on Tuesday, May 26th. Royal Bank Of Canada set a $310.00 price objective on Assurant in a report on Wednesday. Morgan Stanley upgraded 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 report on Thursday, May 14th. UBS Group boosted their target price on Assurant from $270.00 to $274.00 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, Weiss Ratings raised Assurant from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, June 9th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $283.57.
Assurant Price Performance
Assurant (NYSE:AIZ – Get Free Report) last posted its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share for the quarter, topping analysts’ consensus estimates of $5.29 by $0.66. The company had revenue of $3.42 billion during the quarter, compared to analysts’ expectations of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period last year, the firm earned $5.79 EPS. Sell-side analysts forecast that Assurant, Inc. will post 21.04 earnings per share for the current year.
Assurant Dividend Announcement
The business also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 8th will be issued a $0.88 dividend. The ex-dividend date of this dividend is Monday, June 8th. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.3%. Assurant’s payout ratio is presently 18.01%.
Insider Buying and Selling
In other news, EVP Subhashish Sengupta sold 1,880 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $210.53, for a total value of $395,796.40. Following the transaction, the executive vice president owned 2,895 shares of the company’s stock, valued at approximately $609,484.35. The trade was a 39.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jay Rosenblum sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $251.77, for a total value of $503,540.00. Following the completion of the transaction, the executive vice president directly owned 12,764 shares in the company, valued at approximately $3,213,592.28. The trade was a 13.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 31,630 shares of company stock worth $7,926,681. 0.54% of the stock is currently owned by company insiders.
Hedge Funds Weigh In On Assurant
Large investors have recently modified their holdings of the business. CYBER HORNET ETFs LLC purchased a new position in shares of Assurant during the 2nd quarter worth approximately $27,000. Montag A & Associates Inc. purchased a new position in shares of Assurant during the 4th quarter worth approximately $28,000. Smartleaf Asset Management LLC raised its stake in shares of Assurant by 65.6% during the 3rd quarter. Smartleaf Asset Management LLC now owns 149 shares of the financial services provider’s stock worth $32,000 after buying an additional 59 shares in the last quarter. BOKF NA purchased a new position in shares of Assurant during the 3rd quarter worth approximately $32,000. Finally, Western Wealth Management LLC purchased a new position in shares of Assurant during the 1st quarter worth approximately $33,000. 92.65% of the stock is owned by hedge funds and other institutional investors.
Assurant Company Profile
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.
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