Truist Financial Raises Assurant (NYSE:AIZ) Price Target to $290.00

Assurant (NYSE:AIZ) had its price target upped by research analysts at Truist Financial from $280.00 to $290.00 in a research note issued on Thursday,Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price objective would suggest a potential upside of 23.02% from the stock’s current price.

A number of other brokerages have also commented on AIZ. Wall Street Zen lowered Assurant from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Weiss Ratings raised shares of Assurant from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, April 27th. Morgan Stanley reduced their price objective on Assurant from $248.00 to $240.00 and set an “equal weight” rating for the company in a report on Monday, April 6th. Finally, BMO Capital Markets dropped their price target on Assurant from $255.00 to $246.00 and set an “outperform” rating on the stock in a research report on Thursday, February 12th. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, Assurant has a consensus rating of “Moderate Buy” and a consensus price target of $258.50.

Assurant Trading Down 0.4%

Shares of NYSE:AIZ traded down $0.89 during mid-day trading on Thursday, hitting $235.73. The company had a trading volume of 93,377 shares, compared to its average volume of 395,960. 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 has a one year low of $183.39 and a one year high of $246.31. The firm has a fifty day moving average price of $223.37 and a 200 day moving average price of $226.66. The company has a market capitalization of $11.72 billion, a PE ratio of 12.04 and a beta of 0.56.

Assurant (NYSE:AIZ) last issued its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.29 by $0.66. Assurant had a net margin of 7.60% and a return on equity of 20.46%. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.29 billion. During the same period in the prior year, the firm earned $5.79 earnings per share. Assurant’s revenue was up 11.3% on a year-over-year basis. As a group, research analysts forecast that Assurant will post 20.75 EPS for the current year.

Insider Buying and Selling at Assurant

In other Assurant news, EVP Subhashish Sengupta sold 1,880 shares of the business’s stock in a transaction dated Friday, March 20th. The shares were 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 in the company, 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 legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Dimitry Dirienzo sold 750 shares of the business’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $210.98, for a total value of $158,235.00. Following the transaction, the chief accounting officer directly owned 4,741 shares in the company, valued at $1,000,256.18. This trade represents a 13.66% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,650 shares of company stock valued at $558,331 in the last three months. 0.54% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Assurant

A number of institutional investors and hedge funds have recently made changes to their positions in AIZ. Bank of New York Mellon Corp boosted its holdings in Assurant by 23.7% in the third quarter. Bank of New York Mellon Corp now owns 5,010,373 shares of the financial services provider’s stock worth $1,085,247,000 after purchasing an additional 959,259 shares during the last quarter. Norges Bank bought a new stake in Assurant during the fourth quarter valued at about $161,574,000. Adage Capital Partners GP L.L.C. grew its position in shares of Assurant by 676.5% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 240,240 shares of the financial services provider’s stock worth $57,862,000 after purchasing an additional 209,300 shares in the last quarter. Millennium Management LLC raised its stake in Assurant by 122.9% during the 4th quarter. Millennium Management LLC now owns 322,235 shares of the financial services provider’s stock valued at $77,610,000 after purchasing an additional 177,642 shares during the period. Finally, Nordea Investment Management AB boosted its stake in Assurant by 29.3% in the 3rd quarter. Nordea Investment Management AB now owns 665,683 shares of the financial services provider’s stock worth $143,588,000 after purchasing an additional 150,907 shares during the period. Institutional investors own 92.65% of the company’s stock.

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.