Assurant (NYSE:AIZ) Stock Rating Upgraded by Morgan Stanley

Assurant (NYSE:AIZ) was upgraded by Morgan Stanley from an “equal weight” rating to an “overweight” rating in a note issued to investors on Thursday, Marketbeat reports. The firm presently has a $285.00 target price on the financial services provider’s stock, up from their prior target price of $240.00. Morgan Stanley’s target price would suggest a potential upside of 12.09% from the stock’s previous close.

Several other analysts also recently weighed in on the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Assurant from $258.00 to $270.00 and gave the stock an “outperform” rating in a research report on Wednesday. Truist Financial boosted their price objective on shares of Assurant from $280.00 to $290.00 and gave the stock a “buy” rating in a research report on Thursday, May 7th. Weiss Ratings cut shares of Assurant from a “buy (b+)” rating to a “buy (b)” rating in a report on Monday. UBS Group lifted their target price on shares of Assurant from $270.00 to $274.00 and gave the company a “buy” rating in a report on Monday. Finally, Piper Sandler lifted their target price on shares of Assurant from $264.00 to $268.00 and gave the company an “overweight” rating in a report on Monday. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $272.17.

Assurant Stock Up 0.6%

Shares of NYSE:AIZ opened at $254.26 on Thursday. The company has a market capitalization of $12.60 billion, a PE ratio of 13.01 and a beta of 0.56. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.38. Assurant has a twelve month low of $183.39 and a twelve month high of $257.17. The firm has a 50 day simple moving average of $225.47 and a 200-day simple moving average of $228.21.

Assurant (NYSE:AIZ) last issued its quarterly earnings data 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. The business had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.29 billion. Assurant had a net margin of 7.60% and a return on equity of 20.32%. The company’s revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $5.79 EPS. On average, equities analysts predict that Assurant will post 20.87 EPS for the current fiscal 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 on 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 directly owned 2,895 shares of the company’s stock, valued at approximately $609,484.35. The trade was a 39.37% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Dimitry Dirienzo sold 750 shares of the business’s stock in a transaction on Friday, March 20th. The shares were sold at an average price of $210.98, for a total transaction of $158,235.00. Following the completion of the transaction, the chief accounting officer directly owned 4,741 shares in the company, valued at $1,000,256.18. This represents a 13.66% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 4,650 shares of company stock valued at $1,061,871. 0.54% of the stock is owned by company insiders.

Hedge Funds Weigh In On Assurant

Several institutional investors have recently bought and sold shares of the company. Ascent Group LLC boosted its position in shares of Assurant by 0.8% during the 4th quarter. Ascent Group LLC now owns 5,339 shares of the financial services provider’s stock worth $1,286,000 after purchasing an additional 43 shares in the last quarter. ProShare Advisors LLC boosted its position in shares of Assurant by 0.3% during the 4th quarter. ProShare Advisors LLC now owns 17,064 shares of the financial services provider’s stock worth $4,110,000 after purchasing an additional 47 shares in the last quarter. Illinois Municipal Retirement Fund boosted its position in shares of Assurant by 0.3% during the 3rd quarter. Illinois Municipal Retirement Fund now owns 15,917 shares of the financial services provider’s stock worth $3,448,000 after purchasing an additional 48 shares in the last quarter. Versant Capital Management Inc boosted its position in shares of Assurant by 72.6% during the 3rd quarter. Versant Capital Management Inc now owns 126 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 53 shares in the last quarter. Finally, Root Financial Partners LLC boosted its position in shares of Assurant by 27.5% during the 1st quarter. Root Financial Partners LLC now owns 246 shares of the financial services provider’s stock worth $54,000 after purchasing an additional 53 shares in the last quarter. 92.65% of the stock is owned by institutional investors and hedge funds.

Trending Headlines about Assurant

Here are the key news stories impacting Assurant this week:

• Positive Sentiment: Morgan Stanley upgraded Assurant to Overweight and lifted its price target to $285, signaling confidence in further upside. Morgan Stanley upgrades Assurant (AIZ)
• Positive Sentiment: KBW reaffirmed its Buy rating on Assurant, adding to the bullish analyst backdrop. KBW Reaffirms Their Buy Rating on Assurant (AIZ)
• Positive Sentiment: BMO Capital also gave Assurant a Buy rating, reinforcing expectations for continued strength in the business. Assurant (AIZ) Receives a Buy from BMO Capital
• Neutral Sentiment: Analyst notes and earnings-call commentary are focusing attention on Assurant’s valuation and growth outlook after a strong quarter. Assessing Assurant (AIZ) Valuation After Recent Share Price Strength And Growth Outlook
• Neutral Sentiment: Analysts are highlighting questions from Assurant’s Q1 earnings call, which may help investors gauge the durability of recent results. 5 Revealing Analyst Questions From Assurant’s Q1 Earnings Call
• Negative Sentiment: EVP Jay Rosenblum sold 2,000 shares at an average price of $251.77, a routine insider sale that may slightly temper sentiment. Insider sale filing

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.