Truist Financial Forecasts Strong Price Appreciation for Assurant (NYSE:AIZ) Stock

Assurant (NYSE:AIZ) had its price objective raised by equities researchers at Truist Financial from $280.00 to $290.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage presently has a “buy” rating on the financial services provider’s stock. Truist Financial’s price target would suggest a potential upside of 21.18% from the company’s previous close.

A number of other brokerages have also issued reports on AIZ. BMO Capital Markets decreased their target price on shares of Assurant from $255.00 to $246.00 and set an “outperform” rating on the stock in a research report on Thursday, February 12th. Morgan Stanley decreased their target price on shares of Assurant from $248.00 to $240.00 and set an “equal weight” rating on the stock in a research report on Monday, April 6th. Wall Street Zen lowered shares of Assurant from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Finally, Weiss Ratings upgraded shares of Assurant from a “buy (b)” rating to a “buy (b+)” rating in a research report on Monday, April 27th. Eight investment 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 currently has an average rating of “Moderate Buy” and an average price target of $258.50.

Assurant Stock Up 2.4%

Assurant stock opened at $239.31 on Thursday. The stock has a market cap of $11.90 billion, a P/E ratio of 12.24 and a beta of 0.56. The company has a quick ratio of 0.39, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. Assurant has a twelve month low of $183.39 and a twelve month high of $246.31. The company’s 50-day moving average price is $223.58 and its two-hundred day moving average price is $226.84.

Assurant (NYSE:AIZ) last released its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share for the quarter, beating the consensus estimate of $5.29 by $0.66. The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.29 billion. Assurant had a net margin of 7.60% and a return on equity of 20.32%. The business’s revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the firm earned $5.79 EPS. As a group, analysts expect that Assurant will post 20.75 EPS for the current year.

Insider Activity at Assurant

In related news, CAO Dimitry Dirienzo sold 750 shares of the stock in a transaction that occurred 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 sale, the chief accounting officer owned 4,741 shares in the company, valued at approximately $1,000,256.18. This trade represents a 13.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Subhashish Sengupta sold 1,880 shares of the stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $210.53, for a total transaction of $395,796.40. Following the sale, the executive vice president owned 2,895 shares in the company, valued at $609,484.35. This represents a 39.37% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 2,650 shares of company stock worth $558,331 in the last quarter. 0.54% of the stock is currently owned by company insiders.

Institutional Trading of Assurant

Several large investors have recently made changes to their positions in AIZ. 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 acquiring an additional 53 shares in the last quarter. CYBER HORNET ETFs LLC acquired a new stake in shares of Assurant during the 2nd quarter worth approximately $27,000. Montag A & Associates Inc. acquired a new stake in Assurant in the fourth quarter valued at approximately $28,000. Smartleaf Asset Management LLC boosted its position in Assurant by 65.6% in the third quarter. Smartleaf Asset Management LLC now owns 149 shares of the financial services provider’s stock valued at $32,000 after buying an additional 59 shares in the last quarter. Finally, BOKF NA acquired a new stake in Assurant in the third quarter valued at approximately $32,000. Institutional investors and hedge funds 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.