Assurant (NYSE:AIZ) Downgraded by StockNews.com

StockNews.com cut shares of Assurant (NYSE:AIZ) from a buy rating to a hold rating in a report issued on Tuesday morning.

Several other equities research analysts have also issued reports on the stock. Keefe, Bruyette & Woods increased their target price on shares of Assurant from $186.00 to $194.00 and gave the stock a market perform rating in a report on Wednesday, August 14th. Bank of America decreased their price objective on shares of Assurant from $223.00 to $222.00 and set a buy rating on the stock in a research report on Thursday, July 11th. Piper Sandler downgraded shares of Assurant from an overweight rating to a neutral rating and set a $200.00 target price for the company. in a report on Thursday, August 22nd. Finally, UBS Group increased their price target on Assurant from $217.00 to $224.00 and gave the stock a buy rating in a research note on Monday. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Moderate Buy and a consensus target price of $209.00.

Assurant Price Performance

Shares of NYSE:AIZ opened at $199.00 on Tuesday. Assurant has a twelve month low of $141.83 and a twelve month high of $200.00. The stock has a market capitalization of $10.35 billion, a PE ratio of 13.89, a price-to-earnings-growth ratio of 1.68 and a beta of 0.57. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.42. The firm’s 50 day moving average price is $185.34 and its 200-day moving average price is $177.76.

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

Assurant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 30th. Investors of record on Tuesday, September 3rd will be given a dividend of $0.72 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.45%. Assurant’s dividend payout ratio is 20.10%.

Insider Activity at Assurant

In other Assurant news, CAO Dimitry Dirienzo sold 550 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $188.44, for a total transaction of $103,642.00. Following the completion of the transaction, the chief accounting officer now owns 3,152 shares of the company’s stock, valued at approximately $593,962.88. 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 Assurant stock in a transaction that occurred on Monday, August 12th. The stock was 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. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Dimitry Dirienzo sold 550 shares of the firm’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $188.44, for a total transaction of $103,642.00. Following the completion of the transaction, the chief accounting officer now directly owns 3,152 shares of the company’s stock, valued at $593,962.88. The disclosure for this sale can be found here. 0.53% of the stock is currently owned by corporate insiders.

Institutional Trading of Assurant

Several hedge funds have recently made changes to their positions in AIZ. Healthcare of Ontario Pension Plan Trust Fund lifted its stake in shares of Assurant by 444.4% in the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 24,500 shares of the financial services provider’s stock valued at $4,073,000 after purchasing an additional 20,000 shares during the last quarter. Sanctuary Advisors LLC bought a new stake in shares of Assurant during the 2nd quarter worth approximately $475,000. Cetera Investment Advisers boosted its stake in shares of Assurant by 10.6% during the second quarter. Cetera Investment Advisers now owns 14,342 shares of the financial services provider’s stock valued at $2,384,000 after purchasing an additional 1,369 shares during the period. Quarry LP increased its stake in Assurant by 1,580.9% in the 2nd quarter. Quarry LP now owns 1,143 shares of the financial services provider’s stock worth $190,000 after buying an additional 1,075 shares during the period. Finally, Creative Planning lifted its holdings in Assurant by 428.0% during the 2nd quarter. Creative Planning now owns 7,667 shares of the financial services provider’s stock valued at $1,275,000 after buying an additional 6,215 shares in the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

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.