Assurant (NYSE:AIZ) Price Target Raised to $130.00 at Morgan Stanley

Assurant (NYSE:AIZ) had its price objective upped by Morgan Stanley from $119.00 to $130.00 in a research report released on Thursday morning, BenzingaRatingsTable reports. Morgan Stanley currently has an overweight rating on the financial services provider’s stock.

Separately, UBS Group lifted their price objective on Assurant to $133.00 and gave the company a buy rating in a research note on Tuesday, May 21st. They noted that the move was a valuation call.

NYSE AIZ opened at $124.53 on Thursday. The stock has a 50-day simple moving average of $112.89 and a two-hundred day simple moving average of $102.18. The firm has a market capitalization of $7.40 billion, a P/E ratio of 18.97 and a beta of 0.54. Assurant has a fifty-two week low of $82.31 and a fifty-two week high of $125.09. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.47 and a current ratio of 0.48.

Assurant (NYSE:AIZ) last released its quarterly earnings data on Tuesday, August 6th. The financial services provider reported $2.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.13 by $0.21. The business had revenue of $2.55 billion during the quarter, compared to analyst estimates of $2.35 billion. Assurant had a return on equity of 7.58% and a net margin of 4.00%. The company’s revenue was up 39.0% on a year-over-year basis. During the same quarter last year, the business posted $2.13 EPS. As a group, analysts forecast that Assurant will post 8.76 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Monday, August 26th will be paid a $0.60 dividend. The ex-dividend date is Friday, August 23rd. This represents a $2.40 annualized dividend and a dividend yield of 1.93%. Assurant’s dividend payout ratio is presently 41.38%.

Several institutional investors have recently made changes to their positions in the stock. Oakbrook Investments LLC increased its stake in shares of Assurant by 1.8% in the 2nd quarter. Oakbrook Investments LLC now owns 6,086 shares of the financial services provider’s stock valued at $647,000 after purchasing an additional 105 shares in the last quarter. Pittenger & Anderson Inc. increased its stake in shares of Assurant by 0.7% in the 2nd quarter. Pittenger & Anderson Inc. now owns 18,420 shares of the financial services provider’s stock valued at $1,960,000 after purchasing an additional 120 shares in the last quarter. Norinchukin Bank The increased its stake in shares of Assurant by 2.9% in the 2nd quarter. Norinchukin Bank The now owns 4,243 shares of the financial services provider’s stock valued at $451,000 after purchasing an additional 121 shares in the last quarter. Nissay Asset Management Corp Japan ADV increased its stake in shares of Assurant by 2.8% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 4,982 shares of the financial services provider’s stock valued at $473,000 after purchasing an additional 134 shares in the last quarter. Finally, Crossmark Global Holdings Inc. increased its stake in shares of Assurant by 0.9% in the 1st quarter. Crossmark Global Holdings Inc. now owns 15,016 shares of the financial services provider’s stock valued at $1,425,000 after purchasing an additional 138 shares in the last quarter. Hedge funds and other institutional investors own 93.07% of the company’s stock.

About Assurant

Assurant, Inc, through its subsidiaries, provides risk management solutions for housing and lifestyle markets in North America, Latin America, Europe, and the Asia Pacific. The company operates through three segments: Global Housing, Global Lifestyle, and Global Preneed. Its Global Housing segment provides lender-placed homeowners, manufactured housing, and flood insurance; and renters insurance and related products, as well as voluntary manufactured housing insurance, homeowners insurance, and other products.

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