Assurant Rating Lowered to Underperform at Bank of America (AIZ)
Assurant (NYSE:AIZ) was downgraded by analysts at Bank of America from a “neutral” rating to an “underperform” rating in a research report issued to clients and investors on Friday, TheFlyOnTheWall.com reports. They currently have a $73.00 target price on the stock. Bank of America’s price objective indicates a potential upside of 8.97% from the stock’s previous close. The analysts noted that the move was a valuation call.
Shares of Assurant (NYSE:AIZ) opened at 66.99 on Friday. Assurant has a one year low of $48.41 and a one year high of $69.26. The stock’s 50-day moving average is $66.0 and its 200-day moving average is $64.84. The company has a market cap of $4.799 billion and a price-to-earnings ratio of 10.10.
Assurant (NYSE:AIZ) last posted its quarterly earnings results on Wednesday, April 23rd. The company reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.53 by $0.15. The company had revenue of $2.45 billion for the quarter, compared to the consensus estimate of $2.36 billion. During the same quarter in the previous year, the company posted $1.46 earnings per share. The company’s revenue for the quarter was up 13.9% on a year-over-year basis. On average, analysts predict that Assurant will post $6.28 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Tuesday, June 10th. Investors of record on Tuesday, May 27th will be paid a dividend of $0.27 per share. This represents a $1.08 annualized dividend and a dividend yield of 1.61%. The ex-dividend date is Thursday, May 22nd. This is an increase from Assurant’s previous quarterly dividend of $0.25.
In other Assurant news, Insider Gene Mergelmeyer unloaded 30,000 shares of the company’s stock in a transaction dated Wednesday, May 14th. The shares were sold at an average price of $67.64, for a total value of $2,029,200.00. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link.
Other equities research analysts have also recently issued reports about the stock. Analysts at SunTrust reiterated a “neutral” rating on shares of Assurant in a research note on Friday, April 25th. They now have a $68.00 price target on the stock. Analysts at Zacks reiterated a “neutral” rating on shares of Assurant in a research note on Friday, February 28th. They now have a $68.00 price target on the stock. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the stock. Assurant has an average rating of “Hold” and a consensus target price of $59.38.
Assurant, Inc (NYSE:AIZ) is a provider of specialized insurance products and related services in North America and select worldwide markets.
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