Fintel reports that on August 3, 2023, Truist Securities maintained coverage of Assurant (NYSE:AIZ) with a Buy recommendation.
Analyst Price Forecast Suggests 14.32% Upside
As of August 2, 2023, the average one-year price target for Assurant is 163.20. The forecasts range from a low of 145.44 to a high of $180.60. The average price target represents an increase of 14.32% from its latest reported closing price of 142.76.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Assurant is 10,860MM, an increase of 2.70%. The projected annual non-GAAP EPS is 12.77.
Assurant Declares $0.70 Dividend
On May 11, 2023 the company declared a regular quarterly dividend of $0.70 per share ($2.80 annualized). Shareholders of record as of May 30, 2023 received the payment on June 20, 2023. Previously, the company paid $0.70 per share.
At the current share price of $142.76 / share, the stock's dividend yield is 1.96%.
Looking back five years and taking a sample every week, the average dividend yield has been 2.03%, the lowest has been 1.44%, and the highest has been 3.00%. The standard deviation of yields is 0.33 (n=236).
The current dividend yield is 0.20 standard deviations below the historical average.
Additionally, the company's dividend payout ratio is 0.43. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.11%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1096 funds or institutions reporting positions in Assurant. This is a decrease of 25 owner(s) or 2.23% in the last quarter. Average portfolio weight of all funds dedicated to AIZ is 0.15%, a decrease of 25.61%. Total shares owned by institutions decreased in the last three months by 2.36% to 57,066K shares. 
The put/call ratio of AIZ is 1.29, indicating a bearish outlook.
What are Other Shareholders Doing?
T. Rowe Price Investment Management holds 5,659K shares representing 10.65% ownership of the company. In it's prior filing, the firm reported owning 5,694K shares, representing a decrease of 0.62%. The firm decreased its portfolio allocation in AIZ by 10.84% over the last quarter.
Bank of New York Mellon holds 2,665K shares representing 5.01% ownership of the company. In it's prior filing, the firm reported owning 1,840K shares, representing an increase of 30.95%. The firm decreased its portfolio allocation in AIZ by 84.01% over the last quarter.
RPMGX - T. Rowe Price Mid-Cap Growth Fund holds 2,197K shares representing 4.13% ownership of the company. In it's prior filing, the firm reported owning 2,200K shares, representing a decrease of 0.14%. The firm decreased its portfolio allocation in AIZ by 9.23% over the last quarter.
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 1,638K shares representing 3.08% ownership of the company. In it's prior filing, the firm reported owning 1,613K shares, representing an increase of 1.51%. The firm decreased its portfolio allocation in AIZ by 9.99% over the last quarter.
Invesco holds 1,473K shares representing 2.77% ownership of the company. In it's prior filing, the firm reported owning 1,432K shares, representing an increase of 2.81%. The firm decreased its portfolio allocation in AIZ by 91.29% over the last quarter.
Assurant Background Information
(This description is provided by the company.)
Assurant, Inc. is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases. Anticipating the evolving needs of consumers, Assurant partners with the world's leading brands to develop innovative products and services and to deliver an enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts; vehicle protection services; pre-funded funeral insurance; renters insurance; lender-placed insurance products; and other specialty products. The Assurant Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire inclusion and prepare leaders of the future.
Additional reading:
- ASSURANT, INC. AMENDED AND RESTATED DIRECTORS COMPENSATION PLAN ARTICLE 1
- Assurant Reports Second Quarter 2023 Financial Results Delivered Significant Earnings and EPS Growth in the Second Quarter Driven by Continued Momentum in Global Housing Company Increases 2023 Outlook to Deliver High Single-Digit Adjusted EBITDA and
- Form of Assurant, Inc. Restricted Stock Unit Award Agreement for Time-Based Awards, effective as of January 18, 2023.
- Form of Assurant, Inc. Restricted Stock Unit Award Agreement for Performance-Based Awards, effective as of January 18, 2023.
- Assurant Reports First Quarter 2023 Financial Results First Quarter Results Driven by Strong Performance in Global Housing; Global Lifestyle Results Improved Sequentially Company Reaffirms 2023 Outlook
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
