Atlanta, Georgia-based Assurant, Inc. (AIZ) provides protection services to connected devices, homes, and automobiles. Valued at $11.7 billion by market cap, the company offers mobile device solutions, extended service contracts, insurance products, vehicle protection, and housing-related coverage, including lender-placed, renters, and homeowners insurance.
Companies worth $10 billion or more are generally described as “large-cap stocks,” and AIZ perfectly fits that description, with its market cap exceeding this mark, underscoring its size, influence, and dominance within the insurance - property & casualty industry. New financial services programs boost Assurant’s mobile device protection and extended service contracts. The company's proactive risk management includes a comprehensive catastrophe reinsurance program that protects against significant losses and demonstrates strategic strength.
Despite its notable strength, AIZ shares touched their 52-week high of $236.74 in the last trading session. Over the past three months, AIZ stock has gained 13.6%, outperforming the Nasdaq Composite’s ($NASX) 3.5% gains during the same time frame.
In the longer term, shares of AIZ rose 16.7% on a six-month basis and climbed 7.4% over the past 52 weeks, underperforming NASX’s six-month gains of 17.3% and solid 14.6% returns over the last year.
To confirm the bullish trend, AIZ has been trading above its 50-day and 200-day moving averages since early August, with slight fluctuations.
On Nov. 4, AIZ shares closed up more than 1% after reporting its Q3 results. Its adjusted EPS of $5.73 exceeded Wall Street expectations of $4.23. The company’s revenue stood at $3.2 billion, up 8.9% year over year.
In the competitive arena of insurance - property & casualty, The Hartford Insurance Group, Inc. (HIG) has taken the lead over AIZ, showing resilience with 24.4% gains over the past 52 weeks, but lagged behind the stock with 9.5% returns on a six-month basis.
Wall Street analysts are reasonably bullish on AIZ’s prospects. The stock has a consensus “Moderate Buy” rating from the nine analysts covering it, and the mean price target of $253.67 suggests a potential upside of 8.7% from current price levels.
On the date of publication, Neha Panjwani did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
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