UPDATE: Sterne Agee Downgrades Assurant to Neutral

According to Sterne Agee, Assurant AIZ is downgraded to Neutral. Sterne Agee said that AIZ shares currently trade at 7.9x P/E on its 2012E of $5.50 and 89% of its 1Q12E BVPS ex. AOCI. “Though we still see significant opportunity for deployment of free cash flow into accretive buybacks, on a relative basis versus both our Life sector as well as the P&C sector, we currently find better alternatives for new money.” Assurant closed yesterday at $43.56.