Assurant, Inc. (NYSE:AIZ) to Issue $0.80 Quarterly Dividend

Key Points

• Assurant, Inc. has declared a quarterly dividend of $0.80 per share, which is expected to be paid on September 29th to shareholders of record on September 2nd, representing a yield of 1.5%.
• The company's earnings per share (EPS) for the last quarter were $5.56, exceeding estimates of $4.43, while revenue increased 8.0% year-over-year to $3.16 billion.
• Insider activity shows significant sales, with CAO Dimitry Dirienzo and EVP Jay Rosenblum selling a combined total of 4,850 shares recently, reflecting a decrease in their ownership positions.

Assurant, Inc. (NYSE:AIZ - Get Free Report) declared a quarterly dividend on Thursday, August 14th, RTT News reports. Shareholders of record on Tuesday, September 2nd will be given a dividend of 0.80 per share by the financial services provider on Monday, September 29th. This represents a c) dividend on an annualized basis and a yield of 1.5%.

Assurant has a payout ratio of 16.4% indicating that its dividend is sufficiently covered by earnings. Analysts expect Assurant to earn $19.12 per share next year, which means the company should continue to be able to cover its $3.20 annual dividend with an expected future payout ratio of 16.7%.

Assurant Stock Performance

NYSE:AIZ traded down $0.77 during trading hours on Thursday, reaching $212.82. 537,404 shares of the stock were exchanged, compared to its average volume of 491,164. The stock has a market capitalization of $10.74 billion, a P/E ratio of 15.41 and a beta of 0.58. Assurant has a 52 week low of $174.97 and a 52 week high of $230.55. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. The firm has a 50 day simple moving average of $194.38 and a 200-day simple moving average of $199.24.

Assurant (NYSE:AIZ - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $1.13. The business had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Assurant had a return on equity of 16.47% and a net margin of 5.83%. The business's revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the business posted $4.77 EPS. As a group, sell-side analysts forecast that Assurant will post 16.88 earnings per share for the current fiscal year.

Insider Activity at Assurant

In other news, CAO Dimitry Dirienzo sold 950 shares of Assurant stock in a transaction on Friday, August 8th. The stock was sold at an average price of $204.96, for a total transaction of $194,712.00. Following the transaction, the chief accounting officer directly owned 3,135 shares in the company, valued at approximately $642,549.60. This trade represents a 23.26% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Jay Rosenblum sold 3,900 shares of Assurant stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the transaction, the executive vice president owned 7,875 shares in the company, valued at approximately $1,642,173.75. This trade represents a 33.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 5,850 shares of company stock worth $1,209,909. 0.51% of the stock is owned by insiders.

Hedge Funds Weigh In On Assurant

Hedge funds have recently modified their holdings of the company. Zions Bancorporation National Association UT acquired a new position in shares of Assurant during the 1st quarter valued at $26,000. Alpine Bank Wealth Management acquired a new position in shares of Assurant during the 1st quarter valued at $28,000. REAP Financial Group LLC increased its position in shares of Assurant by 193.9% during the 2nd quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 95 shares during the period. Cullen Frost Bankers Inc. increased its position in shares of Assurant by 1,133.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 148 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 136 shares during the period. Finally, Private Trust Co. NA increased its position in shares of Assurant by 192.2% during the 1st quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 98 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Assurant Company Profile

Assurant, Inc, together with its subsidiaries, provides business services that supports, protects, and connects consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products; and vehicle protection, commercial equipment, and other related services.

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