Assurant (NYSE:AIZ) CEO Keith Demmings Sells 13,725 Shares

Key Points

• Assurant CEO Keith Demmings sold 13,725 shares of the company's stock on October 3rd for a total of $3,026,637, reducing his ownership by 13.95%.
• The company also announced a quarterly dividend of $0.80 per share, which was paid on September 29th, reflecting an annualized yield of 1.4%.
• Assurant reported a quarterly earnings per share of $5.56, exceeding estimates, with revenue up 8.0% compared to the previous year.

Assurant, Inc. (NYSE:AIZ - Get Free Report) CEO Keith Demmings sold 13,725 shares of Assurant stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $220.52, for a total transaction of $3,026,637.00. Following the completion of the transaction, the chief executive officer directly owned 84,647 shares of the company's stock, valued at $18,666,356.44. This trade represents a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link.

Keith Demmings also recently made the following trade(s):

• On Friday, August 29th, Keith Demmings sold 4,275 shares of Assurant stock. The shares were sold at an average price of $220.27, for a total transaction of $941,654.25.
• On Friday, August 29th, Keith Demmings sold 4,275 shares of Assurant stock. The shares were sold at an average price of $220.27, for a total transaction of $941,654.25.

Assurant Stock Performance

Shares of NYSE:AIZ traded up $1.81 during trading hours on Monday, hitting $221.81. The stock had a trading volume of 261,262 shares, compared to its average volume of 469,049. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40. Assurant, Inc. has a 1-year low of $174.97 and a 1-year high of $230.55. The stock's fifty day simple moving average is $209.04 and its 200 day simple moving average is $200.37. The firm has a market capitalization of $11.19 billion, a price-to-earnings ratio of 16.06 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share for the quarter, topping the consensus estimate of $4.43 by $1.13. The business had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. Assurant had a net margin of 5.83% and a return on equity of 16.47%. The company's quarterly revenue was up 8.0% compared to the same quarter last year. During the same quarter in the prior year, the company posted $4.77 earnings per share. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. Sell-side analysts anticipate that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date was Tuesday, September 2nd. Assurant's dividend payout ratio is 23.17%.

Institutional Trading of Assurant

A number of hedge funds have recently made changes to their positions in AIZ. Zions Bancorporation National Association UT purchased a new stake in Assurant in the 1st quarter worth approximately $26,000. Alpine Bank Wealth Management purchased a new stake in shares of Assurant during the first quarter worth $28,000. CYBER HORNET ETFs LLC purchased a new stake in shares of Assurant during the second quarter worth $27,000. REAP Financial Group LLC raised its holdings in shares of Assurant by 193.9% during the second quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider's stock worth $29,000 after acquiring an additional 95 shares in the last quarter. Finally, Cullen Frost Bankers Inc. raised its holdings in shares of Assurant by 1,133.3% during the second quarter. Cullen Frost Bankers Inc. now owns 148 shares of the financial services provider's stock worth $29,000 after acquiring an additional 136 shares in the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have recently commented on AIZ. Stephens began coverage on Assurant in a report on Tuesday, August 12th. They set an "overweight" rating for the company. Benchmark began coverage on shares of Assurant in a research note on Tuesday, August 12th. They set a "buy" rating for the company. Wall Street Zen raised shares of Assurant from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Assurant in a research note on Saturday, September 27th. Finally, Morgan Stanley restated a "cautious" rating on shares of Assurant in a research report on Monday, August 18th. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $234.83.

About Assurant

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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