Assurant, Inc. (NYSE:AIZ) Shares Sold by Bank of America Corp DE

Bank of America Corp DE cut its stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 16.7% during the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 239,880 shares of the financial services provider's stock after selling 48,135 shares during the quarter. Bank of America Corp DE owned approximately 0.47% of Assurant worth $51,147,000 at the end of the most recent reporting period.

A number of other institutional investors have also modified their holdings of AIZ. Migdal Insurance & Financial Holdings Ltd. purchased a new position in Assurant during the fourth quarter valued at approximately $28,000. Smartleaf Asset Management LLC increased its holdings in Assurant by 127.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 134 shares of the financial services provider's stock valued at $28,000 after buying an additional 75 shares during the period. Jones Financial Companies Lllp increased its holdings in Assurant by 219.1% during the fourth quarter. Jones Financial Companies Lllp now owns 150 shares of the financial services provider's stock valued at $32,000 after buying an additional 103 shares during the period. TD Private Client Wealth LLC increased its holdings in Assurant by 503.1% during the fourth quarter. TD Private Client Wealth LLC now owns 193 shares of the financial services provider's stock valued at $41,000 after buying an additional 161 shares during the period. Finally, Richardson Financial Services Inc. boosted its stake in Assurant by 42.8% in the fourth quarter. Richardson Financial Services Inc. now owns 287 shares of the financial services provider's stock valued at $61,000 after acquiring an additional 86 shares in the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Assurant Stock Up 1.2%

Shares of NYSE AIZ traded up $2.49 during mid-day trading on Friday, reaching $201.97. The company had a trading volume of 1,065,425 shares, compared to its average volume of 392,257. The stock has a market cap of $10.27 billion, a P/E ratio of 13.96 and a beta of 0.59. The firm has a 50 day simple moving average of $198.26 and a two-hundred day simple moving average of $206.95. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.41. Assurant, Inc. has a 52-week low of $160.12 and a 52-week high of $230.55.

Assurant (NYSE:AIZ - Get Free Report) last announced its quarterly earnings data on Tuesday, May 6th. The financial services provider reported $3.39 EPS for the quarter, beating the consensus estimate of $2.78 by $0.61. The firm had revenue of $3.07 billion during the quarter, compared to analysts' expectations of $3.06 billion. Assurant had a net margin of 6.40% and a return on equity of 17.25%. The business's revenue for the quarter was up 6.7% compared to the same quarter last year. During the same quarter last year, the business earned $4.78 earnings per share. Sell-side analysts predict that Assurant, Inc. will post 16.88 earnings per share for the current year.

Insider Buying and Selling

In other Assurant news, EVP Biju Nair sold 3,000 shares of the company's stock in a transaction dated Wednesday, February 19th. The shares were sold at an average price of $201.50, for a total value of $604,500.00. Following the completion of the transaction, the executive vice president now directly owns 17,708 shares of the company's stock, valued at $3,568,162. This represents a 14.49% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.51% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AIZ shares. Piper Sandler raised shares of Assurant from a "neutral" rating to an "overweight" rating and set a $223.00 price objective on the stock in a report on Thursday, April 10th. Keefe, Bruyette & Woods dropped their price objective on shares of Assurant from $230.00 to $224.00 and set an "outperform" rating on the stock in a report on Wednesday, April 9th. Truist Financial boosted their price objective on shares of Assurant from $240.00 to $250.00 and gave the company a "buy" rating in a report on Thursday, February 13th. Finally, StockNews.com upgraded shares of Assurant from a "hold" rating to a "buy" rating in a research report on Wednesday, May 7th. One research analyst has rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, Assurant presently has a consensus rating of "Moderate Buy" and an average price target of $234.17.

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.