1,004,116 Shares in Assurant, Inc. $AIZ Acquired by Bank of America Corp DE

Key Points

• Bank of America acquired 1,004,116 Assurant shares during the second quarter, valued at approximately $269.6 million and representing about 2.04% of the company. Institutional investors and hedge funds collectively own 92.65% of Assurant.
• Analysts remain bullish, with Assurant receiving a consensus “Buy” rating and an average price target of $327.14, above its reported opening price of $283.94.
• Assurant exceeded quarterly expectations, reporting $6.41 in EPS versus the $5.17 consensus estimate and 9.4% year-over-year revenue growth. The company also declared a quarterly dividend of $0.88 per share, equivalent to a 1.2% yield.

Bank of America Corp DE acquired a new position in shares of Assurant, Inc. (NYSE:AIZ - Free Report) in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor acquired 1,004,116 shares of the financial services provider's stock, valued at approximately $269,635,000. Bank of America Corp DE owned about 2.04% of Assurant as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the company. First Bancorp Inc ME acquired a new stake in Assurant during the second quarter worth about $31,000. Western Wealth Management LLC purchased a new stake in shares of Assurant during the 1st quarter worth about $33,000. Arlington Trust Co LLC increased its position in Assurant by 81.4% during the 2nd quarter. Arlington Trust Co LLC now owns 127 shares of the financial services provider's stock worth $34,000 after purchasing an additional 57 shares in the last quarter. Root Financial Partners LLC increased its position in Assurant by 27.5% during the 1st quarter. Root Financial Partners LLC now owns 246 shares of the financial services provider's stock worth $54,000 after purchasing an additional 53 shares in the last quarter. Finally, Caitong International Asset Management Co. Ltd raised its holdings in Assurant by 366.7% in the fourth quarter. Caitong International Asset Management Co. Ltd now owns 252 shares of the financial services provider's stock valued at $61,000 after buying an additional 198 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts have weighed in on the stock. Truist Financial lifted their price target on shares of Assurant from $310.00 to $355.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. UBS Group increased their price objective on shares of Assurant from $274.00 to $331.00 and gave the stock a "buy" rating in a research report on Thursday, August 13th. Morgan Stanley raised their target price on shares of Assurant from $300.00 to $320.00 and gave the company an "overweight" rating in a research note on Wednesday, August 19th. Keefe, Bruyette & Woods lifted their target price on shares of Assurant from $310.00 to $325.00 and gave the company an "outperform" rating in a report on Friday, August 7th. Finally, Piper Sandler upped their price target on shares of Assurant from $290.00 to $329.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Buy" and an average target price of $327.14.

Assurant Price Performance

Shares of AIZ stock opened at $283.94 on Thursday. The company has a market capitalization of $14.00 billion, a PE ratio of 13.56 and a beta of 0.54. The firm has a fifty day simple moving average of $282.06 and a 200-day simple moving average of $255.00. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.36. Assurant, Inc. has a twelve month low of $205.29 and a twelve month high of $303.94.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $1.24. Assurant had a net margin of 7.90% and a return on equity of 20.40%. The firm had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the firm posted $5.56 EPS. The firm's quarterly revenue was up 9.4% on a year-over-year basis. Equities research analysts anticipate that Assurant, Inc. will post 22.07 earnings per share for the current fiscal year.

Assurant Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, August 31st will be given a $0.88 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $3.52 annualized dividend and a dividend yield of 1.2%. Assurant's payout ratio is presently 16.81%.

Insider Activity

In other news, EVP Robert Lonergan sold 7,000 shares of the stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the transaction, the executive vice president owned 27,374 shares of the company's stock, valued at approximately $7,191,423.54. This trade represents a 20.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Biju Nair sold 3,931 shares of Assurant stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $302.46, for a total value of $1,188,970.26. Following the completion of the transaction, the executive vice president owned 24,247 shares of the company's stock, valued at $7,333,747.62. This trade represents a 13.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.54% of the stock is currently owned by insiders.

Assurant Company Profile

Assurant, Inc is a global business services and insurance company that provides protection products and services supporting major purchases and everyday needs. Its offerings are designed to help consumers, businesses and distribution partners manage risks associated with connected devices, housing and transportation.

The company's Lifestyle segment provides mobile device protection, extended service contracts, vehicle service contracts and related services. Its Global Housing segment offers renters insurance, homeowners insurance, lender-placed insurance and other specialty property products.

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