Amundi Purchases 74,086 Shares of Assurant, Inc. $AIZ

Key Points

• Amundi nearly doubled its Assurant stake in the first quarter, acquiring 74,086 additional shares to hold 151,136 shares valued at approximately $32.9 million. Institutional investors collectively own 92.65% of AIZ.
• Assurant reported quarterly earnings of $5.95 per share, beating estimates by $0.66, while revenue rose 11.3% year over year to $3.42 billion. The company also pays a quarterly dividend of $0.88 per share, yielding about 1.2% annually.
• Analyst sentiment remains favorable, with nine Buy ratings and one Hold rating and an average price target of $291.43. However, insiders sold 36,000 shares worth roughly $9.2 million over the past 90 days.

Amundi increased its position in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 96.2% during the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 151,136 shares of the financial services provider's stock after acquiring an additional 74,086 shares during the quarter. Amundi owned about 0.31% of Assurant worth $32,919,000 at the end of the most recent quarter.

Several other hedge funds have also added to or reduced their stakes in AIZ. Montag A & Associates Inc. bought a new stake in shares of Assurant during the 4th quarter valued at $28,000. CYBER HORNET ETFs LLC bought a new stake in Assurant in the second quarter valued at about $27,000. BOKF NA bought a new stake in Assurant in the third quarter valued at about $32,000. Park Square Financial Group LLC lifted its stake in Assurant by 205.5% in the fourth quarter. Park Square Financial Group LLC now owns 168 shares of the financial services provider's stock valued at $40,000 after buying an additional 113 shares during the period. Finally, Greenline Wealth Management LLC acquired a new position in Assurant in the fourth quarter valued at about $41,000. Institutional investors own 92.65% of the company's stock.

Assurant Trading Up 1.3%

NYSE AIZ opened at $282.81 on Tuesday. The firm has a market cap of $14.01 billion, a P/E ratio of 14.47 and a beta of 0.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.39 and a quick ratio of 0.39. The stock's 50-day moving average is $267.43 and its 200-day moving average is $243.00. Assurant, Inc. has a one year low of $186.98 and a one year high of $284.64.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share for the quarter, beating the consensus estimate of $5.29 by $0.66. The business had revenue of $3.42 billion for the quarter, compared to analysts' expectations of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.Assurant's revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.79 EPS. Sell-side analysts anticipate that Assurant, Inc. will post 21.04 earnings per share for the current fiscal year.

Assurant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 8th were given a dividend of $0.88 per share. The ex-dividend date of this dividend was Monday, June 8th. This represents a $3.52 annualized dividend and a dividend yield of 1.2%. Assurant's dividend payout ratio is currently 18.01%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on AIZ shares. Royal Bank Of Canada set a $310.00 target price on Assurant in a research report on Wednesday, June 17th. Morgan Stanley increased their price target on shares of Assurant from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Piper Sandler reissued an "overweight" rating on shares of Assurant in a research note on Monday, June 22nd. Weiss Ratings lowered shares of Assurant from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, June 23rd. Finally, Wall Street Zen lowered shares of Assurant from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $291.43.

Insider Activity at Assurant

In related news, EVP Jay Rosenblum sold 2,000 shares of the business's stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $251.77, for a total value of $503,540.00. Following the sale, the executive vice president directly owned 12,764 shares of the company's stock, valued at approximately $3,213,592.28. The trade was a 13.55% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Lonergan sold 7,000 shares of the business's stock in a transaction on 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 completion of the sale, the executive vice president directly owned 27,374 shares in the company, valued at $7,191,423.54. This represents a 20.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last ninety days, insiders have sold 36,000 shares of company stock valued at $9,211,620. Insiders own 0.54% of the company's stock.

Assurant Company Profile

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.

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