Assurant, Inc. $AIZ Stake Lessened by Canada Pension Plan Investment Board

Key Points

• Canada Pension Plan Investment Board reduced its holdings in Assurant, Inc. by 34.2% in Q1, owning 22,946 shares worth approximately $4.81 million after selling 11,932 shares.
• Assurant's quarterly earnings report showed earnings per share of $5.56, exceeding estimates by $1.13, with a revenue of $3.16 billion, marking an 8% year-over-year increase.
• The company recently declared a $0.80 quarterly dividend, representing a 1.5% yield, with a payout ratio of 23.17% and set its FY 2025 EPS guidance at $22.39.

Canada Pension Plan Investment Board decreased its holdings in Assurant, Inc. (NYSE:AIZ - Free Report) by 34.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 22,946 shares of the financial services provider's stock after selling 11,932 shares during the period. Canada Pension Plan Investment Board's holdings in Assurant were worth $4,813,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. Migdal Insurance & Financial Holdings Ltd. grew its position in Assurant by 47.3% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 61 shares during the period. LRI Investments LLC grew its position in Assurant by 14.0% during the fourth quarter. LRI Investments LLC now owns 553 shares of the financial services provider's stock worth $118,000 after buying an additional 68 shares in the last quarter. KBC Group NV raised its position in Assurant by 1.6% in the 1st quarter. KBC Group NV now owns 4,745 shares of the financial services provider's stock worth $995,000 after purchasing an additional 73 shares during the last quarter. Forte Capital LLC ADV raised its position in shares of Assurant by 5.2% during the 1st quarter. Forte Capital LLC ADV now owns 1,620 shares of the financial services provider's stock valued at $340,000 after acquiring an additional 80 shares during the last quarter. Finally, Amalgamated Bank increased its holdings in Assurant by 0.9% during the 1st quarter. Amalgamated Bank now owns 9,918 shares of the financial services provider's stock worth $2,080,000 after purchasing an additional 87 shares in the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Assurant Stock Up 0.1%

NYSE AIZ traded up $0.27 on Monday, reaching $211.44. The company had a trading volume of 193,043 shares, compared to its average volume of 484,383. Assurant, Inc. has a 1 year low of $174.97 and a 1 year high of $230.55. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. The firm has a 50-day moving average of $199.75 and a 200-day moving average of $199.54. The firm has a market capitalization of $10.67 billion, a PE ratio of 15.31 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last announced its quarterly earnings data 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. Assurant had a return on equity of 16.47% and a net margin of 5.83%.The firm had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. During the same period in the prior year, the business earned $4.77 EPS. The business's revenue for the quarter was up 8.0% on a year-over-year basis. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. On average, equities research analysts anticipate that Assurant, Inc. will post 16.88 EPS for the current fiscal year.

Assurant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Assurant's dividend payout ratio is 23.17%.

Insiders Place Their Bets

In other Assurant news, CAO Dimitry Dirienzo sold 950 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $204.96, for a total transaction of $194,712.00. Following the sale, the chief accounting officer owned 3,135 shares in the company, valued at $642,549.60. This trade represents a 23.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Keith Demmings sold 4,275 shares of the business's stock in a transaction on Friday, August 29th. The shares were sold at an average price of $220.27, for a total transaction of $941,654.25. Following the sale, the chief executive officer directly owned 98,372 shares of the company's stock, valued at approximately $21,668,400.44. The trade was a 4.16% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,400 shares of company stock worth $2,891,288 over the last 90 days. Corporate insiders own 0.51% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on AIZ shares. Zacks Research upgraded shares of Assurant from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 19th. Keefe, Bruyette & Woods raised their price objective on shares of Assurant from $225.00 to $235.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Morgan Stanley reissued a "cautious" rating on shares of Assurant in a report on Monday, August 18th. BMO Capital Markets started coverage on shares of Assurant in a report on Tuesday, August 12th. They set an "outperform" rating and a $238.00 price objective for the company. Finally, Stephens began coverage on shares of Assurant in a report on Tuesday, August 12th. They issued an "overweight" rating on the stock. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $233.29.

Assurant 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.