Assurant, Inc. $AIZ Shares Bought by Bank of New York Mellon Corp

Key Points

• Bank of New York Mellon increased its stake in Assurant by 0.6% in the fourth quarter, ending with 5.04 million shares worth about $1.21 billion and representing 10.06% ownership.
• Assurant reported better-than-expected Q1 earnings, posting $5.95 EPS versus estimates of $5.29 and revenue of $3.42 billion, while revenue rose 11.3% year over year.
• The company also announced a quarterly dividend of $0.88 per share, and analysts remain constructive with nine Buy ratings and a consensus target price of $275.83.

Bank of New York Mellon Corp grew its position in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 0.6% during the 4th quarter, according to the company in its most recent filing with the SEC. The firm owned 5,040,347 shares of the financial services provider's stock after purchasing an additional 29,974 shares during the quarter. Bank of New York Mellon Corp owned 10.06% of Assurant worth $1,213,968,000 as of its most recent filing with the SEC.

Several other hedge funds also recently modified their holdings of AIZ. Jones Financial Companies Lllp increased its position in shares of Assurant by 606.7% during the 1st quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider's stock valued at $222,000 after purchasing an additional 910 shares during the period. Goldman Sachs Group Inc. raised its position in shares of Assurant by 19.6% during the first quarter. Goldman Sachs Group Inc. now owns 290,759 shares of the financial services provider's stock worth $60,987,000 after purchasing an additional 47,548 shares during the period. United Services Automobile Association acquired a new stake in shares of Assurant during the first quarter worth $203,000. Focus Partners Wealth raised its position in shares of Assurant by 66.6% during the first quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider's stock worth $556,000 after purchasing an additional 1,059 shares during the period. Finally, Geneos Wealth Management Inc. raised its position in shares of Assurant by 57.8% during the first quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock worth $38,000 after purchasing an additional 67 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, EVP Subhashish Sengupta sold 1,880 shares of Assurant stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $210.53, for a total value of $395,796.40. Following the transaction, the executive vice president directly owned 2,895 shares in the company, valued at approximately $609,484.35. The trade was a 39.37% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Jay Rosenblum sold 2,000 shares of the business's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $251.77, for a total value of $503,540.00. Following the transaction, the executive vice president directly owned 12,764 shares of the company's stock, valued at $3,213,592.28. This represents a 13.55% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last ninety days, insiders sold 31,650 shares of company stock valued at $7,930,981. 0.54% of the stock is owned by company insiders.

Assurant Stock Down 0.1%

Shares of Assurant stock opened at $248.59 on Wednesday. Assurant, Inc. has a 12-month low of $183.39 and a 12-month high of $260.96. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38. The stock has a 50 day moving average price of $233.22 and a two-hundred day moving average price of $231.22. The stock has a market capitalization of $12.32 billion, a P/E ratio of 12.72 and a beta of 0.56.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $5.95 EPS for the quarter, beating analysts' consensus estimates of $5.29 by $0.66. The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.29 billion. Assurant had a net margin of 7.60% and a return on equity of 20.32%. The company's quarterly revenue was up 11.3% compared to the same quarter last year. During the same quarter last year, the firm posted $5.79 earnings per share. Equities analysts expect that Assurant, Inc. will post 21.04 earnings per share for the current year.

Assurant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, June 29th. Stockholders of record on Monday, June 8th will be given a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.4%. The ex-dividend date of this dividend is Monday, June 8th. Assurant's dividend payout ratio (DPR) is currently 18.01%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently issued reports on AIZ. Keefe, Bruyette & Woods boosted their target price on Assurant from $258.00 to $270.00 and gave the stock an "outperform" rating in a research report on Wednesday, May 13th. Morgan Stanley upgraded Assurant from an "equal weight" rating to an "overweight" rating and lifted their price target for the company from $240.00 to $285.00 in a report on Thursday, May 14th. Piper Sandler lifted their price target on Assurant from $268.00 to $290.00 and gave the company an "overweight" rating in a report on Tuesday, May 26th. BMO Capital Markets lowered their price target on Assurant from $255.00 to $246.00 and set an "outperform" rating on the stock in a report on Thursday, February 12th. Finally, Truist Financial boosted their price target on Assurant from $280.00 to $290.00 and gave the company a "buy" rating in a research note on Thursday, May 7th. Nine investment analysts have rated the stock with a Buy rating and one has given a Hold rating to the company's stock. According to data from MarketBeat, Assurant presently has a consensus rating of "Moderate Buy" and a consensus target price of $275.83.

Assurant 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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