Assurant, Inc. $AIZ Shares Bought by Fifth Third Bancorp

Key Points

• Fifth Third Bancorp boosted its stake in Assurant by 426.5% in the first quarter, ending with 11,672 shares valued at about $2.54 million.
• Assurant reported better-than-expected quarterly results, with EPS of $5.95 versus estimates of $5.29 and revenue of $3.42 billion versus $3.29 billion expected. Revenue rose 11.3% year over year.
• Analyst sentiment remains positive, with several firms raising price targets and the stock carrying a Moderate Buy consensus and average target price of $291.43.

Fifth Third Bancorp raised its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 426.5% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 11,672 shares of the financial services provider's stock after purchasing an additional 9,455 shares during the period. Fifth Third Bancorp's holdings in Assurant were worth $2,542,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Montag A & Associates Inc. purchased a new position in Assurant during the 4th quarter worth $28,000. CYBER HORNET ETFs LLC acquired a new stake in Assurant in the second quarter worth about $27,000. BOKF NA purchased a new stake in shares of Assurant during the third quarter worth about $32,000. Park Square Financial Group LLC grew its stake in shares of Assurant by 205.5% during the fourth quarter. Park Square Financial Group LLC now owns 168 shares of the financial services provider's stock worth $40,000 after acquiring an additional 113 shares during the last quarter. Finally, Greenline Wealth Management LLC purchased a new position in shares of Assurant in the 4th quarter valued at approximately $41,000. Hedge funds and other institutional investors own 92.65% of the company's stock.

Assurant Stock Down 0.4%

NYSE:AIZ opened at $275.67 on Tuesday. 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 company's fifty day moving average price is $262.30 and its 200-day moving average price is $240.17. Assurant, Inc. has a 1-year low of $183.39 and a 1-year high of $284.12. The firm has a market capitalization of $13.66 billion, a P/E ratio of 14.10 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last posted its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $5.95 EPS for the quarter, beating the consensus estimate 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 firm's revenue was up 11.3% on a year-over-year basis. During the same period in the prior year, the company earned $5.79 earnings per share. As a group, equities research analysts anticipate that Assurant, Inc. will post 21.04 EPS for the current year.

Assurant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 8th were given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.3%. The ex-dividend date was Monday, June 8th. Assurant's dividend payout ratio (DPR) is currently 18.01%.

Wall Street Analyst Weigh In

AIZ has been the subject of a number of recent analyst reports. Truist Financial lifted their target price on shares of Assurant from $290.00 to $310.00 and gave the stock a "buy" rating in a research note on Wednesday, June 17th. Keefe, Bruyette & Woods raised their price target on shares of Assurant from $270.00 to $310.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Morgan Stanley lifted their price objective on shares of Assurant from $285.00 to $300.00 and gave the stock an "overweight" rating in a research note on Monday, July 6th. Piper Sandler reissued an "overweight" rating on shares of Assurant in a report on Monday, June 22nd. Finally, UBS Group raised their target price on Assurant from $270.00 to $274.00 and gave the stock a "buy" rating in a research note on Monday, May 11th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat, Assurant presently has an average rating of "Moderate Buy" and a consensus target price of $291.43.

Insider Buying and Selling

In other news, CAO Dimitry Dirienzo sold 2,000 shares of the firm's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total transaction of $511,360.00. Following the sale, the chief accounting officer owned 2,741 shares of the company's stock, valued at $700,818.88. This trade represents a 42.19% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Robert Lonergan sold 7,000 shares of the firm'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 sale, the executive vice president owned 27,374 shares in the company, valued at approximately $7,191,423.54. This represents a 20.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 36,000 shares of company stock worth $9,211,620. 0.54% of the stock is currently owned by company insiders.

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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