Amundi Raises Position in Assurant, Inc. $AIZ

Key Points

• Amundi increased its stake in Assurant, Inc. by 30.6%, owning a total of 367,161 shares valued at approximately $74.7 million after acquiring more shares in the first quarter.
• Assurant recently announced a quarterly dividend of $0.80, with an annual yield of 1.5%, which will be paid to investors on September 29, 2023.
• The company reported $5.56 EPS for the last quarter, exceeding analysts' expectations, with quarterly revenue up 8.0% year-over-year.

Amundi grew its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 30.6% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 367,161 shares of the financial services provider's stock after acquiring an additional 85,962 shares during the period. Amundi owned 0.72% of Assurant worth $74,688,000 as of its most recent SEC filing.

A number of other large investors have also recently bought and sold shares of the business. Adage Capital Partners GP L.L.C. grew its holdings in Assurant by 68.9% during the 1st quarter. Adage Capital Partners GP L.L.C. now owns 70,840 shares of the financial services provider's stock worth $14,859,000 after acquiring an additional 28,900 shares during the period. Graham Capital Management L.P. grew its holdings in Assurant by 288.4% during the 1st quarter. Graham Capital Management L.P. now owns 5,659 shares of the financial services provider's stock worth $1,187,000 after acquiring an additional 4,202 shares during the period. Quarry LP grew its holdings in Assurant by 183.0% during the 1st quarter. Quarry LP now owns 1,494 shares of the financial services provider's stock worth $313,000 after acquiring an additional 966 shares during the period. Vident Advisory LLC acquired a new stake in Assurant during the 1st quarter worth about $513,000. Finally, Magnetar Financial LLC acquired a new stake in Assurant during the 1st quarter worth about $4,652,000. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Assurant Stock Down 0.1%

NYSE AIZ traded down $0.28 during trading hours on Friday, hitting $213.03. The company's stock had a trading volume of 246,494 shares, compared to its average volume of 381,590. Assurant, Inc. has a 52 week low of $174.97 and a 52 week high of $230.55. The company has a market capitalization of $10.75 billion, a PE ratio of 15.43 and a beta of 0.55. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company's 50-day simple moving average is $201.45 and its two-hundred day simple moving average is $199.89.

Assurant (NYSE:AIZ - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, beating the consensus estimate of $4.43 by $1.13. The firm had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Assurant had a net margin of 5.83% and a return on equity of 16.47%. The company's revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter last year, the business posted $4.77 EPS. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. 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 paid a $0.80 dividend. The ex-dividend date is Tuesday, September 2nd. This represents a $3.20 annualized dividend and a yield of 1.5%. Assurant's dividend payout ratio (DPR) is 23.17%.

Insider Buying and Selling at Assurant

In other Assurant news, CEO Keith Demmings sold 4,275 shares of the stock in a transaction dated Friday, August 29th. The shares were sold at an average price of $220.27, for a total value of $941,654.25. Following the completion of the sale, the chief executive officer owned 98,372 shares in the company, valued at approximately $21,668,400.44. This trade represents a 4.16% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Jay Rosenblum sold 3,900 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total transaction of $813,267.00. Following the completion of the sale, the executive vice president owned 7,875 shares of the company's stock, valued at approximately $1,642,173.75. This trade represents a 33.12% decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 13,400 shares of company stock worth $2,891,288. Insiders own 0.51% of the company's stock.

Analyst Ratings Changes

AIZ has been the subject of a number of recent analyst reports. Morgan Stanley reiterated a "cautious" rating on shares of Assurant in a report on Monday, August 18th. Keefe, Bruyette & Woods raised their target price on Assurant from $225.00 to $235.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. Zacks Research upgraded Assurant from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 19th. Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, BMO Capital Markets started coverage on Assurant in a research note on Tuesday, August 12th. They issued an "outperform" rating and a $238.00 target price for the company. One equities research 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 stock. According to data from MarketBeat, Assurant has an average rating of "Moderate Buy" and a consensus price target 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.