Assurant, Inc. $AIZ Shares Purchased by Hsbc Holdings PLC

Key Points

• Hsbc Holdings PLC increased its Assurant stake by 13.5% in the fourth quarter, holding 79,491 shares worth about $19.2 million. Institutional investors continue to dominate ownership, with hedge funds and institutions owning 92.65% of the company.
• Insiders have been selling shares, including EVP Robert Lonergan and EVP Keith Meier, with 36,000 shares sold in the last 90 days for about $9.2 million total. Corporate insiders now own just 0.54% of Assurant stock.
• Assurant beat quarterly expectations and raised interest from analysts, reporting EPS of $5.95 on revenue of $3.42 billion, both above estimates. The stock also pays a quarterly dividend of $0.88 per share and currently has a consensus analyst rating of “Moderate Buy.”

Hsbc Holdings PLC lifted its stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 13.5% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 79,491 shares of the financial services provider's stock after purchasing an additional 9,433 shares during the period. Hsbc Holdings PLC owned 0.16% of Assurant worth $19,184,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Norges Bank acquired a new stake in shares of Assurant in the 4th quarter worth $161,574,000. Adage Capital Partners GP L.L.C. grew its holdings in shares of Assurant by 676.5% in the fourth quarter. Adage Capital Partners GP L.L.C. now owns 240,240 shares of the financial services provider's stock valued at $57,862,000 after purchasing an additional 209,300 shares during the period. Millennium Management LLC increased its position in Assurant by 122.9% during the fourth quarter. Millennium Management LLC now owns 322,235 shares of the financial services provider's stock worth $77,610,000 after purchasing an additional 177,642 shares during the last quarter. Gillson Capital LP raised its stake in Assurant by 62.6% during the fourth quarter. Gillson Capital LP now owns 390,205 shares of the financial services provider's stock worth $93,981,000 after purchasing an additional 150,168 shares during the period. Finally, PFA Pension Forsikringsaktieselskab acquired a new position in Assurant in the 4th quarter valued at about $36,195,000. Institutional investors and hedge funds own 92.65% of the company's stock.

Insider Buying and Selling at Assurant

In other news, EVP Robert Lonergan sold 7,000 shares of the company's stock in a transaction on Monday, June 22nd. The stock was 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 of the company's stock, valued at approximately $7,191,423.54. This represents a 20.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Keith Meier sold 25,000 shares of the stock in a transaction on Friday, May 15th. The shares were sold at an average price of $254.31, for a total value of $6,357,750.00. Following the completion of the sale, the executive vice president owned 18,552 shares in the company, valued at approximately $4,717,959.12. The trade was a 57.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 36,000 shares of company stock valued at $9,211,620 in the last 90 days. Corporate insiders own 0.54% of the company's stock.

Wall Street Analyst Weigh In

A number of research analysts recently commented on AIZ shares. Royal Bank Of Canada set a $310.00 price objective on Assurant in a report on Wednesday, June 17th. Truist Financial lifted their target price on Assurant from $290.00 to $310.00 and gave the company a "buy" rating in a research report on Wednesday, June 17th. UBS Group upped their price target on Assurant from $270.00 to $274.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Weiss Ratings downgraded Assurant from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday, June 23rd. Finally, Wall Street Zen cut shares of Assurant from a "buy" rating to a "hold" rating in a research report on Sunday, June 28th. Nine equities research analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat, Assurant presently has a consensus rating of "Moderate Buy" and an average price target of $285.71.

Assurant Trading Up 0.3%

Shares of NYSE AIZ opened at $280.05 on Wednesday. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $13.88 billion, a PE ratio of 14.32 and a beta of 0.55. Assurant, Inc. has a twelve month low of $183.39 and a twelve month high of $284.12. The stock has a fifty day simple moving average of $254.96 and a 200-day simple moving average of $237.85.

Assurant (NYSE:AIZ - Get Free Report) last announced its 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 during 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 period last year, the business posted $5.79 EPS. On average, equities analysts forecast that Assurant, Inc. will post 21.04 earnings per share for the current year.

Assurant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 8th were paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Monday, June 8th. Assurant's dividend payout ratio is presently 18.01%.

About Assurant

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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