Assurant, Inc. $AIZ Shares Sold by Dividend Assets Capital LLC

Key Points

• Dividend Assets Capital LLC cut its Assurant stake by 34.1% in the first quarter, selling 13,714 shares and leaving it with 26,507 shares valued at about $5.77 million.
• Assurant beat quarterly expectations, reporting EPS of $5.95 versus the $5.29 estimate and revenue of $3.42 billion versus $3.29 billion expected, with revenue up 11.3% year over year.
• The company also announced a $0.88 quarterly dividend and has drawn mostly bullish analyst views, with nine Buy ratings and an average price target of $283.57.

Dividend Assets Capital LLC decreased its position in Assurant, Inc. (NYSE:AIZ - Free Report) by 34.1% in the first quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 26,507 shares of the financial services provider's stock after selling 13,714 shares during the period. Dividend Assets Capital LLC owned about 0.05% of Assurant worth $5,773,000 at the end of the most recent quarter.

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

Assurant Stock Performance

Shares of NYSE:AIZ opened at $279.35 on Monday. 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 business's 50 day moving average price is $252.98 and its 200-day moving average price is $237.23. The firm has a market capitalization of $13.84 billion, a PE ratio of 14.29 and a beta of 0.55. Assurant, Inc. has a 1 year low of $183.39 and a 1 year high of $279.50.

Assurant (NYSE:AIZ - Get Free Report) last posted its quarterly earnings data 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 firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The firm's revenue was up 11.3% compared to the same quarter last year. During the same period in the prior year, the company earned $5.79 EPS. As a group, equities research analysts expect that Assurant, Inc. will post 21.04 earnings per share for the current fiscal year.

Assurant Dividend Announcement

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

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on AIZ shares. Royal Bank Of Canada set a $310.00 price objective on Assurant in a research report on Wednesday, June 17th. Weiss Ratings lowered Assurant from a "buy (a-)" rating to a "buy (b+)" rating in a research report on Tuesday, June 23rd. Truist Financial lifted their price target on shares of Assurant from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, June 17th. UBS Group boosted their price target on shares of Assurant from $270.00 to $274.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Finally, Piper Sandler restated an "overweight" rating on shares of Assurant in a research report on Monday, June 22nd. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average price target of $283.57.

Insider Buying and Selling at Assurant

In related news, EVP Jay Rosenblum sold 2,000 shares of the company's stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $251.77, for a total transaction of $503,540.00. Following the completion of the sale, the executive vice president owned 12,764 shares of the company's stock, valued at approximately $3,213,592.28. This represents a 13.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Keith Meier sold 25,000 shares of the stock in a transaction dated Friday, May 15th. The shares were sold at an average price of $254.31, for a total transaction of $6,357,750.00. Following the completion of the sale, the executive vice president owned 18,552 shares of the company's stock, valued at approximately $4,717,959.12. The trade was a 57.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 36,000 shares of company stock valued at $9,211,620 over the last ninety days. 0.54% of the stock is currently owned by corporate insiders.

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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