Intech Investment Management LLC Cuts Stock Holdings in Assurant, Inc. $AIZ

Key Points

• Intech Investment Management LLC reduced its stake in Assurant, Inc. by 36.6%, now holding 27,645 shares valued at approximately $5.8 million.
• Assurant recently reported $5.56 earnings per share, exceeding estimates, and announced a quarterly dividend of $0.80, reflecting a 1.5% dividend yield.
• Wall Street analysts have generally upgraded their outlook on Assurant, with most rating it as a "Moderate Buy" and setting a consensus price target of $233.29.

Intech Investment Management LLC trimmed its stake in Assurant, Inc. (NYSE:AIZ - Free Report) by 36.6% in the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 27,645 shares of the financial services provider's stock after selling 15,977 shares during the period. Intech Investment Management LLC owned 0.05% of Assurant worth $5,799,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of AIZ. Zions Bancorporation National Association UT bought a new position in shares of Assurant during the 1st quarter valued at about $26,000. Alpine Bank Wealth Management acquired a new stake in shares of Assurant during the first quarter worth $28,000. Private Trust Co. NA lifted its position in Assurant by 192.2% during the first quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 98 shares during the period. Assetmark Inc. increased its holdings in Assurant by 312.8% in the first quarter. Assetmark Inc. now owns 161 shares of the financial services provider's stock valued at $34,000 after buying an additional 122 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its stake in Assurant by 47.3% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 61 shares in the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Jay Rosenblum sold 3,900 shares of the firm's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the transaction, the executive vice president directly 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 sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CAO Dimitry Dirienzo sold 950 shares of Assurant stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $204.96, for a total transaction of $194,712.00. Following the sale, the chief accounting officer directly owned 3,135 shares in the company, valued at approximately $642,549.60. The trade was a 23.26% decrease in their position. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,400 shares of company stock valued at $2,891,288. Company insiders own 0.51% of the company's stock.

Assurant Stock Up 1.2%

Shares of NYSE:AIZ traded up $2.42 during trading on Wednesday, hitting $207.86. The stock had a trading volume of 61,624 shares, compared to its average volume of 475,558. The firm's fifty day moving average is $202.10 and its 200 day moving average is $199.81. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. Assurant, Inc. has a 12 month low of $174.97 and a 12 month high of $230.55. The company has a market capitalization of $10.49 billion, a PE ratio of 15.03 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last posted its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $1.13. The business had revenue of $3.16 billion for the quarter, compared to analysts' expectations of $3.13 billion. Assurant had a return on equity of 16.47% and a net margin of 5.83%.The business's quarterly revenue was up 8.0% on a year-over-year basis. During the same period last year, the firm earned $4.77 earnings per share. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. Analysts anticipate that Assurant, Inc. will post 16.88 EPS for the current fiscal year.

Assurant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors 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 dividend on an annualized basis and a yield of 1.5%. Assurant's dividend payout ratio (DPR) is 23.17%.

Analysts Set New Price Targets

AIZ has been the topic of several recent analyst reports. Stephens assumed coverage on shares of Assurant in a report on Tuesday, August 12th. They issued an "overweight" rating on the stock. Wall Street Zen upgraded shares of Assurant from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. BMO Capital Markets initiated coverage on shares of Assurant in a research report on Tuesday, August 12th. They set an "outperform" rating and a $238.00 price target on the stock. Morgan Stanley reiterated a "cautious" rating on shares of Assurant in a research note on Monday, August 18th. Finally, Zacks Research upgraded shares of Assurant from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $233.29.

About Assurant

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.