Assurant, Inc. $AIZ Shares Sold by Ritholtz Wealth Management

Key Points

• Ritholtz Wealth Management has significantly reduced its stake in Assurant, Inc. by 48.9% during the second quarter, now holding 2,680 shares valued at approximately $529,000.
• Assurant recently announced a quarterly dividend of $0.80 per share, representing an annualized dividend of $3.20 and a yield of 1.5%.
• The stock has received a mix of analyst ratings, with a consensus of "Buy" and a target price of $243.00, indicating positive market sentiment for Assurant's future performance.

Ritholtz Wealth Management decreased its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 48.9% during the 2nd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 2,680 shares of the financial services provider's stock after selling 2,568 shares during the quarter. Ritholtz Wealth Management's holdings in Assurant were worth $529,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in AIZ. Zions Bancorporation National Association UT purchased a new position in Assurant during the first quarter worth about $26,000. Alpine Bank Wealth Management acquired a new position in shares of Assurant during the 1st quarter valued at about $28,000. REAP Financial Group LLC lifted its holdings in shares of Assurant by 193.9% during the 2nd quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider's stock worth $29,000 after acquiring an additional 95 shares during the period. Private Trust Co. NA lifted its holdings in shares of Assurant by 192.2% during the 1st quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock worth $31,000 after acquiring an additional 98 shares during the period. Finally, Assetmark Inc. boosted its position in shares of Assurant by 312.8% in the first quarter. Assetmark Inc. now owns 161 shares of the financial services provider's stock worth $34,000 after acquiring an additional 122 shares during the last quarter. Hedge funds and other institutional investors own 92.65% of the company's stock.

Assurant Trading Up 0.6%

Shares of AIZ opened at $208.99 on Monday. Assurant, Inc. has a 12 month low of $174.97 and a 12 month high of $230.55. The stock's 50-day moving average is $213.91 and its two-hundred day moving average is $200.86. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. The stock has a market cap of $10.55 billion, a PE ratio of 15.13 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last posted its earnings results on Thursday, March 24th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter. The business had revenue of $2.42 billion during the quarter. Assurant had a return on equity of 16.47% and a net margin of 5.83%. Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. Equities analysts forecast that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd were given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend was Tuesday, September 2nd. Assurant's payout ratio is presently 23.17%.

Insider Activity

In other Assurant news, EVP Jay Rosenblum sold 3,900 shares of the business's stock in a transaction on 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 owned 7,875 shares in the company, valued at $1,642,173.75. The trade was a 33.12% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CAO Dimitry Dirienzo sold 950 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $204.96, for a total transaction of $194,712.00. Following the completion of the transaction, the chief accounting officer directly owned 3,135 shares of the company's stock, valued at approximately $642,549.60. The trade was a 23.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 27,125 shares of company stock worth $5,917,925. 0.51% of the stock is currently owned by company insiders.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. Zacks Research raised shares of Assurant from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 19th. Stephens assumed coverage on shares of Assurant in a research note on Tuesday, August 12th. They set an "overweight" rating for the company. Keefe, Bruyette & Woods upped their price objective on Assurant from $225.00 to $235.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Piper Sandler lifted their target price on Assurant from $238.00 to $248.00 and gave the company an "overweight" rating in a report on Friday, October 10th. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Assurant in a research report on Wednesday, October 8th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $243.00.

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.

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