Assurant, Inc. $AIZ Stock Bought by Sumitomo Mitsui Trust Group Inc.

Key Points

• Sumitomo Mitsui Trust Group increased its Assurant stake by 236.3% in the third quarter, ending the period with 9,543 shares worth about $2.515 million. Institutional investors own 92.65% of the company’s stock.
• Assurant reported quarterly EPS of $6.15, beating the $4.75 consensus estimate, while revenue of $3.53 billion topped expectations and grew 9.2% year over year.
• Analysts’ consensus rating is Buy, with an average price target of $327.14. Assurant also pays a quarterly dividend of $0.88 per share, equivalent to a 1.1% yield.

Sumitomo Mitsui Trust Group Inc. boosted its stake in Assurant, Inc. (NYSE:AIZ - Free Report) by 236.3% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 9,543 shares of the financial services provider's stock after purchasing an additional 6,705 shares during the period. Sumitomo Mitsui Trust Group Inc.'s holdings in Assurant were worth $2,515,000 at the end of the most recent reporting period.

Several other large investors have also bought and sold shares of the stock. Oregon Public Employees Retirement Fund lifted its holdings in Assurant by 0.9% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 5,739 shares of the financial services provider's stock worth $1,250,000 after buying an additional 54 shares during the period. Blackhawk Capital Partners LLC increased its stake in shares of Assurant by 2.5% in the first quarter. Blackhawk Capital Partners LLC now owns 2,223 shares of the financial services provider's stock valued at $484,000 after buying an additional 55 shares during the period. Arlington Trust Co LLC increased its stake in shares of Assurant by 81.4% in the second quarter. Arlington Trust Co LLC now owns 127 shares of the financial services provider's stock valued at $34,000 after buying an additional 57 shares during the period. Empirical Finance LLC increased its stake in shares of Assurant by 3.2% in the second quarter. Empirical Finance LLC now owns 1,960 shares of the financial services provider's stock valued at $526,000 after buying an additional 60 shares during the period. Finally, Parallel Advisors LLC raised its position in shares of Assurant by 21.4% during the first quarter. Parallel Advisors LLC now owns 386 shares of the financial services provider's stock worth $84,000 after acquiring an additional 68 shares during the last quarter. 92.65% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on the company. Morgan Stanley cut their price objective on Assurant from $320.00 to $300.00 and set an "overweight" rating on the stock in a research note on Tuesday, October 6th. Weiss Ratings upgraded Assurant from a "buy (a-)" rating to a "buy (a)" rating in a report on Thursday, October 8th. Truist Financial increased their target price on shares of Assurant from $310.00 to $355.00 and gave the company a "buy" rating in a research report on Thursday, August 6th. BMO Capital Markets increased their target price on shares of Assurant from $274.00 to $320.00 and gave the company an "outperform" rating in a research report on Friday, August 28th. Finally, Wall Street Zen upgraded shares of Assurant from a "hold" rating to a "buy" rating in a report on Saturday. Two analysts have rated the stock with a Strong Buy rating and six have assigned a Buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and a consensus target price of $327.14.

Assurant Stock Down 0.0%

Shares of NYSE:AIZ opened at $306.77 on Friday. Assurant, Inc. has a 1 year low of $209.86 and a 1 year high of $316.72. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.66 and a quick ratio of 0.38. The business's 50-day moving average is $280.40 and its 200-day moving average is $256.27. The company has a market capitalization of $15.13 billion, a price-to-earnings ratio of 14.43 and a beta of 0.52.

Assurant (NYSE:AIZ - Get Free Report) last released its earnings results on Tuesday, November 3rd. The financial services provider reported $6.15 EPS for the quarter, topping the consensus estimate of $4.75 by $1.40. The business had revenue of $3.53 billion during the quarter, compared to analysts' expectations of $3.48 billion. Assurant had a return on equity of 20.44% and a net margin of 7.80%. The firm's revenue was up 9.2% on a year-over-year basis. During the same quarter last year, the firm posted $5.73 earnings per share. Equities research analysts predict that Assurant, Inc. will post 22.99 earnings per share for the current year.

Assurant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Monday, August 31st were issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date was Monday, August 31st. Assurant's dividend payout ratio is presently 16.56%.

Assurant Profile

Assurant, Inc is a global provider of insurance products and services, with a focus on protecting purchases and supporting housing-related needs. Its operations are organized around Global Housing and Global Lifestyle.

Through its housing business, Assurant offers products and services such as renters, manufactured housing, and lender-placed insurance, along with related claims and risk-management solutions. Its lifestyle business provides mobile device protection, extended service contracts, vehicle protection products, and support services for consumers and business partners.

The company serves customers and business partners in markets across North America, Latin America, Europe, and Asia-Pacific.

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