Allianz Asset Management GmbH Sells 32,207 Shares of Assurant, Inc. (NYSE:AIZ)

Key Points

• Allianz Asset Management GmbH reduced its stake in Assurant, Inc. by 35.8%, now holding approximately 0.11% of the company worth around $12.1 million.
• Assurant recently reported an earnings per share of $3.39, exceeding analyst expectations of $2.78, with a year-over-year revenue increase of 6.7%.
• The company declared a quarterly dividend of $0.80 per share, reflecting an annualized yield of 1.72% and a payout ratio of 24.94%.

Allianz Asset Management GmbH reduced its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 35.8% during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 57,714 shares of the financial services provider's stock after selling 32,207 shares during the period. Allianz Asset Management GmbH owned about 0.11% of Assurant worth $12,106,000 at the end of the most recent reporting period.

Several other institutional investors have also made changes to their positions in AIZ. Impact Partnership Wealth LLC boosted its position in Assurant by 13.1% in the first quarter. Impact Partnership Wealth LLC now owns 1,279 shares of the financial services provider's stock valued at $268,000 after buying an additional 148 shares in the last quarter. Migdal Insurance & Financial Holdings Ltd. lifted its holdings in Assurant by 47.3% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock valued at $40,000 after buying an additional 61 shares during the period. Forte Capital LLC ADV lifted its holdings in Assurant by 5.2% in the first quarter. Forte Capital LLC ADV now owns 1,620 shares of the financial services provider's stock valued at $340,000 after buying an additional 80 shares during the period. Victory Capital Management Inc. increased its stake in Assurant by 0.5% in the first quarter. Victory Capital Management Inc. now owns 122,847 shares of the financial services provider's stock valued at $25,767,000 after purchasing an additional 554 shares in the last quarter. Finally, Tectonic Advisors LLC increased its stake in Assurant by 3.2% in the first quarter. Tectonic Advisors LLC now owns 2,933 shares of the financial services provider's stock valued at $615,000 after purchasing an additional 90 shares in the last quarter. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several brokerages have commented on AIZ. Morgan Stanley upped their target price on shares of Assurant from $217.00 to $218.00 and gave the company an "equal weight" rating in a research note on Monday, July 14th. Piper Sandler raised shares of Assurant from a "neutral" rating to an "overweight" rating and set a $223.00 target price for the company in a research note on Thursday, April 10th. Wall Street Zen downgraded shares of Assurant from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Assurant from $224.00 to $225.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. According to MarketBeat.com, Assurant presently has an average rating of "Moderate Buy" and a consensus price target of $228.83.

Assurant Stock Up 0.7%

AIZ traded up $1.27 during trading hours on Tuesday, hitting $186.12. 58,088 shares of the company's stock were exchanged, compared to its average volume of 488,318. Assurant, Inc. has a 1-year low of $164.63 and a 1-year high of $230.55. The stock's 50-day moving average is $194.77 and its two-hundred day moving average is $200.07. The stock has a market cap of $9.47 billion, a price-to-earnings ratio of 14.51 and a beta of 0.59. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.40.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results on Tuesday, May 6th. The financial services provider reported $3.39 EPS for the quarter, topping the consensus estimate of $2.78 by $0.61. The business had revenue of $3.07 billion during the quarter, compared to analysts' expectations of $3.06 billion. Assurant had a net margin of 5.55% and a return on equity of 15.49%. The firm's revenue was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.78 earnings per share. Sell-side analysts predict that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 1.72%. The ex-dividend date was Monday, June 9th. Assurant's dividend payout ratio is currently 24.94%.

Insider Buying and Selling

In other Assurant news, EVP Jay Rosenblum sold 1,000 shares of the stock in a transaction on Friday, May 16th. The shares were sold at an average price of $201.93, for a total value of $201,930.00. Following the completion of the sale, the executive vice president owned 11,775 shares in the company, valued at $2,377,725.75. This trade represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 0.51% of the stock is currently owned by corporate insiders.

Assurant Company Profile

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.