Gulf International Bank UK Ltd Trims Position in Assurant, Inc. $AIZ

Key Points

• Gulf International Bank UK Ltd reduced its holdings in Assurant, Inc. by 28.9%, now owning 2,975 shares worth approximately $624,000.
• Assurant reported $5.56 earnings per share for the recent quarter, exceeding analysts' expectations of $4.43, and achieved a revenue of $3.16 billion, a 8.0% increase compared to the previous year.
• The company announced a quarterly dividend of $0.80 per share, resulting in a 1.5% dividend yield, to be paid on September 29th to stockholders of record.

Gulf International Bank UK Ltd trimmed its position in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 28.9% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 2,975 shares of the financial services provider's stock after selling 1,207 shares during the quarter. Gulf International Bank UK Ltd's holdings in Assurant were worth $624,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Benchmark assumed coverage on Assurant in a research note on Tuesday, August 12th. They issued a "buy" rating for the company. Morgan Stanley reiterated a "cautious" rating on shares of Assurant in a research note on Monday. BMO Capital Markets assumed coverage on Assurant in a research report on Tuesday, August 12th. They set an "outperform" rating and a $238.00 price objective for the company. Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Finally, Keefe, Bruyette & Woods raised their price objective on Assurant from $225.00 to $235.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Eight analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $233.29.

Insider Activity

In related news, EVP Jay Rosenblum sold 3,900 shares of the company's stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total transaction of $813,267.00. Following the completion of the sale, the executive vice president owned 7,875 shares of the company's stock, valued at approximately $1,642,173.75. This represents a 33.12% 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, CAO Dimitry Dirienzo sold 950 shares of the 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 completion of the sale, the chief accounting officer directly owned 3,135 shares of the company's stock, valued at approximately $642,549.60. This trade represents a 23.26% decrease in their position. The disclosure for this sale can be found here. 0.51% of the stock is currently owned by corporate insiders.

Assurant Stock Up 2.1%

AIZ stock traded up $4.40 during trading on Tuesday, hitting $213.54. 372,211 shares of the company's stock traded hands, compared to its average volume of 447,561. The firm has a market capitalization of $10.78 billion, a P/E ratio of 15.46 and a beta of 0.58. The business has a fifty day simple moving average of $195.13 and a two-hundred day simple moving average of $199.02. 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 1 year low of $174.97 and a 1 year high of $230.55.

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

Assurant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be paid a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Assurant's dividend payout ratio is currently 23.17%.

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.