California State Teachers Retirement System Has $12.81 Million Stock Position in Assurant, Inc. $AIZ

Key Points

• California State Teachers Retirement System increased its Assurant stake by 23.1% in the first quarter, owning 58,828 shares worth approximately $12.81 million. Institutional investors collectively hold 92.65% of Assurant’s stock.
• Assurant insiders sold 36,000 shares worth about $9.21 million over the past 90 days, while company insiders retain only 0.54% ownership.
• Analysts maintain a favorable outlook, with nine Buy ratings and one Hold rating producing a consensus “Moderate Buy” rating and a $291.43 price target. Assurant also exceeded quarterly earnings and revenue estimates, reporting $5.95 EPS and $3.42 billion in revenue.

California State Teachers Retirement System increased its stake in Assurant, Inc. (NYSE:AIZ - Free Report) by 23.1% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 58,828 shares of the financial services provider's stock after purchasing an additional 11,030 shares during the period. California State Teachers Retirement System owned approximately 0.12% of Assurant worth $12,813,000 as of its most recent filing with the SEC.

A number of other hedge funds also recently modified their holdings of AIZ. Montag A & Associates Inc. acquired a new position in Assurant in the fourth quarter valued at about $28,000. CYBER HORNET ETFs LLC acquired a new stake in Assurant during the second quarter worth about $27,000. BOKF NA acquired a new stake in Assurant during the third quarter worth about $32,000. Park Square Financial Group LLC increased its holdings in Assurant by 205.5% in the 4th quarter. Park Square Financial Group LLC now owns 168 shares of the financial services provider's stock valued at $40,000 after buying an additional 113 shares during the period. Finally, Greenline Wealth Management LLC bought a new position in Assurant in the 4th quarter valued at about $41,000. Institutional investors own 92.65% of the company's stock.

Insider Activity at Assurant

In related news, EVP Jay Rosenblum sold 2,000 shares of the company's stock in a transaction that occurred on Thursday, May 14th. The shares were sold at an average price of $251.77, for a total transaction of $503,540.00. Following the completion of the transaction, the executive vice president directly owned 12,764 shares in the company, valued at $3,213,592.28. This represents a 13.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Dimitry Dirienzo sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total transaction of $511,360.00. Following the completion of the transaction, the chief accounting officer directly owned 2,741 shares of the company's stock, valued at approximately $700,818.88. The trade was a 42.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 36,000 shares of company stock valued at $9,211,620. Company insiders own 0.54% of the company's stock.

Wall Street Analysts Forecast Growth

Several equities analysts have recently commented on AIZ shares. Keefe, Bruyette & Woods boosted their target price on shares of Assurant from $270.00 to $310.00 and gave the company an "outperform" rating in a research report on Wednesday, July 8th. Piper Sandler reiterated an "overweight" rating on shares of Assurant in a research report on Monday, June 22nd. Wall Street Zen cut shares of Assurant from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. Morgan Stanley boosted their price objective on shares of Assurant from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Finally, Weiss Ratings cut Assurant from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, June 23rd. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. According to MarketBeat.com, Assurant currently has a consensus rating of "Moderate Buy" and a consensus price target of $291.43.

Assurant Stock Performance

Assurant stock opened at $279.71 on Monday. Assurant, Inc. has a 12-month low of $184.15 and a 12-month high of $284.64. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38. The business's 50-day moving average price is $266.87 and its two-hundred day moving average price is $242.67. The stock has a market cap of $13.86 billion, a PE ratio of 14.31 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last issued its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 EPS for the quarter, topping the consensus estimate of $5.29 by $0.66. The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The business's quarterly revenue was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.79 earnings per share. As a group, analysts expect that Assurant, Inc. will post 21.04 earnings per share for the current fiscal year.

Assurant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 8th were issued a dividend of $0.88 per share. The ex-dividend date of this dividend was Monday, June 8th. This represents a $3.52 annualized dividend and a dividend yield of 1.3%. Assurant's payout ratio is 18.01%.

Assurant Profile

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.

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