Assurant, Inc. $AIZ Shares Sold by Clark Capital Management Group Inc.

Key Points

• Clark Capital Management Group Inc. decreased its stake in Assurant, Inc. by 0.8% during the first quarter, now holding approximately 602,601 shares valued at $126.4 million.
• Assurant recently announced a quarterly dividend of $0.80, set to be paid on September 29th, reflecting a 1.5% dividend yield.
• Wall Street analysts generally maintain a positive outlook on Assurant, with a consensus rating of "Moderate Buy" and an average price target of $233.29.

Clark Capital Management Group Inc. lowered its holdings in Assurant, Inc. (NYSE:AIZ - Free Report) by 0.8% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 602,601 shares of the financial services provider's stock after selling 4,857 shares during the period. Assurant makes up 0.9% of Clark Capital Management Group Inc.'s portfolio, making the stock its 18th biggest position. Clark Capital Management Group Inc. owned about 1.18% of Assurant worth $126,396,000 at the end of the most recent quarter.

A number of other hedge funds also recently modified their holdings of the business. Zions Bancorporation National Association UT purchased a new stake in shares of Assurant during the first quarter worth $26,000. Alpine Bank Wealth Management acquired a new stake in Assurant in the 1st quarter valued at approximately $28,000. Private Trust Co. NA grew its position in Assurant by 192.2% during the first quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock worth $31,000 after buying an additional 98 shares in the last quarter. Assetmark Inc. grew its position in Assurant by 312.8% during the first quarter. Assetmark Inc. now owns 161 shares of the financial services provider's stock worth $34,000 after buying an additional 122 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. boosted its holdings in Assurant by 47.3% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock valued at $40,000 after purchasing an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company's stock.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on AIZ shares. Morgan Stanley reaffirmed a "cautious" rating on shares of Assurant in a report on Monday, August 18th. Benchmark initiated coverage on shares of Assurant in a research report on Tuesday, August 12th. They issued a "buy" rating for the company. Keefe, Bruyette & Woods increased their target price on Assurant from $225.00 to $235.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Zacks Research upgraded Assurant from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 19th. Finally, Stephens started coverage on shares of Assurant in a research note on Tuesday, August 12th. They set an "overweight" rating for the company. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $233.29.

Assurant Price Performance

Shares of NYSE:AIZ traded up $0.02 during midday trading on Tuesday, reaching $211.77. 87,389 shares of the company were exchanged, compared to its average volume of 483,177. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The business's fifty day moving average is $200.03 and its two-hundred day moving average is $199.63. Assurant, Inc. has a one year low of $174.97 and a one year high of $230.55. The stock has a market cap of $10.69 billion, a PE ratio of 15.33 and a beta of 0.55.

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

Assurant Dividend Announcement

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

Insiders Place Their Bets

In other Assurant news, CEO Keith Demmings sold 4,275 shares of Assurant stock in a transaction on Friday, August 29th. The shares were sold at an average price of $220.27, for a total transaction of $941,654.25. Following the sale, the chief executive officer owned 98,372 shares of the company's stock, valued at $21,668,400.44. The trade was a 4.16% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, 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 transaction, the executive vice president directly owned 7,875 shares in the company, valued at $1,642,173.75. The trade was a 33.12% decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 13,400 shares of company stock worth $2,891,288 in the last three months. Corporate insiders own 0.51% of the company's stock.

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.