Comerica Bank Buys 3,444 Shares of Assurant, Inc. $AIZ

Key Points

• Comerica Bank increased its stake in Assurant, Inc. by 38.9%, purchasing an additional 3,444 shares, bringing its total holdings to 12,297 shares worth approximately $2,579,000.
• Assurant recently reported $5.56 earnings per share for the last quarter, exceeding analysts' expectations of $4.43, with a total revenue of $3.16 billion.
• The company declared a quarterly dividend of $0.80 per share, which will be paid on September 29th, representing an annualized yield of 1.5%.

Comerica Bank lifted its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 38.9% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 12,297 shares of the financial services provider's stock after acquiring an additional 3,444 shares during the quarter. Comerica Bank's holdings in Assurant were worth $2,579,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors also recently made changes to their positions in the company. Zions Bancorporation National Association UT bought a new position in shares of Assurant during the first quarter valued at approximately $26,000. Alpine Bank Wealth Management bought a new position in Assurant in the first quarter worth $28,000. Private Trust Co. NA raised its holdings in Assurant by 192.2% in the first 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 in the last quarter. Assetmark Inc. raised its holdings in Assurant by 312.8% in the first quarter. Assetmark Inc. now owns 161 shares of the financial services provider's stock worth $34,000 after purchasing an additional 122 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. raised 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 worth $40,000 after purchasing an additional 61 shares in the last quarter. Institutional investors own 92.65% of the company's stock.

Assurant Stock Performance

Shares of Assurant stock traded up $2.20 during trading on Thursday, hitting $217.09. 95,668 shares of the company's stock traded hands, compared to its average volume of 484,995. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. Assurant, Inc. has a 1 year low of $174.97 and a 1 year high of $230.55. The stock has a market capitalization of $10.95 billion, a P/E ratio of 15.72 and a beta of 0.55. The business has a 50-day simple moving average of $199.06 and a 200-day simple moving average of $199.40.

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

Assurant Announces Dividend

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 given a dividend of $0.80 per share. The ex-dividend date of this dividend is Tuesday, September 2nd. This represents a $3.20 annualized dividend and a dividend yield of 1.5%. Assurant's dividend payout ratio (DPR) is 23.17%.

Insider Activity at Assurant

In other Assurant news, EVP Jay Rosenblum sold 3,900 shares of the firm's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $208.53, for a total value of $813,267.00. Following the transaction, the executive vice president directly owned 7,875 shares of the company's stock, valued at approximately $1,642,173.75. This trade represents a 33.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CEO Keith Demmings sold 4,275 shares of the firm's stock in a transaction dated Friday, August 29th. The stock was sold at an average price of $220.27, for a total value of $941,654.25. Following the completion of the transaction, the chief executive officer directly owned 98,372 shares in the company, valued at $21,668,400.44. The trade was a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 13,400 shares of company stock valued at $2,891,288 over the last ninety days. Insiders own 0.51% of the company's stock.

Analysts Set New Price Targets

AIZ has been the subject of a number of research reports. Benchmark initiated coverage on Assurant in a report on Tuesday, August 12th. They issued a "buy" rating for the company. Morgan Stanley reiterated a "cautious" rating on shares of Assurant in a report on Monday, August 18th. Keefe, Bruyette & Woods increased their price objective 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, BMO Capital Markets initiated coverage on Assurant in a report on Tuesday, August 12th. They issued an "outperform" rating and a $238.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $233.29.

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.