First Manhattan CO. LLC. Sells 13,260 Shares of Assurant, Inc. $AIZ

Key Points

• First Manhattan CO. LLC. has decreased its stake in Assurant, Inc. by 3.4%, now holding 380,784 shares valued at approximately $79.87 million.
• Assurant announced a quarterly dividend of $0.80 per share, representing a 1.5% dividend yield, to be paid on September 29th to investors of record on September 2nd.
• Analysts have a generally positive outlook on Assurant, with one strong buy rating, eight buy ratings, and an average target price of $233.29.

First Manhattan CO. LLC. lessened its holdings in Assurant, Inc. (NYSE:AIZ - Free Report) by 3.4% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 380,784 shares of the financial services provider's stock after selling 13,260 shares during the quarter. First Manhattan CO. LLC. owned 0.75% of Assurant worth $79,869,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of AIZ. Zions Bancorporation National Association UT acquired a new position in Assurant during the 1st quarter worth about $26,000. Alpine Bank Wealth Management bought a new stake in Assurant during the 1st quarter worth approximately $28,000. Private Trust Co. NA increased its stake in Assurant by 192.2% during 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 in the last quarter. Assetmark Inc. increased its stake in Assurant by 312.8% during 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 in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. increased its stake in Assurant by 47.3% during 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 in the last quarter. Institutional investors own 92.65% of the company's stock.

Insider Buying and Selling at Assurant

In other Assurant news, CEO Keith Demmings sold 4,275 shares of Assurant 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 transaction, the chief executive officer 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Jay Rosenblum sold 3,900 shares of Assurant stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the completion of the transaction, the executive vice president owned 7,875 shares in the company, valued at approximately $1,642,173.75. This represents 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 over the last 90 days. Insiders own 0.51% of the company's stock.

Assurant Price Performance

AIZ stock traded down $5.39 during mid-day trading on Friday, hitting $211.12. The stock had a trading volume of 417,197 shares, compared to its average volume of 417,987. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. Assurant, Inc. has a 52 week low of $174.97 and a 52 week high of $230.55. The firm has a market capitalization of $10.65 billion, a P/E ratio of 15.29 and a beta of 0.55. The firm has a fifty day simple moving average of $199.75 and a 200 day simple moving average of $199.56.

Assurant (NYSE:AIZ - Get Free Report) last released its earnings results 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 net margin of 5.83% and a return on equity of 16.47%. The firm had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the firm earned $4.77 EPS. The business's quarterly 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, research analysts forecast that Assurant, Inc. will post 16.88 EPS 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 given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Tuesday, September 2nd. Assurant's payout ratio is currently 23.17%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on AIZ shares. Wall Street Zen raised shares of Assurant from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Stephens started coverage on shares of Assurant in a research note on Tuesday, August 12th. They set an "overweight" rating for the company. Benchmark started coverage on shares of Assurant in a research note on Tuesday, August 12th. They set a "buy" rating for the company. Morgan Stanley reaffirmed a "cautious" rating on shares of Assurant in a research note on Monday, August 18th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Assurant from $225.00 to $235.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and an average target price of $233.29.

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.