KLP Kapitalforvaltning AS Has $2.07 Million Position in Assurant, Inc. $AIZ

Key Points

• KLP Kapitalforvaltning AS reduced its stake in Assurant, Inc. by 40.9%, holding 10,500 shares worth $2.07 million at the end of the reporting period.
• Insider transactions included a notable sale by CEO Keith Demmings of 13,725 shares for $3.03 million, reflecting a 13.95% decrease in his holdings.
• Assurant's stock has a consensus rating of "Buy" from analysts, with a current price target lifted to $243.00.

KLP Kapitalforvaltning AS reduced its holdings in Assurant, Inc. (NYSE:AIZ - Free Report) by 40.9% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 10,500 shares of the financial services provider's stock after selling 7,257 shares during the period. KLP Kapitalforvaltning AS's holdings in Assurant were worth $2,074,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Zions Bancorporation National Association UT bought a new position in shares of Assurant in the 1st quarter valued at about $26,000. Alpine Bank Wealth Management bought a new position in shares of Assurant in the 1st quarter valued at about $28,000. Private Trust Co. NA grew its position in shares of Assurant by 192.2% in the 1st quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 98 shares during the period. Assetmark Inc. grew its position in shares of Assurant by 312.8% in the 1st quarter. Assetmark Inc. now owns 161 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 122 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in shares of Assurant by 57.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 67 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other Assurant news, 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 sale, the executive vice president owned 7,875 shares in the company, valued at $1,642,173.75. The trade was a 33.12% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Keith Demmings sold 13,725 shares of Assurant stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $220.52, for a total transaction of $3,026,637.00. Following the completion of the sale, the chief executive officer owned 84,647 shares of the company's stock, valued at $18,666,356.44. This trade represents a 13.95% decrease in their position. The disclosure for this sale can be found here. Insiders sold 27,125 shares of company stock worth $5,917,925 in the last quarter. 0.51% of the stock is currently owned by corporate insiders.

Assurant Stock Performance

Shares of AIZ stock opened at $217.44 on Monday. The company has a market capitalization of $10.97 billion, a price-to-earnings ratio of 15.75 and a beta of 0.55. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40. The company has a 50-day simple moving average of $212.34 and a 200 day simple moving average of $200.66. Assurant, Inc. has a 52 week low of $174.97 and a 52 week high of $230.55.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results on Thursday, March 24th. The financial services provider reported $1.80 EPS for the quarter. The business had revenue of $2.42 billion during the quarter. Assurant had a net margin of 5.83% and a return on equity of 16.47%. Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. On average, sell-side analysts predict that Assurant, Inc. will post 16.88 earnings per share for the current year.

Assurant Announces Dividend

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

Wall Street Analyst Weigh In

A number of brokerages have recently commented on AIZ. Wall Street Zen raised shares of Assurant from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. Keefe, Bruyette & Woods lifted their price objective on shares of Assurant from $225.00 to $235.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Zacks Research raised shares of Assurant from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, August 19th. Piper Sandler lifted their price objective on shares of Assurant from $238.00 to $248.00 and gave the company an "overweight" rating in a research report on Friday. Finally, Weiss Ratings reissued a "buy (b-)" rating on shares of Assurant in a research report on Wednesday, October 8th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, Assurant has a consensus rating of "Buy" and an average price target of $243.00.

Assurant 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.

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