Korea Investment CORP Reduces Position in Assurant, Inc. $AIZ

Key Points

• Korea Investment CORP has significantly decreased its stake in Assurant, Inc. by 52.6%, now owning 19,619 shares worth approximately $4.1 million.
• Assurant has recently received analyst upgrades, with Zacks Research raising its rating from "hold" to a "strong-buy," indicating positive sentiment around the stock.
• The company announced a quarterly dividend of $0.80, representing an annual yield of 1.5%, to be paid on September 29th.

Korea Investment CORP trimmed its holdings in Assurant, Inc. (NYSE:AIZ - Free Report) by 52.6% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,619 shares of the financial services provider's stock after selling 21,800 shares during the quarter. Korea Investment CORP's holdings in Assurant were worth $4,115,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the business. Zions Bancorporation National Association UT purchased a new position in shares of Assurant during the first quarter worth about $26,000. Alpine Bank Wealth Management purchased a new position in shares of Assurant during the first quarter worth about $28,000. Private Trust Co. NA grew its holdings in shares of 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 during the last quarter. Assetmark Inc. grew its holdings in shares of 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 during the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its holdings in shares of Assurant by 47.3% during the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock worth $40,000 after buying an additional 61 shares during the last quarter. 92.65% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Assurant

In other Assurant news, CAO Dimitry Dirienzo sold 950 shares of the company's stock in a transaction dated Friday, August 8th. The shares were sold at an average price of $204.96, for a total value of $194,712.00. Following the transaction, the chief accounting officer directly owned 3,135 shares in the company, valued at approximately $642,549.60. This represents a 23.26% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through 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 directly owned 7,875 shares in the company, valued at $1,642,173.75. This represents a 33.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.51% of the stock is currently owned by corporate insiders.

Assurant Price Performance

AIZ stock traded up $1.87 during trading on Thursday, reaching $218.01. 320,681 shares of the company were exchanged, compared to its average volume of 485,291. 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 stock's 50 day moving average price is $197.16 and its 200 day moving average price is $199.15. Assurant, Inc. has a 52-week low of $174.97 and a 52-week high of $230.55. The company has a market cap of $11.00 billion, a P/E ratio of 15.80 and a beta of 0.58.

Assurant (NYSE:AIZ - Get Free Report) last posted its earnings results on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share 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 during the quarter, compared to the consensus estimate of $3.13 billion. During the same period last year, the firm posted $4.77 EPS. The firm's revenue for the quarter was up 8.0% on a year-over-year basis. 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 fiscal year.

Assurant Announces Dividend

The company 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 $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 dividend payout ratio is 23.17%.

Wall Street Analysts Forecast Growth

Several research analysts recently issued reports on the stock. Benchmark assumed coverage on shares of Assurant in a report on Tuesday, August 12th. They set a "buy" rating for the company. Stephens assumed coverage on shares of Assurant in a report on Tuesday, August 12th. They set an "overweight" rating for the company. Morgan Stanley reissued a "cautious" rating on shares of Assurant in a report on Monday, August 18th. Wall Street Zen raised shares of Assurant from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Finally, Zacks Research raised shares of Assurant from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 19th. One investment 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. According to MarketBeat.com, the stock 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.