Assurant, Inc. $AIZ Shares Sold by Lyrical Asset Management LP

Key Points

• Lyrical Asset Management LP has reduced its position in Assurant, Inc. by 1.8%, now owning approximately 715,406 shares, representing about 2.3% of its investment portfolio.
• Several institutional investors have increased their stakes in Assurant, including Cookson Peirce & Co. Inc. which lifted its stake by 26.7% in the first quarter.
• Assurant reported a quarterly EPS of $5.56, surpassing analysts' expectations, and had a revenue of $3.16 billion, an increase of 8.0% compared to the same quarter last year.

Lyrical Asset Management LP decreased its stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 1.8% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 715,406 shares of the financial services provider's stock after selling 13,404 shares during the period. Assurant makes up 2.3% of Lyrical Asset Management LP's investment portfolio, making the stock its 19th largest holding. Lyrical Asset Management LP owned approximately 1.41% of Assurant worth $150,056,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also bought and sold shares of the business. Principal Financial Group Inc. raised its holdings in Assurant by 12.0% in the first quarter. Principal Financial Group Inc. now owns 79,289 shares of the financial services provider's stock worth $16,631,000 after buying an additional 8,478 shares during the last quarter. Private Trust Co. NA raised 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 valued at $31,000 after purchasing an additional 98 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. grew its position in Assurant by 14.2% during the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,163 shares of the financial services provider's stock valued at $1,271,000 after buying an additional 766 shares during the period. Yousif Capital Management LLC grew its position in Assurant by 49.1% during the first quarter. Yousif Capital Management LLC now owns 10,187 shares of the financial services provider's stock valued at $2,137,000 after buying an additional 3,356 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its position in Assurant by 35.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,034 shares of the financial services provider's stock valued at $1,287,000 after buying an additional 1,584 shares during the period. Institutional investors own 92.65% of the company's stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on the stock. Benchmark started coverage on shares of Assurant in a research report on Tuesday, August 12th. They issued a "buy" rating for the company. BMO Capital Markets assumed coverage on shares of Assurant in a research note on Tuesday, August 12th. They set an "outperform" rating and a $238.00 price target on the stock. Stephens started coverage on shares of Assurant in a research note on Tuesday, August 12th. They issued an "overweight" rating on the stock. Morgan Stanley reaffirmed a "cautious" rating on shares of Assurant in a research note on Monday. Finally, Wall Street Zen raised shares of Assurant from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Eight investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average target price of $233.29.

Assurant Stock Performance

Shares of NYSE:AIZ traded up $3.6450 during trading on Tuesday, hitting $212.7850. 127,588 shares of the stock traded hands, compared to its average volume of 489,215. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market cap of $10.74 billion, a price-to-earnings ratio of 15.41 and a beta of 0.58. The company has a fifty day moving average price of $194.78 and a two-hundred day moving average price of $198.91. 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 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. 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 analysts' expectations of $3.13 billion. During the same quarter last year, the company earned $4.77 EPS. The firm's revenue for the quarter 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, equities analysts predict that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Stockholders 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 payout ratio is presently 23.17%.

Insider Activity

In other Assurant news, EVP Jay Rosenblum sold 3,900 shares of the business'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 sale, 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 sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Dimitry Dirienzo sold 950 shares of the business's stock in a transaction dated Friday, August 8th. The stock was 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 of the company's stock, valued at approximately $642,549.60. This represents a 23.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. 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.