Assurant, Inc. $AIZ Shares Sold by Rafferty Asset Management LLC

Key Points

• Rafferty Asset Management LLC reduced its stake in Assurant, Inc. by 7.1% during the 1st quarter, selling 1,280 shares and ending with 16,815 shares valued at approximately $3.5 million.
• Assurant's quarterly earnings surpassed analysts' expectations, reporting $5.56 earnings per share and revenue of $3.16 billion, compared to estimates of $4.43 and $3.13 billion, respectively.
• The company also announced a quarterly dividend of $0.80, payable on September 29, with an annualized yield of 1.5% and a dividend payout ratio of 23.17%.

Rafferty Asset Management LLC cut its holdings in Assurant, Inc. (NYSE:AIZ - Free Report) by 7.1% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 16,815 shares of the financial services provider's stock after selling 1,280 shares during the quarter. Rafferty Asset Management LLC's holdings in Assurant were worth $3,527,000 as of its most recent SEC filing.

Other hedge funds also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT purchased a new stake in Assurant in the first quarter worth about $26,000. Alpine Bank Wealth Management purchased a new stake in Assurant in the first quarter worth about $28,000. Private Trust Co. NA lifted its stake 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 acquiring an additional 98 shares during the period. Assetmark Inc. lifted its stake 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 acquiring an additional 122 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. lifted its stake 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 acquiring an additional 61 shares during the period. 92.65% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, CEO Keith Demmings sold 4,275 shares of the stock in a transaction that occurred on Friday, August 29th. The shares were 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 approximately $21,668,400.44. This represents a 4.16% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Dimitry Dirienzo sold 950 shares of the stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $204.96, for a total transaction of $194,712.00. Following the completion of the transaction, the chief accounting officer owned 3,135 shares in the company, valued at approximately $642,549.60. This trade represents a 23.26% decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 13,400 shares of company stock worth $2,891,288. 0.51% of the stock is owned by company insiders.

Assurant Stock Up 0.8%

Shares of AIZ traded up $1.67 during mid-day trading on Thursday, hitting $216.56. 329,327 shares of the company traded hands, compared to its average volume of 429,992. Assurant, Inc. has a 1-year low of $174.97 and a 1-year high of $230.55. 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 capitalization of $10.93 billion, a PE ratio of 15.68 and a beta of 0.55. The business has a 50 day moving average of $199.46 and a 200 day moving average of $199.49.

Assurant (NYSE:AIZ - Get Free Report) last posted its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share (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 the consensus estimate of $3.13 billion. During the same quarter in the prior year, the company posted $4.77 earnings per share. The company'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. Equities research analysts anticipate that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research firms recently weighed in on AIZ. Zacks Research raised shares of Assurant from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 19th. Morgan Stanley reiterated a "cautious" rating on shares of Assurant in a report on Monday, August 18th. Wall Street Zen upgraded shares of Assurant from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Keefe, Bruyette & Woods boosted their target price on shares of Assurant from $225.00 to $235.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Finally, BMO Capital Markets initiated coverage on shares of Assurant in a report on Tuesday, August 12th. They issued an "outperform" rating and a $238.00 target price for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target 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.