Raymond James Financial Inc. Raises Stake in Assurant, Inc. $AIZ

Key Points

• Raymond James Financial Inc. has increased its stake in Assurant, Inc. by 40.9%, owning 25,179 shares worth approximately $5.28 million after acquiring an additional 7,310 shares in the first quarter.
• Assurant recently reported earnings of $5.56 per share, surpassing the consensus estimate of $4.43, with quarterly revenue reaching $3.16 billion, reflecting an 8% year-over-year growth.
• The company announced a quarterly dividend of $0.80 per share, which will be paid on September 29th, with a current annualized yield of 1.5%.

Raymond James Financial Inc. increased its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 40.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 25,179 shares of the financial services provider's stock after buying an additional 7,310 shares during the period. Raymond James Financial Inc.'s holdings in Assurant were worth $5,281,000 at the end of the most recent quarter.

Other hedge funds have also added to or reduced their stakes in the company. Zions Bancorporation National Association UT acquired a new stake in Assurant during the 1st quarter worth approximately $26,000. Alpine Bank Wealth Management acquired a new stake in Assurant during the 1st quarter worth approximately $28,000. Private Trust Co. NA boosted its position 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 buying an additional 98 shares during the period. Assetmark Inc. boosted its position 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 buying an additional 122 shares during the period. Finally, Migdal Insurance & Financial Holdings Ltd. raised its holdings 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 during the last quarter. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Assurant Stock Up 0.1%

AIZ stock traded up $0.23 during midday trading on Tuesday, reaching $211.98. 121,182 shares of the company's stock traded hands, compared to its average volume of 483,365. The company has a market cap of $10.70 billion, a price-to-earnings ratio of 15.33 and a beta of 0.55. The firm's fifty day moving average price is $200.03 and its 200-day moving average price is $199.63. The company has a quick ratio of 0.40, a current 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.

Assurant (NYSE:AIZ - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, beating analysts' consensus estimates of $4.43 by $1.13. The business had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. Assurant had a net margin of 5.83% and a return on equity of 16.47%. Assurant's quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the business posted $4.77 EPS. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. As a group, sell-side analysts forecast that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be paid a dividend of $0.80 per share. 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 23.17%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on AIZ shares. Stephens started coverage on shares of Assurant in a report on Tuesday, August 12th. They set an "overweight" rating for the company. Zacks Research upgraded shares of Assurant from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 19th. BMO Capital Markets started coverage on shares of Assurant in a report on Tuesday, August 12th. They set an "outperform" rating and a $238.00 price target for the company. Morgan Stanley restated a "cautious" rating on shares of Assurant in a report 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 report on Tuesday, August 12th. One equities research analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $233.29.

Insider Buying and Selling at Assurant

In other Assurant news, CAO Dimitry Dirienzo sold 950 shares of the business's stock in a transaction on Friday, August 8th. The shares were sold at an average price of $204.96, for a total transaction of $194,712.00. Following the completion of the sale, the chief accounting officer owned 3,135 shares in the company, valued at approximately $642,549.60. The trade was a 23.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Jay Rosenblum sold 3,900 shares of Assurant stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $208.53, for a total transaction of $813,267.00. Following 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. In the last 90 days, insiders sold 13,400 shares of company stock worth $2,891,288. 0.51% of the stock is owned by corporate insiders.

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.