Sequoia Financial Advisors LLC Acquires Shares of 1,701 Assurant, Inc. $AIZ

Key Points

• Sequoia Financial Advisors LLC has acquired 1,701 shares of Assurant, Inc., valued at approximately $336,000, indicating growing interest from institutional investors in the financial services provider.
• Recent insider transactions include CEO Keith Demmings selling 13,725 shares for about $3 million, representing a 13.95% decrease in his ownership stake.
• Analysts maintain a consensus of "Moderate Buy" for Assurant, with a recent price target range increase to between $238.00 and $255.00 from various firms.

Sequoia Financial Advisors LLC acquired a new stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 1,701 shares of the financial services provider's stock, valued at approximately $336,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. Zions Bancorporation National Association UT bought a new stake in Assurant during the 1st quarter valued at about $26,000. Alpine Bank Wealth Management bought a new stake in Assurant during the 1st quarter valued at about $28,000. REAP Financial Group LLC increased its stake in Assurant by 193.9% during the 2nd quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider's stock valued at $29,000 after purchasing an additional 95 shares in the last quarter. Private Trust Co. NA boosted its holdings in shares of Assurant by 192.2% during 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 last quarter. Finally, Assetmark Inc. boosted its holdings in shares of Assurant by 312.8% during 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 last quarter. 92.65% of the stock is currently owned by institutional investors.

Insider Buying and Selling at Assurant

In other Assurant news, EVP Jay Rosenblum sold 3,900 shares of the business's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total transaction of $813,267.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CEO Keith Demmings sold 13,725 shares of the business's stock in a transaction on Friday, October 3rd. The shares were sold at an average price of $220.52, for a total transaction of $3,026,637.00. Following the transaction, the chief executive officer owned 84,647 shares in the company, 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 have sold 27,125 shares of company stock worth $5,917,925 over the last quarter. Insiders own 0.51% of the company's stock.

Wall Street Analyst Weigh In

AIZ has been the topic of a number of recent analyst reports. BMO Capital Markets initiated coverage on shares of Assurant in a report on Tuesday, August 12th. They set an "outperform" rating and a $238.00 price target on the stock. UBS Group raised their price target on shares of Assurant from $250.00 to $255.00 and gave the company a "buy" rating in a report on Wednesday, October 8th. Benchmark initiated coverage on shares of Assurant in a report on Tuesday, August 12th. They set a "buy" rating on the stock. Weiss Ratings reaffirmed a "buy (b-)" rating on shares of Assurant in a report on Wednesday, October 8th. Finally, Wall Street Zen raised shares of Assurant from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. Based on data from MarketBeat, Assurant presently has a consensus rating of "Moderate Buy" and an average price target of $243.00.

Assurant Price Performance

Shares of NYSE:AIZ opened at $210.88 on Wednesday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. Assurant, Inc. has a 1-year low of $174.97 and a 1-year high of $230.55. The company has a market capitalization of $10.64 billion, a P/E ratio of 15.27 and a beta of 0.55. The firm's 50 day simple moving average is $214.01 and its two-hundred day simple moving average is $201.09.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings data on Thursday, March 24th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter. Assurant had a net margin of 5.83% and a return on equity of 16.47%. The firm had revenue of $2.42 billion for the quarter. Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. Research analysts expect that Assurant, Inc. will post 16.88 EPS for the current fiscal year.

Assurant Announces Dividend

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

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.

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