State of New Jersey Common Pension Fund D Sells 2,296 Shares of Assurant, Inc. $AIZ

Key Points

• The State of New Jersey Common Pension Fund D reduced its stake in Assurant, Inc. by 13.3%, holding a total of 14,944 shares worth approximately $3.14 million after selling 2,296 shares.
• Assurant recently reported earnings of $5.56 per share for the latest quarter, exceeding analysts’ expectations of $4.43, along with a revenue increase of 8.0% compared to the previous year.
• The company announced a quarterly dividend of $0.80 per share, set to be paid on September 29th, representing an annualized yield of 1.5%.

State of New Jersey Common Pension Fund D lowered its stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 13.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 14,944 shares of the financial services provider's stock after selling 2,296 shares during the quarter. State of New Jersey Common Pension Fund D's holdings in Assurant were worth $3,135,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the stock. Principal Financial Group Inc. increased its holdings in Assurant by 12.0% in the 1st quarter. Principal Financial Group Inc. now owns 79,289 shares of the financial services provider's stock valued at $16,631,000 after buying an additional 8,478 shares during the period. Private Trust Co. NA lifted 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 in the last quarter. Mirae Asset Global Investments Co. Ltd. lifted its position in Assurant by 14.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,163 shares of the financial services provider's stock worth $1,271,000 after buying an additional 766 shares in the last quarter. Yousif Capital Management LLC lifted its position in Assurant by 49.1% during the 1st quarter. Yousif Capital Management LLC now owns 10,187 shares of the financial services provider's stock worth $2,137,000 after buying an additional 3,356 shares in the last quarter. Finally, Wealth Enhancement Advisory Services LLC lifted its position in Assurant by 35.6% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 6,034 shares of the financial services provider's stock worth $1,287,000 after buying an additional 1,584 shares in the last quarter. Institutional investors own 92.65% of the company's stock.

Insider Activity

In other news, 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 transaction of $194,712.00. Following the sale, the chief accounting officer directly owned 3,135 shares in the company, valued at approximately $642,549.60. The trade was a 23.26% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Jay Rosenblum sold 3,900 shares of the business's stock in a transaction dated Tuesday, August 12th. The stock was sold at an average price of $208.53, for a total value of $813,267.00. Following the sale, the executive vice president owned 7,875 shares in the company, valued at approximately $1,642,173.75. This trade represents a 33.12% 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.

Wall Street Analyst Weigh In

AIZ has been the subject of several recent research reports. Zacks Research raised Assurant from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 19th. Stephens assumed coverage on shares of Assurant in a research note on Tuesday, August 12th. They set an "overweight" rating for the company. Benchmark initiated coverage on shares of Assurant in a research note on Tuesday, August 12th. They set a "buy" rating for the company. BMO Capital Markets initiated coverage on shares of Assurant in a research note on Tuesday, August 12th. They issued an "outperform" rating and a $238.00 target price for the company. Finally, Morgan Stanley reissued a "cautious" rating on shares of Assurant in a research note on Monday, August 18th. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $233.29.

Assurant Price Performance

AIZ stock traded down $2.0350 during midday trading on Monday, reaching $213.8850. The company had a trading volume of 112,381 shares, compared to its average volume of 486,335. The company has a market capitalization of $10.79 billion, a price-to-earnings ratio of 15.50 and a beta of 0.58. The stock has a 50 day moving average price of $196.16 and a 200-day moving average price of $198.94. Assurant, Inc. has a 1-year low of $174.97 and a 1-year high of $230.55. 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 (NYSE:AIZ - Get Free Report) last issued its earnings results on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, topping the consensus estimate of $4.43 by $1.13. The firm had revenue of $3.16 billion during the quarter, compared to the consensus estimate of $3.13 billion. Assurant had a return on equity of 16.47% and a net margin of 5.83%.The business's quarterly revenue was up 8.0% on a year-over-year basis. During the same quarter in the previous year, the firm earned $4.77 earnings per share. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. Equities research analysts expect that Assurant, Inc. will post 16.88 earnings per share 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 issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 1.5%. The ex-dividend date is Tuesday, September 2nd. Assurant's payout ratio is 23.17%.

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.