Strs Ohio Increases Stock Position in Assurant, Inc. $AIZ

Key Points

• Strs Ohio increased its stake in Assurant by 28.5% in the first quarter, buying 3,699 additional shares and bringing its total holdings to 16,693 shares valued at about $3.64 million.
• Assurant recently reported better-than-expected quarterly results, with EPS of $5.95 versus estimates of $5.29 and revenue of $3.42 billion, up 11.3% year over year.
• The company paid a quarterly dividend of $0.88 per share, while analysts remain generally positive on the stock with a consensus rating of Moderate Buy and an average price target of $285.71.

Strs Ohio lifted its holdings in Assurant, Inc. (NYSE:AIZ - Free Report) by 28.5% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,693 shares of the financial services provider's stock after buying an additional 3,699 shares during the quarter. Strs Ohio's holdings in Assurant were worth $3,636,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. CYBER HORNET ETFs LLC purchased a new stake in Assurant in the second quarter worth about $27,000. Montag A & Associates Inc. purchased a new position in shares of Assurant during the fourth quarter valued at approximately $28,000. BOKF NA bought a new stake in shares of Assurant in the 3rd quarter worth approximately $32,000. Geneos Wealth Management Inc. boosted its position in shares of Assurant by 57.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock worth $38,000 after purchasing an additional 67 shares in the last quarter. Finally, Park Square Financial Group LLC grew its stake in shares of Assurant by 205.5% in the 4th quarter. Park Square Financial Group LLC now owns 168 shares of the financial services provider's stock worth $40,000 after buying an additional 113 shares during the last quarter. 92.65% of the stock is currently owned by institutional investors.

Assurant Stock Performance

Shares of NYSE AIZ traded up $4.64 during trading on Tuesday, reaching $283.92. 15,243 shares of the company traded hands, compared to its average volume of 406,704. The firm has a 50 day simple moving average of $253.95 and a 200-day simple moving average of $237.55. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $14.07 billion, a PE ratio of 14.47 and a beta of 0.55. Assurant, Inc. has a 52-week low of $183.39 and a 52-week high of $283.16.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings data on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share for the quarter, beating the consensus estimate of $5.29 by $0.66. Assurant had a net margin of 7.60% and a return on equity of 20.32%. The firm had revenue of $3.42 billion during the quarter, compared to analysts' expectations of $3.29 billion. During the same period in the previous year, the company earned $5.79 earnings per share. The firm's quarterly revenue was up 11.3% on a year-over-year basis. Equities research analysts anticipate that Assurant, Inc. will post 21.04 earnings per share for the current year.

Assurant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 8th were issued a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, June 8th. Assurant's dividend payout ratio is presently 18.01%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on AIZ shares. Piper Sandler reissued an "overweight" rating on shares of Assurant in a research note on Monday, June 22nd. Wall Street Zen cut shares of Assurant from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. Royal Bank Of Canada set a $310.00 price objective on shares of Assurant in a research report on Wednesday, June 17th. Keefe, Bruyette & Woods raised their price objective on shares of Assurant from $258.00 to $270.00 and gave the company an "outperform" rating in a research note on Wednesday, May 13th. Finally, UBS Group lifted their target price on shares of Assurant from $270.00 to $274.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Nine equities research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and an average target price of $285.71.

Insider Transactions at Assurant

In other Assurant news, CAO Dimitry Dirienzo sold 2,000 shares of the stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $255.68, for a total value of $511,360.00. Following the transaction, the chief accounting officer owned 2,741 shares of the company's stock, valued at approximately $700,818.88. This represents a 42.19% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Jay Rosenblum sold 2,000 shares of the firm's stock in a transaction dated Thursday, May 14th. The stock was sold at an average price of $251.77, for a total value of $503,540.00. Following the completion of the transaction, the executive vice president directly owned 12,764 shares in the company, valued at $3,213,592.28. The trade was a 13.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 36,000 shares of company stock worth $9,211,620. 0.54% of the stock is currently owned by insiders.

About Assurant

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.

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