TD Asset Management Inc Lowers Holdings in Assurant, Inc. $AIZ

Key Points

• TD Asset Management Inc reduced its holdings in Assurant, Inc. by 12.6%, selling 53,410 shares and retaining ownership of 369,025 shares valued at approximately $72.9 million.
• Insider transactions saw the EVP and CEO of Assurant selling shares, with EVP Jay Rosenblum and CEO Keith Demmings reducing their positions by 33.12% and 13.95%, respectively.
• Analysts upgraded Assurant's stock, with revisions on target prices, including Keefe, Bruyette & Woods raising their target from $225.00 to $235.00, indicating a positive outlook for the company.

TD Asset Management Inc trimmed its position in Assurant, Inc. (NYSE:AIZ - Free Report) by 12.6% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 369,025 shares of the financial services provider's stock after selling 53,410 shares during the period. TD Asset Management Inc owned 0.73% of Assurant worth $72,879,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently made changes to their positions in the company. Fifth Third Bancorp boosted its stake in Assurant by 4.6% during the first quarter. Fifth Third Bancorp now owns 2,079 shares of the financial services provider's stock valued at $436,000 after buying an additional 91 shares during the period. Wealth Enhancement Advisory Services LLC increased its stake in Assurant by 1.7% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 6,135 shares of the financial services provider's stock worth $1,287,000 after acquiring an additional 101 shares during the last quarter. Ritholtz Wealth Management raised its holdings in shares of Assurant by 29.6% in the 1st quarter. Ritholtz Wealth Management now owns 5,248 shares of the financial services provider's stock valued at $1,101,000 after acquiring an additional 1,199 shares in the last quarter. Exchange Traded Concepts LLC boosted its position in shares of Assurant by 10.5% during the 1st quarter. Exchange Traded Concepts LLC now owns 1,243 shares of the financial services provider's stock valued at $261,000 after acquiring an additional 118 shares during the last quarter. Finally, Janney Montgomery Scott LLC boosted its position in shares of Assurant by 370.8% during the 1st quarter. Janney Montgomery Scott LLC now owns 17,831 shares of the financial services provider's stock valued at $3,740,000 after acquiring an additional 14,044 shares during the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, 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 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Keith Demmings sold 13,725 shares of the stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $220.52, for a total value of $3,026,637.00. Following the completion of the sale, the chief executive officer owned 84,647 shares of the company's stock, valued at approximately $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 a total of 27,125 shares of company stock valued at $5,917,925 in the last quarter. Insiders own 0.51% of the company's stock.

Analyst Upgrades and Downgrades

AIZ has been the topic of a number of recent analyst reports. Keefe, Bruyette & Woods raised their target price on shares of Assurant from $225.00 to $235.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. UBS Group increased their price target on shares of Assurant from $250.00 to $255.00 and gave the stock a "buy" rating in a report on Wednesday, October 8th. Piper Sandler lifted their price objective on shares of Assurant from $238.00 to $248.00 and gave the stock an "overweight" rating in a report on Friday, October 10th. Weiss Ratings reissued a "buy (b-)" rating on shares of Assurant in a research note on Wednesday, October 8th. Finally, Stephens assumed coverage on Assurant in a research report on Tuesday, August 12th. They set an "overweight" rating on the stock. One equities research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of "Buy" and a consensus price target of $243.00.

Assurant Stock Down 3.1%

Shares of NYSE:AIZ opened at $215.04 on Thursday. The stock's 50-day moving average price is $213.68 and its 200-day moving average price is $200.98. Assurant, Inc. has a 12-month low of $174.97 and a 12-month high of $230.55. The stock has a market capitalization of $10.85 billion, a P/E ratio of 15.57 and a beta of 0.55. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

Assurant (NYSE:AIZ - Get Free Report) last issued its earnings results on Thursday, March 24th. The financial services provider reported $1.80 earnings per share for the quarter. The company had revenue of $2.42 billion during the quarter. Assurant had a return on equity of 16.47% and a net margin of 5.83%. Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. On average, equities analysts anticipate 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 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 of this dividend was Tuesday, September 2nd. This represents a $3.20 annualized dividend and a yield of 1.5%. Assurant's dividend payout ratio is presently 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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