Assurant, Inc. (NYSE:AIZ) Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc reduced its stake in Assurant, Inc. by 15.5% in the first quarter, ending with approximately 422,435 shares valued at about $88.6 million.
• The current consensus rating for Assurant shares is a "Moderate Buy" with an average price target of $228.83, following various upgrades from major brokerages.
• Assurant recently reported earnings of $3.39 per share, exceeding estimates, alongside a quarterly dividend of $0.80, reflecting a dividend yield of 1.72%.

TD Asset Management Inc cut its holdings in Assurant, Inc. (NYSE:AIZ - Free Report) by 15.5% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 422,435 shares of the financial services provider's stock after selling 77,383 shares during the quarter. TD Asset Management Inc owned approximately 0.83% of Assurant worth $88,606,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors also recently modified their holdings of the company. Alpine Bank Wealth Management purchased a new position in shares of Assurant during the first quarter valued at about $28,000. Private Trust Co. NA grew 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 worth $31,000 after acquiring an additional 98 shares during the period. Assetmark Inc. grew 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 worth $34,000 after acquiring an additional 122 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its position in shares of Assurant by 47.3% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock worth $40,000 after acquiring an additional 61 shares in the last quarter. Finally, Park Square Financial Group LLC bought a new stake in shares of Assurant during the fourth quarter valued at approximately $44,000. 92.65% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on AIZ shares. Keefe, Bruyette & Woods lifted their target price on shares of Assurant from $224.00 to $225.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Wall Street Zen downgraded shares of Assurant from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Morgan Stanley increased their price objective on shares of Assurant from $217.00 to $218.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Finally, Piper Sandler raised shares of Assurant from a "neutral" rating to an "overweight" rating and set a $223.00 price target for the company in a report on Thursday, April 10th. Two investment analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average price target of $228.83.

Insiders Place Their Bets

In other Assurant news, EVP Jay Rosenblum sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $201.93, for a total value of $201,930.00. Following the completion of the sale, the executive vice president directly owned 11,775 shares in the company, valued at $2,377,725.75. This trade represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.51% of the stock is currently owned by company insiders.

Assurant Trading Down 0.9%

Shares of NYSE:AIZ traded down $1.61 during trading on Monday, reaching $184.68. 315,025 shares of the company were exchanged, compared to its average volume of 491,500. The firm has a market capitalization of $9.39 billion, a PE ratio of 14.39 and a beta of 0.59. The business's fifty day simple moving average is $195.14 and its 200-day simple moving average is $200.17. Assurant, Inc. has a 12-month low of $164.63 and a 12-month high of $230.55. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.41 and a quick ratio of 0.41.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.78 by $0.61. The company had revenue of $3.07 billion for the quarter, compared to analyst estimates of $3.06 billion. Assurant had a net margin of 5.55% and a return on equity of 15.49%. Assurant's revenue was up 6.7% compared to the same quarter last year. During the same period last year, the company posted $4.78 earnings per share. On average, research analysts anticipate that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were paid a $0.80 dividend. The ex-dividend date was Monday, June 9th. This represents a $3.20 annualized dividend and a yield of 1.73%. Assurant's dividend payout ratio (DPR) is 24.94%.

Assurant 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.