Truist Financial Corp Reduces Stock Holdings in Assurant, Inc. $AIZ

Key Points

• Truist Financial Corp cut its stake in Assurant by 58.3% in the fourth quarter, reducing its holdings to 8,991 shares valued at about $2.17 million.
• Assurant reported better-than-expected Q1 earnings, posting $5.95 EPS versus the $5.29 consensus and revenue of $3.42 billion, up 11.3% year over year.
• Analysts remain broadly positive on the stock: several firms raised price targets, and Assurant now carries a Moderate Buy consensus with an average target price of $264.67.

Truist Financial Corp cut its stake in Assurant, Inc. (NYSE:AIZ - Free Report) by 58.3% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 8,991 shares of the financial services provider's stock after selling 12,563 shares during the period. Truist Financial Corp's holdings in Assurant were worth $2,166,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in AIZ. Jones Financial Companies Lllp lifted its stake in shares of Assurant by 606.7% in the 1st quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider's stock valued at $222,000 after purchasing an additional 910 shares during the period. Goldman Sachs Group Inc. lifted its stake in shares of Assurant by 19.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 290,759 shares of the financial services provider's stock valued at $60,987,000 after purchasing an additional 47,548 shares during the period. United Services Automobile Association purchased a new position in shares of Assurant in the 1st quarter valued at approximately $203,000. Focus Partners Wealth boosted its holdings in shares of Assurant by 66.6% during the 1st quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider's stock valued at $556,000 after buying an additional 1,059 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its holdings in shares of Assurant by 57.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock valued at $38,000 after buying an additional 67 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company's stock.

Assurant Stock Performance

Shares of Assurant stock opened at $242.38 on Thursday. The stock has a market cap of $12.01 billion, a price-to-earnings ratio of 12.40 and a beta of 0.56. The firm's 50-day moving average is $224.63 and its 200 day moving average is $227.73. Assurant, Inc. has a 1 year low of $183.39 and a 1 year high of $247.41. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.39 and a quick ratio of 0.39.

Assurant (NYSE:AIZ - Get Free Report) last announced its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.29 by $0.66. The company had revenue of $3.42 billion for the quarter, compared to analysts' expectations of $3.29 billion. Assurant had a net margin of 7.60% and a return on equity of 20.32%. Assurant's revenue was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the business posted $5.79 EPS. Sell-side analysts anticipate that Assurant, Inc. will post 20.87 EPS for the current fiscal year.

Analyst Ratings Changes

A number of analysts have recently commented on AIZ shares. UBS Group boosted their target price on shares of Assurant from $270.00 to $274.00 and gave the company a "buy" rating in a report on Monday. Keefe, Bruyette & Woods boosted their price target on Assurant from $258.00 to $270.00 and gave the stock an "outperform" rating in a research report on Wednesday. Truist Financial boosted their price target on Assurant from $280.00 to $290.00 and gave the stock a "buy" rating in a research report on Thursday, May 7th. Morgan Stanley dropped their price target on Assurant from $248.00 to $240.00 and set an "equal weight" rating on the stock in a research report on Monday, April 6th. Finally, Piper Sandler boosted their price target on Assurant from $264.00 to $268.00 and gave the stock an "overweight" rating in a research report on Monday. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and a consensus price target of $264.67.

Insider Activity at Assurant

In related news, CAO Dimitry Dirienzo sold 750 shares of the company's stock in a transaction that occurred on Friday, March 20th. The stock was sold at an average price of $210.98, for a total value of $158,235.00. Following the transaction, the chief accounting officer directly owned 4,741 shares of the company's stock, valued at approximately $1,000,256.18. This represents a 13.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Subhashish Sengupta sold 1,880 shares of the company's stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $210.53, for a total value of $395,796.40. Following the completion of the transaction, the executive vice president directly owned 2,895 shares in the company, valued at $609,484.35. This trade represents a 39.37% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders sold a total of 2,650 shares of company stock worth $558,331 over the last ninety days. 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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