Wedge Capital Management L L P NC Has $1.12 Million Holdings in Assurant, Inc. $AIZ

Key Points

• Wedge Capital Management reduced its holdings in Assurant, Inc. by 21.6%, owning 5,658 shares valued at approximately $1.12 million.
• Assurant reported better-than-expected quarterly earnings of $5.56 EPS, exceeding analysts' estimates of $4.43, with an 8% year-over-year revenue increase to $3.16 billion.
• The company announced a quarterly dividend of $0.80 per share, reflecting a yield of 1.5% with a payout ratio of 23.17%.

Wedge Capital Management L L P NC lessened its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 21.6% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 5,658 shares of the financial services provider's stock after selling 1,559 shares during the quarter. Wedge Capital Management L L P NC's holdings in Assurant were worth $1,117,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Zions Bancorporation National Association UT acquired a new stake in shares of Assurant in the 1st quarter valued at about $26,000. Alpine Bank Wealth Management acquired a new stake in shares of Assurant in the 1st quarter valued at about $28,000. Private Trust Co. NA raised its stake in shares of Assurant by 192.2% in the 1st quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 98 shares during the period. Assetmark Inc. raised its stake in shares of Assurant by 312.8% in the 1st quarter. Assetmark Inc. now owns 161 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 122 shares during the period. Finally, Geneos Wealth Management Inc. raised its stake 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 valued at $38,000 after purchasing an additional 67 shares during the period. Institutional investors and hedge funds own 92.65% of the company's stock.

Assurant Trading Up 0.8%

Shares of NYSE:AIZ opened at $211.30 on Tuesday. Assurant, Inc. has a 12-month low of $174.97 and a 12-month high of $230.55. The stock has a market cap of $10.66 billion, a PE ratio of 15.30 and a beta of 0.55. The business has a 50 day moving average of $203.71 and a 200-day moving average of $199.90. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.43 by $1.13. Assurant had a return on equity of 16.47% and a net margin of 5.83%.The company had revenue of $3.16 billion during the quarter, compared to analysts' expectations of $3.13 billion. During the same quarter in the previous year, the company posted $4.77 earnings per share. The business's revenue was up 8.0% on a year-over-year basis. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. As a group, equities research analysts forecast that Assurant, Inc. will post 16.88 earnings per share for the current year.

Assurant Dividend Announcement

The company also recently disclosed 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 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date is Tuesday, September 2nd. Assurant's payout ratio is currently 23.17%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the company. Zacks Research raised Assurant from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 19th. Benchmark assumed coverage on Assurant in a research note on Tuesday, August 12th. They issued a "buy" rating on the stock. Wall Street Zen raised Assurant from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Stephens assumed coverage on Assurant in a research note on Tuesday, August 12th. They issued an "overweight" rating on the stock. Finally, BMO Capital Markets assumed coverage on Assurant in a research report on Tuesday, August 12th. They issued an "outperform" rating and a $238.00 target price on the stock. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, Assurant has an average rating of "Moderate Buy" and an average target price of $234.83.

Insider Transactions at Assurant

In related news, CAO Dimitry Dirienzo sold 950 shares of the business's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $204.96, for a total value of $194,712.00. Following the completion of 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 sale was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Keith Demmings sold 4,275 shares of the business's stock in a transaction that occurred on Friday, August 29th. The shares were sold at an average price of $220.27, for a total value of $941,654.25. Following the completion of the sale, the chief executive officer owned 98,372 shares of the company's stock, valued at approximately $21,668,400.44. This trade represents a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 13,400 shares of company stock worth $2,891,288 over the last quarter. Company insiders own 0.51% of the company's stock.

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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