CIBC Asset Management Inc Acquires 466 Shares of Assurant, Inc. (NYSE:AIZ)

CIBC Asset Management Inc grew its holdings in shares of Assurant, Inc. (NYSE:AIZ) by 6.5% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 7,615 shares of the financial services provider’s stock after purchasing an additional 466 shares during the quarter. CIBC Asset Management Inc’s holdings in Assurant were worth $1,514,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. US Bancorp DE raised its holdings in Assurant by 7.2% during the third quarter. US Bancorp DE now owns 829 shares of the financial services provider’s stock valued at $165,000 after buying an additional 56 shares in the last quarter. Catalyst Financial Partners LLC lifted its holdings in Assurant by 4.2% in the 2nd quarter. Catalyst Financial Partners LLC now owns 1,466 shares of the financial services provider’s stock worth $244,000 after purchasing an additional 59 shares during the last quarter. Richardson Financial Services Inc. boosted its position in Assurant by 62.1% during the second quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 77 shares during the period. Sumitomo Mitsui DS Asset Management Company Ltd grew its holdings in Assurant by 1.1% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,919 shares of the financial services provider’s stock valued at $1,376,000 after purchasing an additional 78 shares during the last quarter. Finally, Allspring Global Investments Holdings LLC raised its position in shares of Assurant by 1.0% in the third quarter. Allspring Global Investments Holdings LLC now owns 7,615 shares of the financial services provider’s stock valued at $1,514,000 after purchasing an additional 79 shares during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on AIZ shares. Truist Financial upped their price objective on shares of Assurant from $220.00 to $240.00 and gave the stock a “buy” rating in a report on Thursday, November 7th. StockNews.com lowered Assurant from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. Bank of America increased their target price on Assurant from $228.00 to $233.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Keefe, Bruyette & Woods lifted their price target on Assurant from $194.00 to $212.00 and gave the stock a “market perform” rating in a research report on Tuesday, November 12th. Finally, UBS Group increased their price objective on Assurant from $217.00 to $224.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Assurant has an average rating of “Moderate Buy” and a consensus target price of $225.20.

Assurant Price Performance

Shares of AIZ stock opened at $219.13 on Wednesday. Assurant, Inc. has a 12 month low of $160.12 and a 12 month high of $221.94. The company has a market capitalization of $11.24 billion, a P/E ratio of 15.63, a P/E/G ratio of 2.18 and a beta of 0.57. The stock has a 50 day moving average of $197.60 and a two-hundred day moving average of $183.16. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.40.

Assurant (NYSE:AIZ) last issued its earnings results on Tuesday, November 5th. The financial services provider reported $3.00 EPS for the quarter, topping the consensus estimate of $2.52 by $0.48. The firm had revenue of $2.97 billion during the quarter, compared to analysts’ expectations of $2.94 billion. Assurant had a return on equity of 17.42% and a net margin of 6.31%. Assurant’s quarterly revenue was up 7.0% compared to the same quarter last year. During the same period last year, the business earned $4.29 earnings per share. As a group, equities analysts expect that Assurant, Inc. will post 15.05 EPS for the current year.

Assurant Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.46%. This is a positive change from Assurant’s previous quarterly dividend of $0.72. Assurant’s dividend payout ratio is 20.54%.

Insiders Place Their Bets

In other Assurant news, EVP Biju Nair sold 3,000 shares of the company’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $209.18, for a total value of $627,540.00. Following the sale, the executive vice president now directly owns 20,658 shares in the company, valued at $4,321,240.44. This represents a 12.68 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Assurant Company 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.