Truist Financial Corp Grows Stock Position in Assurant, Inc. $AIZ

Truist Financial Corp raised its holdings in Assurant, Inc. (NYSE:AIZ) by 2.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 16,320 shares of the financial services provider’s stock after buying an additional 402 shares during the quarter. Truist Financial Corp’s holdings in Assurant were worth $3,223,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Zions Bancorporation National Association UT purchased a new stake in Assurant in the first quarter valued at about $26,000. Alpine Bank Wealth Management purchased a new stake in Assurant in the first quarter valued at about $28,000. Private Trust Co. NA raised its stake in Assurant by 192.2% in the first quarter. Private Trust Co. NA now owns 149 shares of the financial services provider’s stock valued at $31,000 after buying an additional 98 shares during the last quarter. Assetmark Inc. raised its stake in Assurant by 312.8% in the first quarter. Assetmark Inc. now owns 161 shares of the financial services provider’s stock valued at $34,000 after buying an additional 122 shares during the last quarter. Finally, Geneos Wealth Management Inc. raised its stake in shares of Assurant by 57.8% in the first quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares during the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently issued reports on the company. UBS Group raised their price objective on Assurant from $250.00 to $255.00 and gave the stock a “buy” rating in a research note on Wednesday. Wall Street Zen upgraded Assurant from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. BMO Capital Markets assumed coverage on Assurant in a research note on Tuesday, August 12th. They issued an “outperform” rating and a $238.00 price objective for the company. Benchmark assumed coverage on Assurant in a research note on Tuesday, August 12th. They issued a “buy” rating for the company. Finally, Zacks Research upgraded Assurant from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, August 19th. One analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat, Assurant presently has a consensus rating of “Buy” and an average target price of $238.83.

Insider Buying and Selling at Assurant

In other Assurant news, CEO Keith Demmings sold 13,725 shares of the firm’s 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 sale, the chief executive officer directly 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 ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Jay Rosenblum sold 3,900 shares of the firm’s stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the completion of the sale, the executive vice president directly owned 7,875 shares in the company, valued at approximately $1,642,173.75. The trade was a 33.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 27,125 shares of company stock valued at $5,917,925. Company insiders own 0.51% of the company’s stock.

Assurant Stock Down 0.4%

Shares of AIZ opened at $218.32 on Friday. 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, Inc. has a 12 month low of $174.97 and a 12 month high of $230.55. The stock’s 50 day moving average is $211.72 and its two-hundred day moving average is $200.77. The firm has a market cap of $11.02 billion, a P/E ratio of 15.81 and a beta of 0.55.

Assurant (NYSE:AIZ) last issued its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to analyst estimates of $3.13 billion. During the same period last year, the company earned $4.77 earnings per share. Assurant’s quarterly revenue was up 8.0% compared to the same quarter last year. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. Analysts predict that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd were issued a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.5%. The ex-dividend date of this dividend was Tuesday, September 2nd. Assurant’s dividend payout ratio (DPR) 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.