Assurant, Inc. $AIZ Stock Holdings Boosted by Summit Investment Advisors Inc.

Summit Investment Advisors Inc. grew its stake in shares of Assurant, Inc. (NYSE:AIZ) by 451.0% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 2,755 shares of the financial services provider’s stock after purchasing an additional 2,255 shares during the period. Summit Investment Advisors Inc.’s holdings in Assurant were worth $578,000 as of its most recent SEC filing.

Several other institutional investors have also made changes to their positions in the company. Zions Bancorporation National Association UT acquired a new position in Assurant during the first quarter worth $26,000. REAP Financial Group LLC boosted its stake in shares of Assurant by 193.9% during the 2nd quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 95 shares in the last quarter. Cullen Frost Bankers Inc. boosted its stake in shares of Assurant by 1,133.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 148 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 136 shares in the last quarter. Assetmark Inc. increased 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 valued at $34,000 after acquiring 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 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 67 shares in the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, CEO Keith Demmings sold 13,725 shares of the stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $220.52, for a total value of $3,026,637.00. Following the completion of the transaction, the chief executive officer owned 84,647 shares of the company’s stock, valued at $18,666,356.44. This represents a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have sold a total of 22,275 shares of company stock valued at $4,909,946 over the last quarter. Insiders own 0.51% of the company’s stock.

Analysts Set New Price Targets

AIZ has been the subject of a number of recent analyst reports. Benchmark started coverage on Assurant in a research report on Tuesday, August 12th. They set a “buy” rating for the company. BMO Capital Markets assumed coverage on shares of Assurant in a research note on Tuesday, August 12th. They issued an “outperform” rating and a $238.00 price objective for the company. UBS Group raised their target price on shares of Assurant from $255.00 to $257.00 and gave the company a “buy” rating in a research note on Monday. Stephens started coverage on shares of Assurant in a research report on Tuesday, August 12th. They set an “overweight” rating for the company. Finally, Morgan Stanley raised their price target on Assurant from $230.00 to $232.00 and gave the company an “equal weight” rating in a research report on Tuesday, October 7th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Assurant presently has a consensus rating of “Moderate Buy” and a consensus target price of $244.17.

Assurant Stock Up 0.3%

AIZ stock opened at $227.07 on Friday. Assurant, Inc. has a twelve month low of $174.97 and a twelve month high of $230.55. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a market cap of $11.37 billion, a PE ratio of 16.44 and a beta of 0.56. The business’s 50-day simple moving average is $214.62 and its 200 day simple moving average is $204.32.

Assurant (NYSE:AIZ) last released its quarterly earnings data on Thursday, March 24th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter. The business had revenue of $2.42 billion for the quarter. Assurant had a return on equity of 16.47% and a net margin of 5.83%. Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. On average, research analysts anticipate that Assurant, Inc. will post 16.88 earnings per share for the current year.

Assurant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 29th. Investors of record on Monday, December 1st will be paid a $0.88 dividend. The ex-dividend date of this dividend is Monday, December 1st. This is an increase from Assurant’s previous quarterly dividend of $0.80. This represents a $3.52 dividend on an annualized basis and a yield of 1.6%. Assurant’s payout ratio is presently 19.48%.

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.