Rhumbline Advisers Has $21.51 Million Holdings in Assurant, Inc. $AIZ

Rhumbline Advisers trimmed its position in shares of Assurant, Inc. (NYSE:AIZ) by 8.0% during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 108,940 shares of the financial services provider’s stock after selling 9,493 shares during the period. Rhumbline Advisers owned approximately 0.21% of Assurant worth $21,514,000 at the end of the most recent quarter.

A number of other large investors have also recently modified their holdings of AIZ. Zions Bancorporation National Association UT bought a new position in Assurant in the first quarter valued at about $26,000. REAP Financial Group LLC raised its holdings in Assurant by 193.9% in the 2nd quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider’s stock valued at $29,000 after buying an additional 95 shares during the last quarter. Cullen Frost Bankers Inc. boosted its position in 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 buying an additional 136 shares during the period. Assetmark Inc. grew its holdings in Assurant by 312.8% during the 1st quarter. Assetmark Inc. now owns 161 shares of the financial services provider’s stock worth $34,000 after acquiring an additional 122 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position in 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 during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.

Insider Activity at Assurant

In other 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 transaction, the chief executive officer owned 84,647 shares in the company, valued at $18,666,356.44. This trade represents a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 0.51% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

AIZ has been the topic of several recent research reports. UBS Group lifted their target price on Assurant from $255.00 to $257.00 and gave the stock a “buy” rating in a report on Monday, November 10th. Morgan Stanley lifted their price objective on Assurant from $232.00 to $248.00 and gave the stock an “equal weight” rating in a research note on Monday, November 17th. Truist Financial set a $255.00 target price on Assurant in a report on Wednesday, October 29th. BMO Capital Markets assumed coverage on shares of Assurant in a report on Tuesday, August 12th. They set an “outperform” rating and a $238.00 price target for the company. Finally, Weiss Ratings reaffirmed a “buy (b)” rating on shares of Assurant in a research note on Tuesday. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $250.00.

Assurant Price Performance

Shares of AIZ opened at $228.72 on Friday. The stock has a market cap of $11.45 billion, a P/E ratio of 16.56 and a beta of 0.56. The business’s fifty day moving average is $217.95 and its 200 day moving average is $206.54. 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, Inc. has a 12-month low of $174.97 and a 12-month high of $232.02.

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

Assurant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Shareholders of record on Monday, December 1st will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Monday, December 1st. This represents a $3.52 dividend on an annualized basis and a yield of 1.5%. This is an increase from Assurant’s previous quarterly dividend of $0.80. Assurant’s dividend payout ratio is presently 21.42%.

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.