Assurant, Inc. $AIZ Shares Sold by Wellington Management Group LLP

Wellington Management Group LLP reduced its stake in Assurant, Inc. (NYSE:AIZ) by 25.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 345,193 shares of the financial services provider’s stock after selling 117,326 shares during the quarter. Wellington Management Group LLP’s holdings in Assurant were worth $92,695,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Empowered Funds LLC purchased a new position in Assurant in the 2nd quarter valued at $227,000. United Capital Financial Advisors LLC acquired a new position in Assurant in the 2nd quarter valued at $498,000. Caitlin John LLC purchased a new position in Assurant during the 2nd quarter worth $1,052,000. Equitable Holdings Inc. purchased a new position in Assurant during the 2nd quarter worth $1,010,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in shares of Assurant in the 2nd quarter worth $4,115,000. Institutional investors and hedge funds own 92.65% of the company’s stock.

Insider Transactions at Assurant

In other Assurant news, EVP Nair Biju sold 3,931 shares of the company’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $302.46, for a total value of $1,188,970.26. Following the sale, the executive vice president owned 24,247 shares of the company’s stock, valued at $7,333,747.62. This 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 the SEC website. Also, EVP Robert Lonergan sold 7,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the completion of the sale, the executive vice president owned 27,374 shares in the company, valued at $7,191,423.54. This represents a 20.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.54% of the company’s stock.

Analyst Ratings Changes

Several analysts have recently weighed in on AIZ shares. Royal Bank Of Canada set a $310.00 target price on shares of Assurant in a report on Wednesday, June 17th. BMO Capital Markets raised their price objective on shares of Assurant from $274.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, August 28th. Piper Sandler lifted their price objective on Assurant from $290.00 to $329.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Morgan Stanley boosted their target price on Assurant from $300.00 to $320.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Finally, Weiss Ratings raised Assurant from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, August 11th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $327.14.

Assurant Stock Down 0.6%

Assurant stock opened at $280.17 on Wednesday. Assurant, Inc. has a fifty-two week low of $205.01 and a fifty-two week high of $303.94. The firm has a market capitalization of $13.82 billion, a price-to-earnings ratio of 13.38 and a beta of 0.54. The stock’s fifty day moving average is $279.61 and its two-hundred day moving average is $250.15. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.38 and a current ratio of 0.38.

Assurant (NYSE:AIZ) last released its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $5.17 by $1.24. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The business had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the company posted $5.56 EPS. The business’s revenue was up 9.4% on a year-over-year basis. Analysts predict that Assurant, Inc. will post 22.05 EPS for the current fiscal year.

Assurant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, August 31st will be given a dividend of $0.88 per share. The ex-dividend date is Monday, August 31st. This represents a $3.52 dividend on an annualized basis and a yield of 1.3%. Assurant’s payout ratio is presently 16.81%.

Assurant Company Profile

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.