Hsbc Holdings PLC Buys Shares of 76,366 Assurant, Inc. $AIZ

Hsbc Holdings PLC purchased a new position in Assurant, Inc. (NYSE:AIZ) in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund purchased 76,366 shares of the financial services provider’s stock, valued at approximately $20,542,000. Hsbc Holdings PLC owned about 0.15% of Assurant at the end of the most recent reporting period.

Several other large investors also recently made changes to their positions in the stock. CYBER HORNET ETFs LLC acquired a new stake in Assurant in the 2nd quarter worth approximately $27,000. Montag A & Associates Inc. acquired a new position in Assurant during the fourth quarter valued at approximately $28,000. BOKF NA acquired a new position in Assurant during the third quarter valued at approximately $32,000. Western Wealth Management LLC bought a new position in shares of Assurant in the first quarter valued at approximately $33,000. Finally, Arlington Trust Co LLC raised its position in shares of Assurant by 81.4% in the second quarter. Arlington Trust Co LLC now owns 127 shares of the financial services provider’s stock valued at $34,000 after purchasing an additional 57 shares during the period. Institutional investors own 92.65% of the company’s stock.

Insiders Place Their Bets

In other Assurant news, EVP Robert Lonergan sold 7,000 shares of the firm’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $262.71, for a total value of $1,838,970.00. Following the sale, the executive vice president directly owned 27,374 shares in the company, valued at $7,191,423.54. This trade represents a 20.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, EVP Nair Biju sold 3,931 shares of the firm’s stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the completion of the sale, the executive vice president owned 24,247 shares in the company, valued at $7,333,747.62. This represents a 13.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.54% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AIZ. Royal Bank Of Canada set a $310.00 price objective on shares of Assurant in a research note on Wednesday, June 17th. Piper Sandler raised their target price on shares of Assurant from $290.00 to $329.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. Wall Street Zen downgraded shares of Assurant from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Morgan Stanley boosted their target price on shares of Assurant from $300.00 to $320.00 and gave the stock an “overweight” rating in a research report on Wednesday, August 19th. Finally, UBS Group upped their price target on shares of Assurant from $274.00 to $331.00 and gave the company a “buy” rating in a report on Thursday, August 13th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Assurant currently has an average rating of “Buy” and an average target price of $316.57.

Assurant Stock Down 1.1%

Shares of AIZ stock opened at $285.38 on Friday. Assurant, Inc. has a 12 month low of $205.01 and a 12 month high of $303.94. The firm has a market cap of $14.08 billion, a PE ratio of 13.63 and a beta of 0.55. The stock has a 50 day moving average of $278.41 and a 200-day moving average of $249.02. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.36.

Assurant (NYSE:AIZ) last posted its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share for the quarter, beating the consensus estimate of $5.17 by $1.24. The company had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.43 billion. Assurant had a return on equity of 20.40% and a net margin of 7.90%.Assurant’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same period in the prior year, the business earned $5.56 earnings per share. On average, equities analysts predict that Assurant, Inc. will post 22.05 EPS for the current year.

Assurant Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, August 31st will be issued a $0.88 dividend. The ex-dividend date of this dividend is Monday, August 31st. This represents a $3.52 dividend on an annualized basis and a yield of 1.2%. Assurant’s dividend payout ratio is 16.81%.

About Assurant

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.