Robert Lonergan Sells 7,000 Shares of Assurant (NYSE:AIZ) Stock

Assurant, Inc. (NYSE:AIZ) EVP Robert Lonergan sold 7,000 shares of Assurant stock in a transaction dated 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 approximately $7,191,423.54. This represents a 20.36% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link.

Assurant Stock Performance

NYSE AIZ traded up $4.25 on Tuesday, hitting $265.83. The stock had a trading volume of 380,502 shares, compared to its average volume of 410,504. Assurant, Inc. has a one year low of $183.39 and a one year high of $266.90. The stock has a market cap of $13.17 billion, a price-to-earnings ratio of 13.60 and a beta of 0.56. The company’s 50-day moving average is $244.95 and its two-hundred day moving average is $234.42. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38.

Assurant (NYSE:AIZ) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 EPS for the quarter, beating the consensus estimate of $5.29 by $0.66. The firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The firm’s revenue was up 11.3% compared to the same quarter last year. During the same period last year, the firm earned $5.79 EPS. On average, analysts expect that Assurant, Inc. will post 21.04 earnings per share for the current year.

Assurant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 8th will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date is Monday, June 8th. Assurant’s payout ratio is currently 18.01%.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on the stock. Weiss Ratings upgraded shares of Assurant from a “buy (b+)” rating to a “buy (a-)” rating in a research report on Tuesday, June 9th. Piper Sandler reaffirmed an “overweight” rating on shares of Assurant in a research note on Monday. Wall Street Zen upgraded shares of Assurant from a “hold” rating to a “buy” rating in a report on Saturday. Morgan Stanley upgraded shares of Assurant from an “equal weight” rating to an “overweight” rating and raised their price objective for the company from $240.00 to $285.00 in a research note on Thursday, May 14th. Finally, Truist Financial boosted their target price on Assurant from $290.00 to $310.00 and gave the stock a “buy” rating in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Hold rating to the company’s stock. Based on data from MarketBeat, Assurant presently has an average rating of “Buy” and an average target price of $283.57.

Hedge Funds Weigh In On Assurant

Several large investors have recently made changes to their positions in AIZ. Bank of New York Mellon Corp grew its stake in shares of Assurant by 0.6% in the 4th quarter. Bank of New York Mellon Corp now owns 5,040,347 shares of the financial services provider’s stock worth $1,213,968,000 after purchasing an additional 29,974 shares during the last quarter. Dimensional Fund Advisors LP lifted its stake in Assurant by 22.4% during the first quarter. Dimensional Fund Advisors LP now owns 1,125,406 shares of the financial services provider’s stock valued at $245,121,000 after purchasing an additional 205,767 shares during the last quarter. Fuller & Thaler Asset Management Inc. boosted its holdings in Assurant by 7.7% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 697,555 shares of the financial services provider’s stock worth $168,006,000 after buying an additional 49,698 shares in the last quarter. Norges Bank acquired a new position in Assurant in the fourth quarter worth approximately $161,574,000. Finally, Morgan Stanley grew its position in Assurant by 5.2% in the fourth quarter. Morgan Stanley now owns 640,431 shares of the financial services provider’s stock worth $154,248,000 after buying an additional 31,432 shares during the last quarter. Institutional investors own 92.65% of the company’s stock.

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.