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

Wellington Management Group LLP cut its holdings in shares of Assurant, Inc. (NYSE:AIZ) by 25.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 345,193 shares of the financial services provider’s stock after selling 117,326 shares during the period. Wellington Management Group LLP owned about 0.70% of Assurant worth $92,695,000 as of its most recent SEC filing.

Several other hedge funds have also made changes to their positions in the business. BlackRock Inc. acquired a new stake in Assurant during the 2nd quarter worth approximately $1,345,211,000. Bank of New York Mellon Corp acquired a new position in shares of Assurant in the second quarter worth $1,269,591,000. Bank of America Corp DE acquired a new position in shares of Assurant in the second quarter worth $269,635,000. Norges Bank purchased a new stake in shares of Assurant during the fourth quarter worth $161,574,000. Finally, Deutsche Bank AG purchased a new stake in shares of Assurant during the second quarter worth $76,718,000. Institutional investors and hedge funds own 92.65% of the company’s stock.

Insider Activity at Assurant

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

Assurant Stock Performance

NYSE AIZ opened at $280.17 on Wednesday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.38 and a quick ratio of 0.38. Assurant, Inc. has a 1 year low of $205.01 and a 1 year high of $303.94. The company has a market capitalization of $13.82 billion, a PE ratio of 13.38 and a beta of 0.54. The company has a fifty day moving average of $279.61 and a two-hundred day moving average of $250.15.

Assurant (NYSE:AIZ) last posted its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 EPS for the quarter, topping analysts’ consensus estimates 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 for the quarter, compared to analysts’ expectations of $3.43 billion. During the same quarter in the previous year, the firm earned $5.56 earnings per share. The business’s revenue was up 9.4% compared to the same quarter last year. As a group, analysts expect that Assurant, Inc. will post 22.05 earnings per share for the current year.

Assurant Dividend Announcement

The company also recently declared 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 of this dividend is Monday, August 31st. This represents a $3.52 annualized dividend and a yield of 1.3%. Assurant’s payout ratio is 16.81%.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. UBS Group lifted their target price on Assurant from $274.00 to $331.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Piper Sandler increased their price target on Assurant from $290.00 to $329.00 and gave the company an “overweight” rating in a research report on Thursday, August 6th. Royal Bank Of Canada set a $310.00 price objective on Assurant in a research note on Wednesday, June 17th. Wall Street Zen downgraded Assurant from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Finally, Weiss Ratings upgraded shares of Assurant from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, August 11th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $327.14.

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.