State Board of Administration of Florida Retirement System Trims Position in Assurant, Inc. (NYSE:AIZ)

State Board of Administration of Florida Retirement System decreased its position in shares of Assurant, Inc. (NYSE:AIZ) by 8.8% during the 1st quarter, according to its most recent disclosure with the SEC. The firm owned 51,659 shares of the financial services provider’s stock after selling 4,964 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Assurant were worth $9,724,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also modified their holdings of the company. Lyrical Asset Management LP increased its position in Assurant by 2.0% during the fourth quarter. Lyrical Asset Management LP now owns 783,257 shares of the financial services provider’s stock worth $131,971,000 after purchasing an additional 15,074 shares during the last quarter. Northern Trust Corp increased its position in Assurant by 23.4% during the fourth quarter. Northern Trust Corp now owns 737,099 shares of the financial services provider’s stock worth $124,194,000 after purchasing an additional 139,680 shares during the last quarter. Norges Bank acquired a new position in Assurant during the fourth quarter worth approximately $108,253,000. TD Asset Management Inc increased its position in Assurant by 7.8% during the first quarter. TD Asset Management Inc now owns 470,102 shares of the financial services provider’s stock worth $88,492,000 after purchasing an additional 34,070 shares during the last quarter. Finally, Charles Schwab Investment Management Inc. increased its position in Assurant by 1.0% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 443,409 shares of the financial services provider’s stock worth $74,710,000 after purchasing an additional 4,394 shares during the last quarter. Hedge funds and other institutional investors own 92.65% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently issued reports on AIZ. Piper Sandler reissued an “overweight” rating and issued a $205.00 price objective on shares of Assurant in a research report on Friday, June 28th. Bank of America dropped their price objective on shares of Assurant from $223.00 to $222.00 and set a “buy” rating for the company in a research report on Thursday, July 11th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Assurant from $182.00 to $186.00 and gave the stock a “market perform” rating in a research report on Wednesday, May 15th. One research analyst has rated the stock with a hold rating and five have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $204.60.

Assurant Trading Down 1.5 %

Assurant stock opened at $169.79 on Friday. The firm’s 50-day moving average is $169.28 and its 200-day moving average is $173.05. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.39 and a current ratio of 0.39. Assurant, Inc. has a 1 year low of $127.22 and a 1 year high of $189.48. The company has a market cap of $8.83 billion, a P/E ratio of 11.85, a PEG ratio of 1.70 and a beta of 0.54.

Assurant (NYSE:AIZ) last posted its quarterly earnings results on Tuesday, May 7th. The financial services provider reported $4.78 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $3.87 by $0.91. Assurant had a net margin of 6.73% and a return on equity of 20.08%. The company had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.82 billion. On average, equities analysts expect that Assurant, Inc. will post 16.14 earnings per share for the current year.

Assurant Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Monday, June 10th were given a $0.72 dividend. The ex-dividend date of this dividend was Monday, June 10th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.70%. Assurant’s payout ratio is currently 20.10%.

Insider Transactions at Assurant

In related news, EVP Michael P. Campbell sold 1,304 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $173.35, for a total value of $226,048.40. Following the sale, the executive vice president now owns 24,586 shares of the company’s stock, valued at approximately $4,261,983.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Michael P. Campbell sold 1,304 shares of the stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $173.35, for a total value of $226,048.40. Following the sale, the executive vice president now owns 24,586 shares of the company’s stock, valued at approximately $4,261,983.10. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Robert Lonergan sold 2,700 shares of the firm’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $176.12, for a total transaction of $475,524.00. Following the transaction, the insider now directly owns 19,786 shares in the company, valued at approximately $3,484,710.32. The disclosure for this sale can be found here. In the last three months, insiders have sold 12,788 shares of company stock worth $2,248,489. 0.53% of the stock is currently owned by insiders.

Assurant Profile

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.