Texas Permanent School Fund Corp Sells 2,192 Shares of Assurant, Inc. $AIZ

Texas Permanent School Fund Corp trimmed its holdings in Assurant, Inc. (NYSE:AIZ) by 40.3% in the 2nd quarter, HoldingsChannel reports. The firm owned 3,247 shares of the financial services provider’s stock after selling 2,192 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Assurant were worth $641,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. J.W. Cole Advisors Inc. raised its position in shares of Assurant by 3.8% during the second quarter. J.W. Cole Advisors Inc. now owns 1,335 shares of the financial services provider’s stock valued at $264,000 after buying an additional 49 shares during the last quarter. Cresset Asset Management LLC increased its holdings in Assurant by 5.4% in the 2nd quarter. Cresset Asset Management LLC now owns 1,075 shares of the financial services provider’s stock valued at $212,000 after acquiring an additional 55 shares during the last quarter. GAMMA Investing LLC lifted its stake in Assurant by 3.9% in the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the financial services provider’s stock worth $302,000 after purchasing an additional 58 shares in the last quarter. Hartford Investment Management Co. lifted its stake in Assurant by 1.3% in the 2nd quarter. Hartford Investment Management Co. now owns 4,556 shares of the financial services provider’s stock worth $900,000 after purchasing an additional 60 shares in the last quarter. Finally, Coldstream Capital Management Inc. boosted its holdings in shares of Assurant by 3.0% during the 2nd quarter. Coldstream Capital Management Inc. now owns 2,182 shares of the financial services provider’s stock valued at $431,000 after purchasing an additional 64 shares during the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Assurant

In related news, CEO Keith Demmings sold 13,725 shares of the company’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $220.52, for a total transaction of $3,026,637.00. Following the transaction, the chief executive officer directly owned 84,647 shares in the company, valued at approximately $18,666,356.44. This represents a 13.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on AIZ shares. Truist Financial set a $255.00 target price on Assurant in a report on Wednesday, October 29th. Morgan Stanley lifted their price objective on Assurant from $232.00 to $248.00 and gave the stock an “equal weight” rating in a research note on Monday, November 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of Assurant in a research report on Monday. UBS Group raised their target price on shares of Assurant from $255.00 to $257.00 and gave the company a “buy” rating in a report on Monday, November 10th. Finally, Piper Sandler upped their price target on shares of Assurant from $252.00 to $264.00 and gave the company an “overweight” rating in a research note on Friday, December 19th. Eight research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, Assurant has an average rating of “Moderate Buy” and an average target price of $252.67.

Assurant Price Performance

NYSE:AIZ opened at $241.89 on Friday. The firm has a market capitalization of $12.11 billion, a price-to-earnings ratio of 14.72 and a beta of 0.57. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. The business has a 50 day simple moving average of $223.82 and a 200-day simple moving average of $210.77. Assurant, Inc. has a 1 year low of $174.97 and a 1 year high of $243.22.

Assurant (NYSE:AIZ) last released its quarterly earnings results on Thursday, March 24th. The financial services provider reported $1.80 earnings per share for the quarter. The company had revenue of $2.42 billion for the quarter. Assurant had a return on equity of 18.61% and a net margin of 6.75%.Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. Equities analysts forecast that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 29th. Stockholders of record on Monday, December 1st will be issued a $0.88 dividend. This is a boost from Assurant’s previous quarterly dividend of $0.80. The ex-dividend date is Monday, December 1st. This represents a $3.52 annualized dividend and a dividend yield of 1.5%. Assurant’s dividend payout ratio (DPR) is 21.42%.

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.