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

Assurant, Inc. (NYSE:AIZ) EVP Robert Lonergan sold 7,000 shares of the stock in a transaction dated 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 completion of the transaction, the executive vice president directly owned 27,374 shares in the company, valued at approximately $7,191,423.54. This represents a 20.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Assurant Trading Up 1.6%

Assurant stock opened at $265.83 on Wednesday. The business has a 50-day simple moving average of $245.88 and a two-hundred day simple moving average of $234.73. The company has a market cap of $13.17 billion, a P/E ratio of 13.60 and a beta of 0.56. Assurant, Inc. has a 52-week low of $183.39 and a 52-week high of $266.90. 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 released its quarterly 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 during the quarter, compared to analyst estimates of $3.29 billion. Assurant had a net margin of 7.60% and a return on equity of 20.32%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $5.79 EPS. Analysts predict that Assurant, Inc. will post 21.04 EPS for the current year.

Assurant Dividend Announcement

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

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the stock. Keefe, Bruyette & Woods lifted their price target on shares of Assurant from $258.00 to $270.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Wall Street Zen upgraded Assurant from a “hold” rating to a “buy” rating in a research note on Saturday. Piper Sandler reaffirmed an “overweight” rating on shares of Assurant in a report on Monday. Truist Financial lifted their target price on Assurant from $290.00 to $310.00 and gave the company a “buy” rating in a research report on Wednesday, June 17th. Finally, Weiss Ratings raised Assurant from a “buy (b+)” rating to a “buy (a-)” rating in a report on Tuesday, June 9th. 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. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and an average target price of $283.57.

Hedge Funds Weigh In On Assurant

A number of hedge funds have recently modified their holdings of the company. CYBER HORNET ETFs LLC bought a new stake in shares of Assurant during the 2nd quarter valued at $27,000. Montag A & Associates Inc. bought a new position in Assurant in the 4th quarter worth $28,000. BOKF NA bought a new position in Assurant in the 3rd quarter worth $32,000. Western Wealth Management LLC purchased a new stake in Assurant in the 1st quarter worth $33,000. Finally, Geneos Wealth Management Inc. increased its stake in Assurant by 57.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock worth $38,000 after buying an additional 67 shares in the last quarter. 92.65% of the stock is currently owned by institutional investors.

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.