Insider Selling: Assurant, Inc. (NYSE:AIZ) EVP Sells 721 Shares of Stock

Assurant, Inc. (NYSE:AIZ) EVP Robert Lonergan sold 721 shares of the business’s stock in a transaction that occurred on Tuesday, June 8th. The stock was sold at an average price of $162.93, for a total value of $117,472.53. Following the completion of the transaction, the executive vice president now directly owns 17,646 shares in the company, valued at $2,875,062.78. The sale was disclosed in a legal filing with the SEC, which is available through this link.

NYSE:AIZ opened at $162.08 on Friday. The stock’s fifty day moving average price is $155.78. Assurant, Inc. has a 52-week low of $96.71 and a 52-week high of $163.84. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.44 and a current ratio of 0.44. The firm has a market cap of $9.82 billion, a P/E ratio of 22.83, a price-to-earnings-growth ratio of 0.95 and a beta of 0.64.

Assurant (NYSE:AIZ) last posted its quarterly earnings data on Monday, May 3rd. The financial services provider reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.51. Assurant had a return on equity of 8.78% and a net margin of 4.52%. The firm had revenue of $2.43 billion for the quarter, compared to the consensus estimate of $2.18 billion. During the same quarter in the prior year, the business earned $2.43 EPS. The business’s revenue for the quarter was down .7% compared to the same quarter last year. Analysts forecast that Assurant, Inc. will post 9.74 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which will be paid on Tuesday, June 22nd. Shareholders of record on Tuesday, June 1st will be given a dividend of $0.66 per share. This represents a $2.64 annualized dividend and a dividend yield of 1.63%. The ex-dividend date is Friday, May 28th. Assurant’s payout ratio is 30.59%.

Assurant announced that its Board of Directors has approved a stock repurchase plan on Thursday, May 13th that allows the company to buyback $900.00 million in shares. This buyback authorization allows the financial services provider to reacquire up to 9.3% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Several research analysts have recently commented on AIZ shares. Truist Securities boosted their target price on Assurant from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, April 19th. Bank of America initiated coverage on Assurant in a report on Friday, May 21st. They issued a “buy” rating and a $207.00 target price on the stock. Truist Financial upped their price objective on Assurant from $170.00 to $185.00 in a report on Monday, April 19th. Finally, Morgan Stanley upped their price objective on Assurant from $172.00 to $188.00 and gave the stock an “overweight” rating in a report on Thursday, May 27th.

Several institutional investors have recently modified their holdings of the business. BlackRock Inc. raised its position in shares of Assurant by 9.5% during the 1st quarter. BlackRock Inc. now owns 5,363,868 shares of the financial services provider’s stock valued at $760,437,000 after acquiring an additional 463,974 shares during the last quarter. Viking Global Investors LP raised its position in shares of Assurant by 0.6% during the 1st quarter. Viking Global Investors LP now owns 2,776,100 shares of the financial services provider’s stock valued at $393,568,000 after acquiring an additional 17,505 shares during the last quarter. Bank of New York Mellon Corp raised its position in shares of Assurant by 9.0% during the 1st quarter. Bank of New York Mellon Corp now owns 2,009,489 shares of the financial services provider’s stock valued at $284,887,000 after acquiring an additional 165,120 shares during the last quarter. Lyrical Asset Management LP raised its position in shares of Assurant by 7.9% during the 1st quarter. Lyrical Asset Management LP now owns 1,238,653 shares of the financial services provider’s stock valued at $175,604,000 after acquiring an additional 90,600 shares during the last quarter. Finally, Schroder Investment Management Group raised its position in shares of Assurant by 45.1% during the 1st quarter. Schroder Investment Management Group now owns 1,091,742 shares of the financial services provider’s stock valued at $154,776,000 after acquiring an additional 339,146 shares during the last quarter. Institutional investors own 93.88% of the company’s stock.

About Assurant

Assurant, Inc, together with its subsidiaries, provides lifestyle and housing solutions that support, protect, and connect consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through three segments: Global Lifestyle, Global Housing, and Global Preneed.

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