Assurant, Inc. (NYSE:AIZ) Declares Dividend Increase – $0.70 Per Share

Assurant, Inc. (NYSE:AIZGet Rating) announced a quarterly dividend on Thursday, November 10th, RTT News reports. Stockholders of record on Monday, November 28th will be given a dividend of 0.70 per share by the financial services provider on Monday, December 19th. This represents a $2.80 annualized dividend and a dividend yield of 2.20%. The ex-dividend date is Friday, November 25th. This is a boost from Assurant’s previous quarterly dividend of $0.68.

Assurant has increased its dividend by an average of 5.3% annually over the last three years and has raised its dividend annually for the last 17 consecutive years. Assurant has a dividend payout ratio of 22.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Assurant to earn $12.77 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 21.9%.

Assurant Trading Down 0.1 %

AIZ stock opened at $127.04 on Thursday. The company’s 50-day simple moving average is $140.47 and its 200-day simple moving average is $160.35. The company has a quick ratio of 0.44, a current ratio of 0.44 and a debt-to-equity ratio of 0.52. Assurant has a 52-week low of $119.01 and a 52-week high of $194.12. The firm has a market cap of $6.71 billion, a P/E ratio of 21.83, a PEG ratio of 0.73 and a beta of 0.52.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Invesco Ltd. lifted its stake in Assurant by 53.7% in the 1st quarter. Invesco Ltd. now owns 1,622,996 shares of the financial services provider’s stock worth $295,111,000 after purchasing an additional 566,763 shares in the last quarter. Northern Trust Corp lifted its stake in Assurant by 23.7% in the 1st quarter. Northern Trust Corp now owns 791,775 shares of the financial services provider’s stock worth $143,968,000 after purchasing an additional 151,743 shares in the last quarter. Hsbc Holdings PLC lifted its stake in Assurant by 72.9% in the 1st quarter. Hsbc Holdings PLC now owns 111,180 shares of the financial services provider’s stock worth $20,254,000 after purchasing an additional 46,888 shares in the last quarter. Millennium Management LLC lifted its stake in Assurant by 243.7% in the 2nd quarter. Millennium Management LLC now owns 65,757 shares of the financial services provider’s stock worth $11,366,000 after purchasing an additional 46,626 shares in the last quarter. Finally, Lazard Asset Management LLC lifted its stake in Assurant by 1,664.5% in the 1st quarter. Lazard Asset Management LLC now owns 45,259 shares of the financial services provider’s stock worth $8,229,000 after purchasing an additional 42,694 shares in the last quarter. 84.67% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on AIZ shares. Truist Financial lowered their target price on shares of Assurant from $220.00 to $170.00 in a research note on Wednesday, October 26th. Morgan Stanley decreased their price target on shares of Assurant from $215.00 to $165.00 and set an “overweight” rating on the stock in a research note on Monday. Keefe, Bruyette & Woods lowered shares of Assurant from an “outperform” rating to a “market perform” rating and decreased their price target for the company from $199.00 to $151.00 in a research note on Thursday, November 3rd. StockNews.com began coverage on shares of Assurant in a research note on Wednesday, October 12th. They issued a “hold” rating on the stock. Finally, TheStreet lowered shares of Assurant from a “b-” rating to a “c+” rating in a research note on Wednesday, November 2nd. Three analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Assurant currently has an average rating of “Hold” and a consensus target price of $170.20.

Assurant Company Profile

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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 two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service products and related services for mobile devices, consumer electronics, and appliances; vehicle protection and related services; and credit protection and other insurance products.

Further Reading

Dividend History for Assurant (NYSE:AIZ)

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