PNC Financial Services Group Inc. Has $1.66 Million Position in Assurant, Inc. (NYSE:AIZ)

PNC Financial Services Group Inc. boosted its holdings in Assurant, Inc. (NYSE:AIZ) by 1.3% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 7,773 shares of the financial services provider’s stock after acquiring an additional 100 shares during the period. PNC Financial Services Group Inc.’s holdings in Assurant were worth $1,657,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in AIZ. True Wealth Design LLC bought a new position in shares of Assurant in the third quarter valued at about $25,000. Migdal Insurance & Financial Holdings Ltd. bought a new position in Assurant in the 4th quarter valued at about $28,000. Smartleaf Asset Management LLC lifted its position in Assurant by 127.1% during the fourth quarter. Smartleaf Asset Management LLC now owns 134 shares of the financial services provider’s stock worth $28,000 after acquiring an additional 75 shares during the last quarter. Jones Financial Companies Lllp grew its position in shares of Assurant by 219.1% in the fourth quarter. Jones Financial Companies Lllp now owns 150 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 103 shares during the last quarter. Finally, Huntington National Bank increased its stake in shares of Assurant by 509.4% during the third quarter. Huntington National Bank now owns 195 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 163 shares during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the company. Truist Financial boosted their price target on Assurant from $240.00 to $250.00 and gave the company a “buy” rating in a research note on Thursday, February 13th. Morgan Stanley started coverage on shares of Assurant in a research report on Thursday, December 5th. They issued an “equal weight” rating and a $251.00 target price for the company. Keefe, Bruyette & Woods raised shares of Assurant from a “market perform” rating to an “outperform” rating and raised their price target for the stock from $212.00 to $230.00 in a research report on Thursday, February 20th. Finally, StockNews.com downgraded shares of Assurant from a “buy” rating to a “hold” rating in a report on Wednesday, February 12th. Three research analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $234.17.

Assurant Trading Up 3.6 %

Shares of Assurant stock opened at $211.44 on Friday. The company has a quick ratio of 0.43, a current ratio of 0.43 and a debt-to-equity ratio of 0.41. Assurant, Inc. has a 12-month low of $160.12 and a 12-month high of $230.55. The company has a market capitalization of $10.74 billion, a price-to-earnings ratio of 14.61 and a beta of 0.61. The firm’s 50-day moving average price is $207.93 and its two-hundred day moving average price is $206.09.

Assurant (NYSE:AIZ) last posted its quarterly earnings results on Tuesday, February 11th. The financial services provider reported $4.79 earnings per share (EPS) for the quarter, topping the consensus estimate of $3.96 by $0.83. Assurant had a net margin of 6.40% and a return on equity of 17.25%. On average, analysts forecast that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, February 3rd will be issued a dividend of $0.80 per share. The ex-dividend date is Monday, February 3rd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.51%. Assurant’s dividend payout ratio (DPR) is currently 22.11%.

Insider Buying and Selling

In related news, EVP Biju Nair sold 3,000 shares of Assurant stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $201.50, for a total transaction of $604,500.00. Following the sale, the executive vice president now directly owns 17,708 shares of the company’s stock, valued at approximately $3,568,162. The trade was a 14.49 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.53% of the stock is owned by corporate insiders.

Assurant Company 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.