Bank of Nova Scotia Raises Holdings in Assurant, Inc. $AIZ

Bank of Nova Scotia lifted its position in shares of Assurant, Inc. (NYSE:AIZ) by 878.5% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 52,410 shares of the financial services provider’s stock after purchasing an additional 47,054 shares during the quarter. Bank of Nova Scotia’s holdings in Assurant were worth $10,350,000 as of its most recent SEC filing.

Several other large investors have also recently made changes to their positions in the company. Zions Bancorporation National Association UT acquired a new stake in Assurant during the first quarter valued at $26,000. REAP Financial Group LLC boosted its stake in shares of Assurant by 193.9% during the 2nd quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 95 shares in the last quarter. Cullen Frost Bankers Inc. grew its position in shares of Assurant by 1,133.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 148 shares of the financial services provider’s stock valued at $29,000 after acquiring an additional 136 shares during the period. Geneos Wealth Management Inc. increased its stake in shares of Assurant by 57.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 67 shares in the last quarter. Finally, First Horizon Advisors Inc. raised its holdings in Assurant by 135.7% in the 2nd quarter. First Horizon Advisors Inc. now owns 231 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 133 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Assurant Stock Performance

AIZ opened at $222.67 on Thursday. Assurant, Inc. has a twelve month low of $174.97 and a twelve month high of $232.02. The firm has a market capitalization of $11.15 billion, a PE ratio of 13.55 and a beta of 0.57. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The firm’s 50-day moving average price is $219.60 and its 200 day moving average price is $208.14.

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

Assurant Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 29th. Investors of record on Monday, December 1st will be given a $0.88 dividend. The ex-dividend date is Monday, December 1st. This is a positive change from Assurant’s previous quarterly dividend of $0.80. This represents a $3.52 annualized dividend and a yield of 1.6%. Assurant’s dividend payout ratio (DPR) is currently 21.42%.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on the stock. Keefe, Bruyette & Woods boosted their price target on shares of Assurant from $248.00 to $254.00 and gave the stock an “outperform” rating in a report on Thursday, November 20th. Piper Sandler boosted their target price on shares of Assurant from $238.00 to $248.00 and gave the stock an “overweight” rating in a research note on Friday, October 10th. Zacks Research lowered shares of Assurant from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Weiss Ratings reiterated a “buy (b)” rating on shares of Assurant in a report on Monday. Finally, Truist Financial set a $255.00 target price on Assurant in a report on Wednesday, October 29th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to data from MarketBeat.com, Assurant presently has a consensus rating of “Moderate Buy” and a consensus price target of $250.00.

Insiders Place Their Bets

In related news, CEO Keith Demmings sold 13,725 shares of the business’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $220.52, for a total value of $3,026,637.00. Following the sale, the chief executive officer directly owned 84,647 shares in the company, valued at approximately $18,666,356.44. The trade was a 13.95% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.51% of the company’s stock.

Assurant 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.