Federated Hermes Inc. Has $55.85 Million Position in Assurant, Inc. $AIZ

Federated Hermes Inc. decreased its position in shares of Assurant, Inc. (NYSE:AIZ) by 5.7% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 257,848 shares of the financial services provider’s stock after selling 15,543 shares during the quarter. Federated Hermes Inc.’s holdings in Assurant were worth $55,850,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Vanguard Group Inc. raised its position in shares of Assurant by 1.3% during the second quarter. Vanguard Group Inc. now owns 6,775,234 shares of the financial services provider’s stock worth $1,338,041,000 after acquiring an additional 88,749 shares during the last quarter. Bank of New York Mellon Corp boosted its holdings in Assurant by 8.3% in the second quarter. Bank of New York Mellon Corp now owns 4,051,114 shares of the financial services provider’s stock valued at $800,054,000 after acquiring an additional 310,455 shares during the last quarter. Massachusetts Financial Services Co. MA increased its position in Assurant by 4.5% in the second quarter. Massachusetts Financial Services Co. MA now owns 1,245,022 shares of the financial services provider’s stock worth $245,879,000 after purchasing an additional 53,773 shares during the period. Nordea Investment Management AB raised its holdings in Assurant by 29.3% during the 3rd quarter. Nordea Investment Management AB now owns 665,683 shares of the financial services provider’s stock worth $143,588,000 after purchasing an additional 150,907 shares during the last quarter. Finally, Norges Bank bought a new stake in Assurant during the 2nd quarter worth about $131,300,000. 92.65% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on AIZ shares. UBS Group raised their target price on shares of Assurant from $255.00 to $257.00 and gave the company a “buy” rating in a research note on Monday, November 10th. Weiss Ratings restated a “buy (b)” rating on shares of Assurant in a report on Monday, December 29th. Piper Sandler lifted their target price on shares of Assurant from $252.00 to $264.00 and gave the stock an “overweight” rating in a report on Friday, December 19th. Morgan Stanley upped their target price on shares of Assurant from $232.00 to $248.00 and gave the company an “equal weight” rating in a research report on Monday, November 17th. Finally, Keefe, Bruyette & Woods increased their price target on Assurant from $248.00 to $254.00 and gave the company an “outperform” rating in a research note on Thursday, November 20th. Eight investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $252.67.

Assurant Stock Up 0.5%

Shares of NYSE AIZ opened at $238.36 on Friday. Assurant, Inc. has a 52-week low of $174.97 and a 52-week high of $243.76. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a market cap of $11.94 billion, a P/E ratio of 14.51 and a beta of 0.56. The firm has a 50 day moving average price of $233.84 and a 200 day moving average price of $218.10.

Assurant (NYSE:AIZ) last posted its earnings results on Tuesday, November 4th. The financial services provider reported $5.73 earnings per share for the quarter, topping the consensus estimate of $4.23 by $1.50. The company had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.15 billion. Assurant had a net margin of 6.75% and a return on equity of 18.61%. The business’s revenue for the quarter was up 8.9% compared to the same quarter last year. During the same period last year, the business posted $3.00 earnings per share. Analysts expect that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Tuesday, February 17th will be issued a dividend of $0.88 per share. The ex-dividend date is Tuesday, February 17th. This represents a $3.52 annualized dividend and a yield of 1.5%. Assurant’s payout ratio is currently 21.42%.

Assurant Company Profile

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.