CIBC Asset Management Inc Grows Position in Assurant, Inc. $AIZ

CIBC Asset Management Inc boosted its stake in shares of Assurant, Inc. (NYSE:AIZ) by 79.9% during the 4th quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 11,732 shares of the financial services provider’s stock after purchasing an additional 5,212 shares during the period. CIBC Asset Management Inc’s holdings in Assurant were worth $2,826,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds also recently bought and sold shares of the stock. Ascent Group LLC lifted its position in Assurant by 0.8% during the fourth quarter. Ascent Group LLC now owns 5,339 shares of the financial services provider’s stock valued at $1,286,000 after purchasing an additional 43 shares in the last quarter. ProShare Advisors LLC lifted its position in Assurant by 0.3% during the fourth quarter. ProShare Advisors LLC now owns 17,064 shares of the financial services provider’s stock valued at $4,110,000 after purchasing an additional 47 shares in the last quarter. Illinois Municipal Retirement Fund lifted its position in shares of Assurant by 0.3% in the third quarter. Illinois Municipal Retirement Fund now owns 15,917 shares of the financial services provider’s stock valued at $3,448,000 after acquiring an additional 48 shares in the last quarter. Cresset Asset Management LLC lifted its position in shares of Assurant by 5.4% in the second quarter. Cresset Asset Management LLC now owns 1,075 shares of the financial services provider’s stock valued at $212,000 after acquiring an additional 55 shares in the last quarter. Finally, Fifth Third Bancorp lifted its position in shares of Assurant by 2.6% in the fourth quarter. Fifth Third Bancorp now owns 2,217 shares of the financial services provider’s stock valued at $534,000 after acquiring an additional 57 shares in the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Assurant Trading Up 0.0%

Shares of AIZ stock opened at $257.47 on Monday. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $12.76 billion, a price-to-earnings ratio of 13.17 and a beta of 0.56. Assurant, Inc. has a 12-month low of $183.39 and a 12-month high of $260.96. The stock’s 50-day moving average price is $236.08 and its 200-day moving average price is $231.92.

Assurant (NYSE:AIZ) last posted its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 EPS for the quarter, topping analysts’ consensus estimates of $5.29 by $0.66. The company had revenue of $3.42 billion for the quarter, compared to the consensus estimate of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The firm’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same period in the previous year, the business earned $5.79 earnings per share. Equities research analysts predict that Assurant, Inc. will post 21.04 EPS for the current fiscal year.

Assurant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, June 29th. Investors of record on Monday, June 8th will be given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.4%. The ex-dividend date is Monday, June 8th. Assurant’s payout ratio is currently 18.01%.

Insider Transactions at Assurant

In related news, EVP Keith Meier sold 25,000 shares of the business’s stock in a transaction dated Friday, May 15th. The stock was sold at an average price of $254.31, for a total value of $6,357,750.00. Following the sale, the executive vice president directly owned 18,552 shares in the company, valued at approximately $4,717,959.12. The trade was a 57.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Subhashish Sengupta sold 1,880 shares of the business’s stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $210.53, for a total value of $395,796.40. Following the completion of the sale, the executive vice president owned 2,895 shares in the company, valued at $609,484.35. This represents a 39.37% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 31,650 shares of company stock valued at $7,930,981 over the last three months. Corporate insiders own 0.54% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have recently commented on AIZ. Morgan Stanley upgraded Assurant from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $240.00 to $285.00 in a research report on Thursday, May 14th. Wall Street Zen downgraded Assurant from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Piper Sandler boosted their price objective on Assurant from $268.00 to $290.00 and gave the company an “overweight” rating in a research report on Tuesday, May 26th. Truist Financial boosted their price objective on Assurant from $280.00 to $290.00 and gave the company a “buy” rating in a research report on Thursday, May 7th. Finally, Keefe, Bruyette & Woods boosted their price objective on Assurant from $258.00 to $270.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Nine equities research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $275.83.

About Assurant

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.