Robert Lonergan Sells 7,000 Shares of Assurant (NYSE:AIZ) Stock

Assurant, Inc. (NYSE:AIZ) EVP Robert Lonergan sold 7,000 shares of the business’s stock in a transaction on Monday, June 22nd. The shares were sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the transaction, the executive vice president directly owned 27,374 shares in the company, valued at approximately $7,191,423.54. The trade was a 20.36% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link.

Assurant Stock Down 0.4%

Shares of NYSE AIZ opened at $264.21 on Thursday. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.38. Assurant, Inc. has a 12 month low of $183.39 and a 12 month high of $268.67. The firm has a market capitalization of $13.09 billion, a PE ratio of 13.51 and a beta of 0.56. The firm has a fifty day simple moving average of $246.73 and a two-hundred day simple moving average of $235.01.

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

Assurant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 8th will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend is Monday, June 8th. Assurant’s payout ratio is presently 18.01%.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in AIZ. CYBER HORNET ETFs LLC bought a new position in Assurant in the 2nd quarter valued at approximately $27,000. Montag A & Associates Inc. purchased a new stake in shares of Assurant during the 4th quarter valued at about $28,000. BOKF NA purchased a new stake in Assurant during the third quarter valued at approximately $32,000. Western Wealth Management LLC bought a new position in Assurant in the 1st quarter worth $33,000. Finally, Geneos Wealth Management Inc. raised its stake in shares of Assurant by 57.8% in the first quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock worth $38,000 after buying an additional 67 shares during the period. Institutional investors own 92.65% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on AIZ shares. Keefe, Bruyette & Woods increased their target price on Assurant from $258.00 to $270.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. UBS Group lifted their price target on Assurant from $270.00 to $274.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Morgan Stanley raised Assurant from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $240.00 to $285.00 in a research note on Thursday, May 14th. Truist Financial increased their price objective on Assurant from $290.00 to $310.00 and gave the stock a “buy” rating in a report on Wednesday, June 17th. Finally, Royal Bank Of Canada set a $310.00 price objective on Assurant in a research report on Wednesday, June 17th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has issued a Hold rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus target price of $283.57.

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.