Bank of New York Mellon Corp Sells 223,396 Shares of Assurant, Inc. $AIZ

Bank of New York Mellon Corp trimmed its holdings in shares of Assurant, Inc. (NYSE:AIZ) by 4.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 4,816,951 shares of the financial services provider’s stock after selling 223,396 shares during the quarter. Bank of New York Mellon Corp owned about 9.69% of Assurant worth $1,049,180,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. CYBER HORNET ETFs LLC acquired a new stake in shares of Assurant in the second quarter worth $27,000. Montag A & Associates Inc. acquired a new position in Assurant in the 4th quarter valued at $28,000. BOKF NA acquired a new position in Assurant in the 3rd quarter valued at $32,000. Geneos Wealth Management Inc. raised its holdings in Assurant by 57.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock worth $38,000 after acquiring an additional 67 shares during the period. Finally, Park Square Financial Group LLC raised its holdings in Assurant by 205.5% in the 4th quarter. Park Square Financial Group LLC now owns 168 shares of the financial services provider’s stock worth $40,000 after acquiring an additional 113 shares during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.

Assurant Stock Performance

Assurant stock opened at $274.41 on Thursday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.39 and a quick ratio of 0.39. The stock has a fifty day moving average price of $260.09 and a two-hundred day moving average price of $239.43. Assurant, Inc. has a 52-week low of $183.39 and a 52-week high of $284.12. The firm has a market capitalization of $13.60 billion, a P/E ratio of 14.04 and a beta of 0.55.

Assurant (NYSE:AIZ) last issued its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 EPS for the quarter, beating the consensus estimate 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 net margin of 7.60% and a return on equity of 20.32%. The firm’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned $5.79 EPS. As a group, analysts anticipate that Assurant, Inc. will post 21.04 EPS for the current fiscal year.

Assurant Dividend Announcement

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

Insider Activity

In other news, EVP Keith Meier sold 25,000 shares of the business’s stock in a transaction that occurred on 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 transaction, the executive vice president directly owned 18,552 shares of the company’s stock, valued at $4,717,959.12. The trade was a 57.40% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CAO Dimitry Dirienzo sold 2,000 shares of the firm’s stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total value of $511,360.00. Following the sale, the chief accounting officer directly owned 2,741 shares of the company’s stock, valued at $700,818.88. This represents a 42.19% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 36,000 shares of company stock worth $9,211,620. 0.54% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Piper Sandler restated an “overweight” rating on shares of Assurant in a report on Monday, June 22nd. Wall Street Zen upgraded Assurant from a “hold” rating to a “buy” rating in a research note on Sunday. Truist Financial increased their target price on Assurant from $290.00 to $310.00 and gave the company a “buy” rating in a research note on Wednesday, June 17th. UBS Group raised their target price on Assurant from $270.00 to $274.00 and gave the company a “buy” rating in a report on Monday, May 11th. Finally, Keefe, Bruyette & Woods lifted their price target on Assurant from $270.00 to $310.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. Nine research analysts have rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $291.43.

Assurant 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.