Assurant (NYSE:AIZ) Hits New 52-Week High After Dividend Announcement

Assurant, Inc. (NYSE:AIZ)’s share price hit a new 52-week high during mid-day trading on Friday following a dividend announcement from the company. The stock traded as high as $232.02 and last traded at $229.06, with a volume of 38355 shares changing hands. The stock had previously closed at $227.05.

The newly announced dividend which will be paid on Monday, December 29th. Shareholders of record on Monday, December 1st will be given a $0.88 dividend. The ex-dividend date of this dividend is Monday, December 1st. This is a positive change from Assurant’s previous quarterly dividend of $0.80. This represents a $3.52 dividend on an annualized basis and a yield of 1.5%. Assurant’s dividend payout ratio is presently 19.48%.

Analysts Set New Price Targets

AIZ has been the subject of several research analyst reports. Truist Financial set a $255.00 price target on Assurant in a research report on Wednesday, October 29th. Morgan Stanley lifted their price objective on shares of Assurant from $230.00 to $232.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. Piper Sandler increased their target price on shares of Assurant from $238.00 to $248.00 and gave the stock an “overweight” rating in a report on Friday, October 10th. Stephens started coverage on Assurant in a research note on Tuesday, August 12th. They set an “overweight” rating for the company. Finally, UBS Group lifted their price objective on Assurant from $255.00 to $257.00 and gave the company a “buy” rating in a research note on Monday. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Assurant currently has an average rating of “Moderate Buy” and an average price target of $244.17.

Assurant Price Performance

The firm has a market capitalization of $11.46 billion, a PE ratio of 16.56 and a beta of 0.56. 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 company has a fifty day moving average price of $214.62 and a two-hundred day moving average price of $204.32.

Assurant (NYSE:AIZ) last issued its quarterly earnings results on Thursday, March 24th. The financial services provider reported $1.80 earnings per share for the quarter. The firm had revenue of $2.42 billion during the quarter. Assurant had a net margin of 5.83% and a return on equity of 16.47%. Assurant has set its FY 2022 guidance at $13.062-$13.512 EPS. Sell-side analysts forecast that Assurant, Inc. will post 16.88 earnings per share for the current year.

Insider Buying and Selling

In other Assurant news, CEO Keith Demmings sold 13,725 shares of the firm’s stock in a transaction dated Friday, October 3rd. The shares were sold at an average price of $220.52, for a total transaction of $3,026,637.00. Following the completion of the transaction, the chief executive officer directly owned 84,647 shares in the company, valued at approximately $18,666,356.44. This trade represents a 13.95% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Over the last 90 days, insiders have sold 22,275 shares of company stock valued at $4,909,946. 0.51% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of AIZ. Zions Bancorporation National Association UT purchased a new stake in Assurant in the 1st quarter valued at approximately $26,000. Versant Capital Management Inc grew its holdings in shares of Assurant by 72.6% during the third quarter. Versant Capital Management Inc now owns 126 shares of the financial services provider’s stock worth $27,000 after buying an additional 53 shares in the last quarter. CYBER HORNET ETFs LLC purchased a new position in shares of Assurant during the second quarter valued at approximately $27,000. REAP Financial Group LLC boosted its position in Assurant by 193.9% during the second 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 during the last quarter. Finally, Cullen Frost Bankers Inc. lifted its position in Assurant by 1,133.3% during the second quarter. Cullen Frost Bankers Inc. now owns 148 shares of the financial services provider’s stock worth $29,000 after buying an additional 136 shares during the period. 92.65% of the stock is owned by hedge funds and other institutional investors.

About Assurant

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.