Bank of New York Mellon Corp Has $1.05 Billion Stake in Assurant, Inc. $AIZ

Bank of New York Mellon Corp trimmed its holdings in shares of Assurant, Inc. (NYSE:AIZ) by 4.4% in the first quarter, according to the company in its most recent Form 13F filing 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 period. Bank of New York Mellon Corp owned 0.10% of Assurant worth $1,049,180,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the business. Jones Financial Companies Lllp grew its position in shares of Assurant by 606.7% during the 1st quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider’s stock worth $222,000 after buying an additional 910 shares during the period. Goldman Sachs Group Inc. boosted its stake in Assurant by 19.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 290,759 shares of the financial services provider’s stock worth $60,987,000 after acquiring an additional 47,548 shares during the last quarter. United Services Automobile Association bought a new position in Assurant during the 1st quarter worth approximately $203,000. Focus Partners Wealth boosted its stake in Assurant by 66.6% during the 1st quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider’s stock worth $556,000 after acquiring an additional 1,059 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its holdings in Assurant by 57.8% during the first quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock valued at $38,000 after purchasing an additional 67 shares during the period. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Analyst Ratings Changes

Several equities research analysts have commented on AIZ shares. Morgan Stanley upped their target price on shares of Assurant from $285.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Weiss Ratings cut Assurant from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, June 23rd. Piper Sandler restated an “overweight” rating on shares of Assurant in a report on Monday, June 22nd. Royal Bank Of Canada set a $310.00 price target on shares of Assurant in a research note on Wednesday, June 17th. Finally, Keefe, Bruyette & Woods upped their price target on shares of Assurant from $270.00 to $310.00 and gave the company an “outperform” rating in a 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 stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $291.43.

Assurant Stock Down 0.9%

AIZ 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 market capitalization of $13.60 billion, a P/E ratio of 14.04 and a beta of 0.55. The business has a 50-day moving average of $260.09 and a 200-day moving average of $239.43. Assurant, Inc. has a fifty-two week low of $183.39 and a fifty-two week high of $284.12.

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

Assurant Dividend Announcement

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

Insider Buying and Selling at Assurant

In related news, CAO Dimitry Dirienzo sold 2,000 shares of the stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total transaction of $511,360.00. Following the completion of the transaction, the chief accounting officer owned 2,741 shares in the company, valued at approximately $700,818.88. This represents a 42.19% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Jay Rosenblum sold 2,000 shares of the firm’s stock in a transaction on Thursday, May 14th. The shares were sold at an average price of $251.77, for a total transaction of $503,540.00. Following the completion of the transaction, the executive vice president directly owned 12,764 shares of the company’s stock, valued at approximately $3,213,592.28. This trade represents a 13.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 36,000 shares of company stock valued at $9,211,620 over the last ninety days. 0.54% of the stock is currently owned by company insiders.

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.