Hsbc Holdings PLC Buys New Holdings in Assurant, Inc. $AIZ

Hsbc Holdings PLC bought a new position in Assurant, Inc. (NYSE:AIZ) in the 2nd quarter, HoldingsChannel.com reports. The firm bought 76,366 shares of the financial services provider’s stock, valued at approximately $20,542,000.

Other institutional investors have also recently bought and sold shares of the company. EFG International AG bought a new stake in Assurant in the 2nd quarter valued at $119,000. Canada Pension Plan Investment Board bought a new position in shares of Assurant during the 2nd quarter worth about $8,700,000. Legal & General Group Plc bought a new position in shares of Assurant during the 2nd quarter worth about $21,106,000. The Manufacturers Life Insurance Company acquired a new stake in shares of Assurant during the 2nd quarter valued at about $9,628,000. Finally, Cibc World Market Inc. acquired a new stake in shares of Assurant during the 2nd quarter valued at about $559,000. Institutional investors and hedge funds own 92.65% of the company’s stock.

Assurant Stock Down 1.1%

Shares of NYSE:AIZ opened at $285.38 on Friday. Assurant, Inc. has a 52 week low of $205.01 and a 52 week high of $303.94. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.38 and a current ratio of 0.38. The company’s fifty day moving average is $278.41 and its 200-day moving average is $249.02. The company has a market capitalization of $14.08 billion, a PE ratio of 13.63 and a beta of 0.55.

Assurant (NYSE:AIZ) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.17 by $1.24. The business had revenue of $3.45 billion during the quarter, compared to analysts’ expectations of $3.43 billion. Assurant had a net margin of 7.90% and a return on equity of 20.40%. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same quarter last year, the company posted $5.56 EPS. Equities research analysts predict that Assurant, Inc. will post 22.05 earnings per share for the current fiscal year.

Assurant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, August 31st will be paid a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, August 31st. Assurant’s dividend payout ratio is currently 16.81%.

Insider Activity

In other news, EVP Nair Biju sold 3,931 shares of Assurant stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $302.46, for a total value of $1,188,970.26. Following the completion of the transaction, the executive vice president owned 24,247 shares in the company, valued at approximately $7,333,747.62. The trade was a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Robert Lonergan sold 7,000 shares of the business’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $262.71, for a total value of $1,838,970.00. Following the completion of the transaction, the executive vice president directly owned 27,374 shares in the company, valued at $7,191,423.54. The trade was a 20.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.54% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

AIZ has been the topic of a number of analyst reports. Morgan Stanley upped their target price on shares of Assurant from $300.00 to $320.00 and gave the company an “overweight” rating in a research note on Wednesday, August 19th. Wall Street Zen downgraded Assurant from a “buy” rating to a “hold” rating in a report on Saturday, July 25th. Piper Sandler lifted their price objective on Assurant from $290.00 to $329.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Weiss Ratings upgraded Assurant from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, August 11th. Finally, Truist Financial increased their target price on Assurant from $310.00 to $355.00 and gave the stock a “buy” rating in a report on Thursday, August 6th. One investment analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has given a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of “Buy” and a consensus price target of $316.57.

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.