Assurant, Inc. (NYSE:AIZ) Sees Significant Decline in Short Interest

Assurant, Inc. (NYSE:AIZ) was the recipient of a significant decline in short interest during the month of October. As of October 31st, there was short interest totalling 697,100 shares, a decline of 7.7% from the October 15th total of 755,500 shares. Based on an average trading volume of 335,700 shares, the days-to-cover ratio is currently 2.1 days. Currently, 1.4% of the shares of the company are short sold.

Assurant Stock Down 1.1 %

Shares of AIZ opened at $219.13 on Wednesday. The firm has a market cap of $11.24 billion, a P/E ratio of 15.63, a P/E/G ratio of 2.18 and a beta of 0.57. Assurant has a 1 year low of $160.12 and a 1 year high of $221.94. The stock has a 50 day simple moving average of $197.60 and a two-hundred day simple moving average of $183.16. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.42 and a quick ratio of 0.42.

Assurant (NYSE:AIZ) last posted its quarterly earnings results on Tuesday, November 5th. The financial services provider reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.48. Assurant had a net margin of 6.31% and a return on equity of 17.42%. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.94 billion. During the same period in the prior year, the business posted $4.29 earnings per share. The company’s revenue was up 7.0% on a year-over-year basis. On average, analysts forecast that Assurant will post 15.05 earnings per share for the current fiscal year.

Assurant Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued a $0.80 dividend. This is a boost from Assurant’s previous quarterly dividend of $0.72. This represents a $3.20 annualized dividend and a dividend yield of 1.46%. Assurant’s dividend payout ratio (DPR) is currently 20.54%.

Analysts Set New Price Targets

AIZ has been the subject of a number of recent research reports. Bank of America lifted their price objective on shares of Assurant from $228.00 to $233.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Keefe, Bruyette & Woods lifted their price target on Assurant from $194.00 to $212.00 and gave the company a “market perform” rating in a research report on Tuesday, November 12th. Truist Financial upped their price target on Assurant from $220.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Piper Sandler upped their price target on shares of Assurant from $200.00 to $217.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Finally, StockNews.com cut Assurant from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Assurant presently has an average rating of “Moderate Buy” and an average target price of $225.20.

Insider Buying and Selling at Assurant

In other news, EVP Biju Nair sold 3,000 shares of the stock in a transaction on Friday, November 8th. The stock was sold at an average price of $209.18, for a total transaction of $627,540.00. Following the completion of the transaction, the executive vice president now owns 20,658 shares in the company, valued at approximately $4,321,240.44. This represents a 12.68 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.53% of the company’s stock.

Institutional Investors Weigh In On Assurant

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AIZ. Sei Investments Co. increased its position in shares of Assurant by 62.6% in the first quarter. Sei Investments Co. now owns 24,284 shares of the financial services provider’s stock valued at $4,571,000 after acquiring an additional 9,346 shares during the period. Blair William & Co. IL increased its holdings in Assurant by 0.6% during the 1st quarter. Blair William & Co. IL now owns 17,297 shares of the financial services provider’s stock valued at $3,256,000 after purchasing an additional 100 shares during the period. Ontario Teachers Pension Plan Board raised its position in Assurant by 24.0% during the 1st quarter. Ontario Teachers Pension Plan Board now owns 10,591 shares of the financial services provider’s stock valued at $1,994,000 after purchasing an additional 2,048 shares during the last quarter. Edgestream Partners L.P. purchased a new stake in Assurant in the 1st quarter worth approximately $2,319,000. Finally, Hillsdale Investment Management Inc. bought a new stake in shares of Assurant in the 1st quarter worth approximately $617,000. 92.65% of the stock is currently owned by 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.