The Manufacturers Life Insurance Company Decreases Stock Position in Assurant, Inc. (NYSE:AIZ)

The Manufacturers Life Insurance Company reduced its position in Assurant, Inc. (NYSE:AIZ) by 0.8% in the third quarter, HoldingsChannel.com reports. The institutional investor owned 40,240 shares of the financial services provider’s stock after selling 328 shares during the period. The Manufacturers Life Insurance Company’s holdings in Assurant were worth $8,002,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other large investors have also bought and sold shares of the company. Innealta Capital LLC purchased a new position in shares of Assurant in the second quarter valued at $31,000. Huntington National Bank grew its position in Assurant by 509.4% during the third quarter. Huntington National Bank now owns 195 shares of the financial services provider’s stock worth $39,000 after buying an additional 163 shares in the last quarter. Richardson Financial Services Inc. grew its position in Assurant by 62.1% during the second quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider’s stock worth $33,000 after buying an additional 77 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Assurant during the third quarter worth about $56,000. Finally, Family Firm Inc. purchased a new position in Assurant during the second quarter worth about $51,000. 92.65% of the stock is owned by hedge funds and other institutional investors.

Insider Activity at Assurant

In other news, EVP Biju Nair sold 3,000 shares of the business’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $209.18, for a total value of $627,540.00. Following the completion of the transaction, the executive vice president now owns 20,658 shares in the company, valued at $4,321,240.44. The trade was a 12.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.53% of the stock is owned by corporate insiders.

Assurant Stock Down 1.3 %

Shares of NYSE:AIZ opened at $224.44 on Thursday. Assurant, Inc. has a 1 year low of $160.12 and a 1 year high of $230.55. The company has a market cap of $11.51 billion, a PE ratio of 16.01 and a beta of 0.61. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.42 and a quick ratio of 0.42. The stock’s 50-day moving average is $205.18 and its 200 day moving average is $187.19.

Assurant (NYSE:AIZ) last posted its earnings results on Tuesday, November 5th. The financial services provider reported $3.00 earnings per share for the quarter, topping analysts’ consensus estimates of $2.52 by $0.48. Assurant had a return on equity of 17.42% and a net margin of 6.31%. The firm had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter in the prior year, the business earned $4.29 EPS. The business’s revenue for the quarter was up 7.0% on a year-over-year basis. Sell-side analysts anticipate that Assurant, Inc. will post 15.41 EPS for the current year.

Assurant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 1.43%. The ex-dividend date is Monday, December 9th. This is a positive change from Assurant’s previous quarterly dividend of $0.72. Assurant’s dividend payout ratio (DPR) is 20.54%.

Wall Street Analyst Weigh In

AIZ has been the subject of several research analyst reports. StockNews.com lowered Assurant from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. UBS Group lifted their price target on Assurant from $217.00 to $224.00 and gave the stock a “buy” rating in a research note on Monday, September 23rd. Keefe, Bruyette & Woods lifted their price target on Assurant from $194.00 to $212.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 12th. Piper Sandler boosted their target price on Assurant from $200.00 to $217.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Finally, Bank of America boosted their target price on Assurant from $228.00 to $233.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $225.20.

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.