Cullen Frost Bankers Inc. Purchases 136 Shares of Assurant, Inc. $AIZ

Cullen Frost Bankers Inc. increased its position in Assurant, Inc. (NYSE:AIZ) by 1,133.3% in the 2nd quarter, according to its most recent 13F filing with the SEC. The firm owned 148 shares of the financial services provider’s stock after buying an additional 136 shares during the period. Cullen Frost Bankers Inc.’s holdings in Assurant were worth $29,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of AIZ. Zions Bancorporation National Association UT bought a new position in Assurant in the 1st quarter worth $26,000. REAP Financial Group LLC boosted its holdings in Assurant by 193.9% in the 2nd quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider’s stock worth $29,000 after buying an additional 95 shares during the period. Private Trust Co. NA boosted its holdings in Assurant by 192.2% in the 1st quarter. Private Trust Co. NA now owns 149 shares of the financial services provider’s stock worth $31,000 after buying an additional 98 shares during the period. Assetmark Inc. boosted its holdings in Assurant by 312.8% in the 1st quarter. Assetmark Inc. now owns 161 shares of the financial services provider’s stock worth $34,000 after buying an additional 122 shares during the period. Finally, Geneos Wealth Management Inc. boosted its holdings in Assurant by 57.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock worth $38,000 after buying an additional 67 shares during the period. Institutional investors own 92.65% of the company’s stock.

Assurant Stock Up 0.2%

Shares of NYSE AIZ opened at $212.24 on Tuesday. The firm’s 50-day moving average price is $213.95 and its 200-day moving average price is $201.92. 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 stock has a market capitalization of $10.71 billion, a price-to-earnings ratio of 15.37 and a beta of 0.55. Assurant, Inc. has a 12-month low of $174.97 and a 12-month high of $230.55.

Assurant (NYSE:AIZ) last announced its earnings results on Thursday, March 24th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter. The firm had revenue of $2.42 billion for 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. On average, equities research analysts anticipate that Assurant, Inc. will post 16.88 EPS for the current fiscal year.

Assurant Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 29th. Investors of record on Tuesday, September 2nd were given a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date of this dividend was Tuesday, September 2nd. Assurant’s dividend payout ratio is 23.17%.

Insider Buying and Selling

In related news, EVP Jay Rosenblum sold 3,900 shares of the stock in a transaction dated Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the sale, the executive vice president directly owned 7,875 shares of the company’s stock, valued at $1,642,173.75. This represents a 33.12% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CEO Keith Demmings sold 13,725 shares of the stock in a transaction dated Friday, October 3rd. The stock was sold at an average price of $220.52, for a total transaction of $3,026,637.00. Following the completion of the sale, the chief executive officer directly owned 84,647 shares in the company, valued at $18,666,356.44. This trade represents a 13.95% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 27,125 shares of company stock valued at $5,917,925 in the last ninety days. 0.51% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on AIZ. BMO Capital Markets began coverage on shares of Assurant in a report on Tuesday, August 12th. They set an “outperform” rating and a $238.00 price objective for the company. Benchmark began coverage on shares of Assurant in a report on Tuesday, August 12th. They set a “buy” rating for the company. Morgan Stanley increased 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 price objective on shares of Assurant from $238.00 to $248.00 and gave the company an “overweight” rating in a report on Friday, October 10th. Finally, Keefe, Bruyette & Woods increased their price objective on shares of Assurant from $225.00 to $235.00 and gave the company an “outperform” rating in a report on Tuesday, August 12th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat.com, Assurant presently has a consensus rating of “Moderate Buy” and a consensus target price of $243.00.

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.