Assurant (NYSE:AIZ) Hits New 52-Week High Following Dividend Announcement

Assurant, Inc. (NYSE:AIZ) hit a new 52-week high on Friday following a dividend announcement from the company. The company traded as high as $232.02 and last traded at $229.06, with a volume of 38355 shares. The stock had previously closed at $227.05.

The newly announced dividend which will be paid on Monday, December 29th. Investors of record on Monday, December 1st will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Monday, December 1st. This is a positive change from Assurant’s previous quarterly dividend of $0.80. This represents a $3.52 annualized dividend and a yield of 1.5%. Assurant’s payout ratio is presently 19.48%.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on the company. Zacks Research downgraded Assurant from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Morgan Stanley upped their target price on Assurant from $230.00 to $232.00 and gave the company an “equal weight” rating in a report on Tuesday, October 7th. UBS Group increased their price target on shares of Assurant from $255.00 to $257.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Keefe, Bruyette & Woods raised their price target on shares of Assurant from $225.00 to $235.00 and gave the stock an “outperform” rating in a report on Tuesday, August 12th. Finally, Benchmark assumed coverage on shares of Assurant in a research note on Tuesday, August 12th. They issued a “buy” rating on the stock. Eight analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $244.17.

Assurant Price Performance

The company’s 50-day simple moving average is $214.97 and its 200 day simple moving average is $204.57. The company has a market capitalization of $11.45 billion, a P/E ratio of 16.55 and a beta of 0.56. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38.

Assurant (NYSE:AIZ) last released its quarterly earnings data on Thursday, March 24th. The financial services provider reported $1.80 earnings per share (EPS) for the quarter. The business had revenue of $2.42 billion during 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. As a group, sell-side analysts expect that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Insider Buying and Selling at Assurant

In related news, CEO Keith Demmings sold 13,725 shares of the business’s stock in a transaction that occurred on Friday, October 3rd. The stock was sold at an average price of $220.52, for a total value 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 approximately $18,666,356.44. The trade was a 13.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Over the last quarter, insiders sold 22,275 shares of company stock valued at $4,909,946. 0.51% of the stock is currently owned by company insiders.

Institutional Trading of Assurant

Institutional investors and hedge funds have recently modified their holdings of the company. Zions Bancorporation National Association UT bought a new position in Assurant in the 1st quarter worth $26,000. Versant Capital Management Inc boosted its holdings in Assurant by 72.6% during the third quarter. Versant Capital Management Inc now owns 126 shares of the financial services provider’s stock valued at $27,000 after acquiring an additional 53 shares during the period. CYBER HORNET ETFs LLC acquired a new stake in shares of Assurant in the second quarter valued at about $27,000. REAP Financial Group LLC increased its stake in shares of Assurant by 193.9% in the second quarter. REAP Financial Group LLC now owns 144 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 95 shares during the period. Finally, Cullen Frost Bankers Inc. lifted its position in shares of Assurant by 1,133.3% during the 2nd quarter. Cullen Frost Bankers Inc. now owns 148 shares of the financial services provider’s stock worth $29,000 after purchasing an additional 136 shares during the last quarter. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Assurant Company Profile

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.