Accurate Wealth Management LLC Decreases Stock Holdings in Assurant, Inc. $AIZ

Accurate Wealth Management LLC reduced its position in shares of Assurant, Inc. (NYSE:AIZ) by 21.4% in the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 9,603 shares of the financial services provider’s stock after selling 2,609 shares during the quarter. Accurate Wealth Management LLC’s holdings in Assurant were worth $2,286,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also added to or reduced their stakes in the company. New York State Common Retirement Fund grew its stake in shares of Assurant by 37.9% in the third quarter. New York State Common Retirement Fund now owns 37,148 shares of the financial services provider’s stock worth $8,046,000 after acquiring an additional 10,200 shares during the last quarter. GW&K Investment Management LLC boosted its stake in Assurant by 25.6% in the 3rd quarter. GW&K Investment Management LLC now owns 274,862 shares of the financial services provider’s stock worth $59,537,000 after purchasing an additional 56,009 shares in the last quarter. Allspring Global Investments Holdings LLC increased its stake in Assurant by 1,823.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 45,386 shares of the financial services provider’s stock valued at $9,871,000 after purchasing an additional 43,026 shares in the last quarter. Charles Schwab Investment Management Inc. raised its holdings in Assurant by 1.3% in the second quarter. Charles Schwab Investment Management Inc. now owns 455,070 shares of the financial services provider’s stock worth $89,872,000 after buying an additional 6,041 shares during the last quarter. Finally, Bank of New York Mellon Corp lifted its stake in shares of Assurant by 23.7% in the third quarter. Bank of New York Mellon Corp now owns 5,010,373 shares of the financial services provider’s stock worth $1,085,247,000 after buying an additional 959,259 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. BMO Capital Markets reduced their price target on shares of Assurant from $255.00 to $246.00 and set an “outperform” rating for the company in a research report on Thursday, February 12th. Wall Street Zen lowered Assurant from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. Piper Sandler boosted their price target on Assurant from $252.00 to $264.00 and gave the stock an “overweight” rating in a research note on Friday, December 19th. Truist Financial increased their price objective on Assurant from $265.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Assurant in a report on Monday, December 29th. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average target price of $258.17.

Assurant Stock Performance

Assurant stock opened at $212.97 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.39 and a quick ratio of 0.39. The firm has a market capitalization of $10.58 billion, a P/E ratio of 12.55 and a beta of 0.58. Assurant, Inc. has a 1-year low of $174.97 and a 1-year high of $246.31. The company’s 50-day moving average is $226.27 and its 200 day moving average is $224.45.

Assurant (NYSE:AIZ) last issued its quarterly earnings results on Tuesday, February 10th. The financial services provider reported $5.61 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $5.55 by $0.06. Assurant had a return on equity of 18.65% and a net margin of 6.81%.The firm had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.28 billion. During the same period last year, the company earned $4.79 EPS. Assurant’s quarterly revenue was up 7.9% compared to the same quarter last year. Research analysts forecast that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, March 30th. Shareholders of record on Tuesday, February 17th will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Tuesday, February 17th. This represents a $3.52 dividend on an annualized basis and a yield of 1.7%. Assurant’s dividend payout ratio (DPR) is 20.74%.

Insider Activity

In related news, EVP Subhashish Sengupta sold 1,880 shares of Assurant stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $210.53, for a total transaction of $395,796.40. Following the transaction, the executive vice president directly owned 2,895 shares of the company’s stock, valued at $609,484.35. This trade represents a 39.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CAO Dimitry Dirienzo sold 750 shares of the company’s stock in a transaction on Friday, March 20th. The stock was sold at an average price of $210.98, for a total value of $158,235.00. Following the sale, the chief accounting officer owned 4,741 shares of the company’s stock, valued at approximately $1,000,256.18. This represents a 13.66% decrease in their position. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 2,650 shares of company stock valued at $558,331. Company insiders own 0.51% of the company’s stock.

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.