Assurant, Inc. $AIZ Shares Bought by Bank of New York Mellon Corp

Bank of New York Mellon Corp increased its holdings in shares of Assurant, Inc. (NYSE:AIZ) by 23.7% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 5,010,373 shares of the financial services provider’s stock after purchasing an additional 959,259 shares during the quarter. Bank of New York Mellon Corp owned 9.93% of Assurant worth $1,085,247,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently bought and sold shares of the stock. Allspring Global Investments Holdings LLC increased its holdings in Assurant by 1,823.1% in 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 during the last quarter. Charles Schwab Investment Management Inc. grew its stake in shares of 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 valued at $89,872,000 after buying an additional 6,041 shares in the last quarter. Deprince Race & Zollo Inc. purchased a new stake in shares of Assurant in the 3rd quarter valued at $22,949,000. Nordea Investment Management AB lifted its stake in Assurant by 29.3% during the 3rd quarter. Nordea Investment Management AB now owns 665,683 shares of the financial services provider’s stock worth $143,588,000 after acquiring an additional 150,907 shares in the last quarter. Finally, Arrowstreet Capital Limited Partnership lifted its stake in Assurant by 458.4% during the 2nd quarter. Arrowstreet Capital Limited Partnership now owns 79,845 shares of the financial services provider’s stock worth $15,769,000 after acquiring an additional 65,546 shares in the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

AIZ has been the topic of a number of recent research reports. Keefe, Bruyette & Woods boosted their price target on shares of Assurant from $248.00 to $254.00 and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Piper Sandler lifted their price objective on shares of Assurant from $252.00 to $264.00 and gave the company an “overweight” rating in a report on Friday, December 19th. Zacks Research downgraded shares of Assurant from a “strong-buy” rating to a “hold” rating in a research note on Friday, October 17th. Weiss Ratings reissued a “buy (b)” rating on shares of Assurant in a research report on Monday, December 29th. Finally, UBS Group upped their price objective on Assurant from $255.00 to $257.00 and gave the stock a “buy” rating in a research report on Monday, November 10th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $252.67.

Assurant Trading Up 1.4%

NYSE AIZ opened at $237.10 on Wednesday. Assurant, Inc. has a 52 week low of $174.97 and a 52 week high of $243.76. The firm has a 50 day moving average of $233.34 and a two-hundred day moving average of $217.82. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $11.87 billion, a PE ratio of 14.43 and a beta of 0.56.

Assurant (NYSE:AIZ) last released its quarterly earnings data on Tuesday, November 4th. The financial services provider reported $5.73 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.23 by $1.50. The business had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.15 billion. Assurant had a net margin of 6.75% and a return on equity of 18.61%. The company’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the previous year, the company earned $3.00 EPS. As a group, research analysts expect that Assurant, Inc. will post 16.88 EPS for the current fiscal year.

Assurant Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 29th. Stockholders of record on Monday, December 1st were given a dividend of $0.88 per share. This is a boost from Assurant’s previous quarterly dividend of $0.80. The ex-dividend date of this dividend was Monday, December 1st. This represents a $3.52 annualized dividend and a dividend yield of 1.5%. Assurant’s dividend payout ratio is 21.42%.

Assurant 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.