Amalgamated Bank Reduces Stake in Assurant, Inc. (NYSE:AIZ)

Amalgamated Bank lowered its stake in shares of Assurant, Inc. (NYSE:AIZ) by 39.7% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,193 shares of the financial services provider’s stock after selling 6,697 shares during the period. Amalgamated Bank’s holdings in Assurant were worth $2,027,000 at the end of the most recent quarter.

Several other institutional investors have also bought and sold shares of AIZ. Innealta Capital LLC bought a new stake in shares of Assurant in the second quarter valued at $31,000. Richardson Financial Services Inc. raised its stake in Assurant by 62.1% in the 2nd quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 77 shares during the period. Family Firm Inc. purchased a new stake in shares of Assurant during the 2nd quarter valued at approximately $51,000. Blue Trust Inc. boosted its holdings in Assurant by 40.1% in the 2nd quarter. Blue Trust Inc. now owns 353 shares of the financial services provider’s stock worth $59,000 after buying an additional 101 shares during the period. Finally, Covestor Ltd grew its stake in Assurant by 35.7% in the 1st quarter. Covestor Ltd now owns 346 shares of the financial services provider’s stock valued at $65,000 after buying an additional 91 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company’s stock.

Assurant Stock Performance

Assurant stock opened at $210.73 on Tuesday. Assurant, Inc. has a fifty-two week low of $159.32 and a fifty-two week high of $214.82. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.40 and a current ratio of 0.66. The stock has a market cap of $10.91 billion, a P/E ratio of 15.03, a price-to-earnings-growth ratio of 2.19 and a beta of 0.57. The firm’s fifty day moving average price is $195.18 and its 200-day moving average price is $181.43.

Assurant (NYSE:AIZ) last announced its quarterly earnings data on Tuesday, November 5th. The financial services provider reported $3.00 EPS for the quarter, beating the consensus estimate of $2.52 by $0.48. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.94 billion. Assurant had a return on equity of 17.42% and a net margin of 6.31%. The company’s revenue was up 7.0% on a year-over-year basis. During the same period in the prior year, the company earned $4.29 EPS. On average, equities research analysts expect that Assurant, Inc. will post 15.05 earnings per share for the current fiscal year.

Assurant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were issued a $0.72 dividend. The ex-dividend date was Tuesday, September 3rd. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.37%. Assurant’s payout ratio is 20.54%.

Insider Activity

In related news, CAO Dimitry Dirienzo sold 550 shares of Assurant stock in a transaction on Monday, August 19th. The shares were sold at an average price of $188.44, for a total value of $103,642.00. Following the transaction, the chief accounting officer now owns 3,152 shares in the company, valued at $593,962.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.53% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several research firms have issued reports on AIZ. Keefe, Bruyette & Woods increased their target price on Assurant from $186.00 to $194.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 14th. Bank of America increased their price target on shares of Assurant from $228.00 to $233.00 and gave the stock a “buy” rating in a report on Thursday, October 10th. Truist Financial boosted their price objective on shares of Assurant from $220.00 to $240.00 and gave the company a “buy” rating in a research note on Thursday, November 7th. StockNews.com cut shares of Assurant from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. Finally, Piper Sandler boosted their price target on shares of Assurant from $200.00 to $217.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $221.60.

Assurant 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.