Nisa Investment Advisors LLC has reduced its stake in Assurant, Inc. (NYSE:AIZ) by 0.5%, according to its latest 13F filing with the Securities and Exchange Commission. The investment firm now holds 29,396 shares of the financial services company after selling 135 shares during the first quarter of 2024. As of the end of the quarter, Nisa’s holdings in Assurant were valued at approximately $6.17 million.
Several other institutional investors have also adjusted their positions in Assurant recently. Among them, Norges Bank acquired a new stake in the company during the fourth quarter, valued at about $143.5 million. Bank of New York Mellon Corp increased its stake by 12.7% in the first quarter, owning now 3,740,659 shares worth around $784.6 million after purchasing an additional 420,069 shares. Millennium Management LLC made a significant move, increasing its stake by an astonishing 1,499.1% during the same period, now holding 344,128 shares valued at $73.4 million. Meanwhile, GAMMA Investing LLC boosted its stake by 20,818.1%, bringing its total to 308,123 shares worth approximately $646.3 million. Additionally, Fuller & Thaler Asset Management Inc. purchased a new stake valued at about $34.4 million. Institutional investors and hedge funds collectively own 92.65% of Assurant’s stock.
Recent Insider Activity and Stock Performance
In other news related to Assurant, Executive Vice President Jay Rosenblum sold 1,000 shares on May 16, 2024, at an average price of $201.93, totaling $201,930. Following this transaction, Rosenblum retained 11,775 shares valued at approximately $2.38 million, marking a 7.83% decrease in his ownership.
Assurant released its quarterly earnings data on May 6, 2024, reporting earnings per share (EPS) of $3.39, surpassing the consensus estimate of $2.78 by $0.61. The company generated revenue of $3.07 billion, slightly above the anticipated $3.06 billion. Assurant’s net margin stood at 5.55%, with a return on equity of 15.49%, reflecting a 6.7% increase in quarterly revenue compared to the same period last year, when the firm reported $4.78 EPS.
Dividend Announcement and Analyst Ratings
Assurant recently announced a quarterly dividend of $0.80 per share, which was paid on June 30, 2024, to shareholders on record as of June 9, 2024. This translates to an annualized dividend of $3.20 and a dividend yield of 1.71%. The ex-dividend date was also June 9, and the company maintains a dividend payout ratio of 24.94%.
Analysts have varied opinions on Assurant’s stock. Wall Street Zen downgraded its rating from “buy” to “hold” on July 5, 2024. In contrast, Keefe, Bruyette & Woods raised its price target from $224 to $225 while maintaining an “outperform” rating. Morgan Stanley established a price target of $217 with an “equal weight” rating, and Piper Sandler upgraded its rating from “neutral” to “overweight,” setting a price target of $223. Currently, Assurant holds a “Moderate Buy” consensus rating, with an average target price of $228.67 according to MarketBeat.com.
Assurant, Inc., along with its subsidiaries, provides a variety of business services that support, protect, and connect consumer purchases across North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing, offering solutions that include mobile device protections, service contracts, and various insurance products.
