Commerce Bank Acquires New Shares in Assurant, Inc. $AIZ

Commerce Bank purchased a new stake in Assurant, Inc. (NYSE:AIZ) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund purchased 2,632 shares of the financial services provider’s stock, valued at approximately $707,000.

A number of other hedge funds and other institutional investors have also bought and sold shares of the company. Jones Financial Companies Lllp lifted its position in shares of Assurant by 606.7% in the first quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider’s stock worth $222,000 after purchasing an additional 910 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Assurant by 19.6% during the first quarter. Goldman Sachs Group Inc. now owns 290,759 shares of the financial services provider’s stock worth $60,987,000 after purchasing an additional 47,548 shares during the period. United Services Automobile Association acquired a new position in Assurant in the 1st quarter valued at about $203,000. Focus Partners Wealth grew its position in shares of Assurant by 66.6% in the first quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider’s stock valued at $556,000 after purchasing an additional 1,059 shares during the last quarter. Finally, Geneos Wealth Management Inc. grew its stake in shares of Assurant by 57.8% in the first quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock valued at $38,000 after acquiring an additional 67 shares in the last quarter. Institutional investors and hedge funds own 92.65% of the company’s stock.

Insider Transactions at Assurant

In other news, EVP Robert Lonergan sold 7,000 shares of Assurant stock in a transaction on Monday, June 22nd. The stock was sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the sale, the executive vice president directly owned 27,374 shares in the company, valued at $7,191,423.54. The trade was a 20.36% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Nair Biju sold 3,931 shares of the business’s stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the completion of the transaction, the executive vice president owned 24,247 shares in the company, valued at approximately $7,333,747.62. The trade was a 13.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.54% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

Several research firms have commented on AIZ. Morgan Stanley raised their target price on shares of Assurant from $300.00 to $320.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Truist Financial increased their target price on Assurant from $310.00 to $355.00 and gave the company a “buy” rating in a research report on Thursday, August 6th. Weiss Ratings raised Assurant from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, August 11th. UBS Group boosted their target price on shares of Assurant from $274.00 to $331.00 and gave the company a “buy” rating in a report on Thursday, August 13th. Finally, Royal Bank Of Canada set a $310.00 price target on Assurant in a report on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $316.57.

Assurant Price Performance

Shares of AIZ opened at $288.56 on Thursday. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.36. The business’s fifty day moving average is $277.90 and its 200 day moving average is $248.73. The stock has a market cap of $14.23 billion, a P/E ratio of 13.78 and a beta of 0.55. Assurant, Inc. has a 12-month low of $205.01 and a 12-month high of $303.94.

Assurant (NYSE:AIZ) last posted its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share for the quarter, topping analysts’ consensus estimates of $5.17 by $1.24. The company had revenue of $3.45 billion for the quarter, compared to analyst estimates of $3.43 billion. Assurant had a net margin of 7.90% and a return on equity of 20.40%. The firm’s revenue was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $5.56 EPS. Sell-side analysts anticipate that Assurant, Inc. will post 22.05 earnings per share for the current fiscal year.

Assurant Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, August 31st will be issued a $0.88 dividend. The ex-dividend date is Monday, August 31st. This represents a $3.52 annualized dividend and a dividend yield of 1.2%. Assurant’s dividend payout ratio is currently 16.81%.

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.