State Street Corp Trims Stock Holdings in Assurant, Inc. (NYSE:AIZ)

State Street Corp trimmed its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 2.9% in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 2,371,785 shares of the financial services provider's stock after selling 71,025 shares during the quarter. State Street Corp owned 4.62% of Assurant worth $471,653,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also bought and sold shares of the company. True Wealth Design LLC purchased a new stake in shares of Assurant during the third quarter worth $25,000. Innealta Capital LLC bought a new stake in Assurant during the second quarter valued at $31,000. Richardson Financial Services Inc. grew its position in Assurant by 62.1% during the second quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider's stock worth $33,000 after buying an additional 77 shares in the last quarter. Huntington National Bank grew its stake in Assurant by 509.4% in the 3rd quarter. Huntington National Bank now owns 195 shares of the financial services provider's stock worth $39,000 after buying an additional 163 shares in the last quarter. Finally, Brooklyn Investment Group purchased a new position in Assurant in the third quarter worth $42,000. Hedge funds and other institutional investors own 92.65% of the company's stock.

Analyst Upgrades and Downgrades

AIZ has been the topic of a number of research reports. Truist Financial raised their price objective on Assurant from $220.00 to $240.00 and gave the company a "buy" rating in a report on Thursday, November 7th. Bank of America lifted their target price on shares of Assurant from $228.00 to $233.00 and gave the stock a "buy" rating in a research note on Thursday, October 10th. StockNews.com downgraded shares of Assurant from a "buy" rating to a "hold" rating in a research note on Thursday, October 17th. Piper Sandler increased their price objective on Assurant from $200.00 to $217.00 and gave the stock a "neutral" rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley initiated coverage on shares of Assurant in a research report on Thursday. They issued an "equal weight" rating and a $251.00 target price on the stock. Four equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company's stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average price target of $229.50.

Insider Buying and Selling at Assurant

In other Assurant news, EVP Biju Nair sold 3,000 shares of the stock in a transaction dated Friday, November 8th. The stock was sold at an average price of $209.18, for a total value of $627,540.00. Following the transaction, the executive vice president now owns 20,658 shares of the company's stock, valued at approximately $4,321,240.44. This represents a 12.68 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.53% of the company's stock.

Assurant Stock Down 2.5 %

Shares of NYSE:AIZ traded down $5.59 on Monday, hitting $218.63. 254,378 shares of the company traded hands, compared to its average volume of 352,655. The company has a market cap of $11.21 billion, a PE ratio of 15.99 and a beta of 0.61. The stock has a 50 day simple moving average of $206.19 and a 200-day simple moving average of $188.06. Assurant, Inc. has a 52 week low of $160.12 and a 52 week high of $230.55. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.40.

Assurant (NYSE:AIZ - Get Free Report) last posted its quarterly earnings results on Tuesday, November 5th. The financial services provider reported $3.00 EPS for the quarter, beating analysts' consensus estimates of $2.52 by $0.48. The firm had revenue of $2.97 billion for the quarter, compared to analysts' expectations of $2.94 billion. Assurant had a net margin of 6.31% and a return on equity of 17.42%. The business's revenue for the quarter was up 7.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $4.29 earnings per share. As a group, research analysts expect that Assurant, Inc. will post 15.38 earnings per share for the current year.

Assurant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Shareholders of record on Monday, December 9th will be given a $0.80 dividend. This is a positive change from Assurant's previous quarterly dividend of $0.72. The ex-dividend date is Monday, December 9th. This represents a $3.20 dividend on an annualized basis and a yield of 1.46%. Assurant's payout ratio is 20.54%.

Assurant Company 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.