Assurant, Inc. $AIZ Shares Sold by Prana Capital Management LP

Prana Capital Management LP lowered its stake in Assurant, Inc. (NYSE:AIZ) by 17.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 42,645 shares of the financial services provider’s stock after selling 8,853 shares during the quarter. Prana Capital Management LP owned about 0.09% of Assurant worth $9,237,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in AIZ. Versant Capital Management Inc increased its position in shares of Assurant by 72.6% in the 3rd quarter. Versant Capital Management Inc now owns 126 shares of the financial services provider’s stock valued at $27,000 after purchasing an additional 53 shares during the last quarter. CYBER HORNET ETFs LLC acquired a new position in Assurant in the second quarter valued at $27,000. Smartleaf Asset Management LLC boosted its position in shares of Assurant by 65.6% in the 3rd quarter. Smartleaf Asset Management LLC now owns 149 shares of the financial services provider’s stock valued at $32,000 after purchasing an additional 59 shares during the period. BOKF NA purchased a new position in shares of Assurant during the third quarter worth approximately $32,000. Finally, Root Financial Partners LLC purchased a new position in Assurant during the third quarter worth about $34,000. Institutional investors and hedge funds own 92.65% of the company’s stock.

Assurant Stock Performance

Shares of NYSE AIZ opened at $217.36 on Wednesday. The stock’s fifty day simple moving average is $229.82 and its 200 day simple moving average is $224.56. The stock has a market capitalization of $10.80 billion, a price-to-earnings ratio of 12.81 and a beta of 0.58. Assurant, Inc. has a 52-week low of $174.97 and a 52-week high of $246.31. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38.

Assurant (NYSE:AIZ) last issued its quarterly earnings results on Tuesday, February 10th. The financial services provider reported $5.61 EPS for the quarter, beating the consensus estimate of $5.55 by $0.06. Assurant had a net margin of 6.81% and a return on equity of 18.65%. The business had revenue of $3.35 billion during the quarter, compared to the consensus estimate of $3.28 billion. During the same quarter in the prior year, the firm earned $4.79 EPS. The firm’s quarterly revenue was up 7.9% on a year-over-year basis. As a group, sell-side analysts forecast that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Tuesday, February 17th will be paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.6%. The ex-dividend date is Tuesday, February 17th. Assurant’s dividend payout ratio is currently 20.74%.

Analyst Upgrades and Downgrades

A number of equities research analysts recently issued reports on the company. Piper Sandler upped their target price on Assurant from $252.00 to $264.00 and gave the company an “overweight” rating in a research note on Friday, December 19th. Keefe, Bruyette & Woods lifted their price objective on Assurant from $248.00 to $254.00 and gave the stock an “outperform” rating in a report on Thursday, November 20th. BMO Capital Markets reduced their price objective on Assurant from $255.00 to $246.00 and set an “outperform” rating on the stock in a research note on Thursday, February 12th. Truist Financial boosted their price objective on Assurant from $265.00 to $280.00 and gave the company a “buy” rating in a research report on Thursday, February 12th. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of Assurant in a research note on Monday, December 29th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $258.17.

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.