Richardson Financial Services Inc. Grows Stock Position in Assurant, Inc. (NYSE:AIZ)

Richardson Financial Services Inc. increased its position in Assurant, Inc. (NYSE:AIZ) by 42.8% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 287 shares of the financial services provider’s stock after purchasing an additional 86 shares during the quarter. Richardson Financial Services Inc.’s holdings in Assurant were worth $61,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also added to or reduced their stakes in AIZ. The Manufacturers Life Insurance Company grew its stake in shares of Assurant by 0.5% during the second quarter. The Manufacturers Life Insurance Company now owns 40,568 shares of the financial services provider’s stock valued at $6,744,000 after acquiring an additional 210 shares in the last quarter. Creative Planning grew its stake in Assurant by 428.0% during the 2nd quarter. Creative Planning now owns 7,667 shares of the financial services provider’s stock valued at $1,275,000 after purchasing an additional 6,215 shares in the last quarter. Cetera Investment Advisers increased its holdings in Assurant by 10.6% during the 2nd quarter. Cetera Investment Advisers now owns 14,342 shares of the financial services provider’s stock worth $2,384,000 after purchasing an additional 1,369 shares during the last quarter. Sanctuary Advisors LLC acquired a new position in shares of Assurant in the 2nd quarter valued at approximately $475,000. Finally, Healthcare of Ontario Pension Plan Trust Fund boosted its stake in shares of Assurant by 444.4% during the 2nd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 24,500 shares of the financial services provider’s stock valued at $4,073,000 after buying an additional 20,000 shares during the last quarter. 92.65% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on AIZ shares. Truist Financial lifted their price target on shares of Assurant from $220.00 to $240.00 and gave the stock a “buy” rating in a research note on Thursday, November 7th. StockNews.com upgraded shares of Assurant from a “hold” rating to a “buy” rating in a research note on Monday, January 27th. Bank of America lifted their price target on Assurant from $228.00 to $233.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. Morgan Stanley began coverage on Assurant in a report on Thursday, December 5th. They set an “equal weight” rating and a $251.00 target price on the stock. Finally, Keefe, Bruyette & Woods boosted their price target on Assurant from $194.00 to $212.00 and gave the company a “market perform” rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $229.50.

Assurant Stock Down 1.5 %

NYSE:AIZ opened at $215.34 on Monday. The company has a current ratio of 0.42, a quick ratio of 0.42 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average of $214.72 and a 200-day moving average of $200.13. The firm has a market capitalization of $11.04 billion, a PE ratio of 15.36 and a beta of 0.62. Assurant, Inc. has a 52 week low of $160.12 and a 52 week high of $230.55.

Assurant (NYSE:AIZ) last issued its earnings results on Tuesday, November 5th. The financial services provider reported $3.00 earnings per share for the quarter, topping 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 firm’s revenue for the quarter was up 7.0% on a year-over-year basis. During the same period last year, the company earned $4.29 earnings per share. Analysts predict that Assurant, Inc. will post 15.82 EPS for the current year.

Assurant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, February 3rd will be given a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.49%. The ex-dividend date is Monday, February 3rd. Assurant’s dividend payout ratio (DPR) is 22.82%.

Insider Buying and Selling at Assurant

In other news, EVP Biju Nair sold 3,000 shares of the firm’s stock in a transaction on Friday, November 8th. The stock was sold at an average price of $209.18, for a total transaction of $627,540.00. Following the transaction, the executive vice president now directly owns 20,658 shares of the company’s stock, valued at approximately $4,321,240.44. This trade represents a 12.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 0.53% of the stock is owned by company insiders.

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.