Chevy Chase Trust Holdings LLC Cuts Stake in Assurant, Inc. (NYSE:AIZ)

Chevy Chase Trust Holdings LLC decreased its stake in Assurant, Inc. (NYSE:AIZ) by 2.1% in the 1st quarter, Holdings Channel.com reports. The institutional investor owned 28,758 shares of the financial services provider’s stock after selling 619 shares during the quarter. Chevy Chase Trust Holdings LLC’s holdings in Assurant were worth $5,413,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds also recently modified their holdings of the stock. Lyrical Asset Management LP boosted its holdings in Assurant by 2.0% in the 4th quarter. Lyrical Asset Management LP now owns 783,257 shares of the financial services provider’s stock worth $131,971,000 after acquiring an additional 15,074 shares during the period. Northern Trust Corp boosted its stake in shares of Assurant by 23.4% in the fourth quarter. Northern Trust Corp now owns 737,099 shares of the financial services provider’s stock valued at $124,194,000 after purchasing an additional 139,680 shares during the period. Norges Bank acquired a new stake in Assurant during the 4th quarter valued at $108,253,000. Wellington Management Group LLP increased its stake in Assurant by 15.6% during the 3rd quarter. Wellington Management Group LLP now owns 638,334 shares of the financial services provider’s stock worth $91,652,000 after buying an additional 85,953 shares during the period. Finally, Charles Schwab Investment Management Inc. lifted its holdings in Assurant by 1.0% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 443,409 shares of the financial services provider’s stock worth $74,710,000 after buying an additional 4,394 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company’s stock.

Insider Activity at Assurant

In other Assurant news, insider Robert Lonergan sold 2,700 shares of Assurant stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $176.12, for a total value of $475,524.00. Following the completion of the transaction, the insider now owns 19,786 shares of the company’s stock, valued at $3,484,710.32. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In related news, insider Robert Lonergan sold 2,700 shares of the stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $176.12, for a total transaction of $475,524.00. Following the sale, the insider now owns 19,786 shares in the company, valued at $3,484,710.32. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, CAO Dimitry Dirienzo sold 2,084 shares of the firm’s stock in a transaction dated Friday, May 17th. The stock was sold at an average price of $175.29, for a total transaction of $365,304.36. Following the completion of the transaction, the chief accounting officer now directly owns 3,702 shares in the company, valued at approximately $648,923.58. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 12,788 shares of company stock valued at $2,248,489. Corporate insiders own 0.53% of the company’s stock.

Assurant Stock Up 0.8 %

NYSE AIZ traded up $1.29 during trading hours on Thursday, reaching $166.09. 5,732 shares of the company traded hands, compared to its average volume of 353,114. The stock has a market capitalization of $8.64 billion, a PE ratio of 11.59, a PEG ratio of 1.61 and a beta of 0.54. The company has a current ratio of 0.39, a quick ratio of 0.39 and a debt-to-equity ratio of 0.42. Assurant, Inc. has a 12 month low of $124.22 and a 12 month high of $189.48. The company has a 50 day moving average of $170.51 and a two-hundred day moving average of $173.01.

Assurant (NYSE:AIZ) last issued its quarterly earnings results on Tuesday, May 7th. The financial services provider reported $4.78 EPS for the quarter, topping the consensus estimate of $3.87 by $0.91. The business had revenue of $2.89 billion for the quarter, compared to analysts’ expectations of $2.82 billion. Assurant had a net margin of 6.73% and a return on equity of 20.08%. As a group, equities analysts expect that Assurant, Inc. will post 16.2 earnings per share for the current year.

Assurant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Monday, June 10th were issued a $0.72 dividend. The ex-dividend date was Monday, June 10th. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.73%. Assurant’s dividend payout ratio (DPR) is 20.10%.

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on AIZ. Keefe, Bruyette & Woods raised their target price on Assurant from $182.00 to $186.00 and gave the company a “market perform” rating in a research note on Wednesday, May 15th. Piper Sandler restated an “overweight” rating and set a $205.00 price objective on shares of Assurant in a research note on Friday, June 28th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $200.25.

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.