Corebridge Financial Inc. Cuts Stock Holdings in Assurant, Inc. (NYSE:AIZ)

Corebridge Financial Inc. reduced its stake in Assurant, Inc. (NYSE:AIZ) by 5.5% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,150 shares of the financial services provider’s stock after selling 710 shares during the period. Corebridge Financial Inc.’s holdings in Assurant were worth $2,591,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently bought and sold shares of the company. LPL Financial LLC raised its position in Assurant by 144.7% in the 4th quarter. LPL Financial LLC now owns 23,318 shares of the financial services provider’s stock valued at $4,972,000 after purchasing an additional 13,787 shares in the last quarter. KLP Kapitalforvaltning AS purchased a new stake in shares of Assurant during the fourth quarter worth approximately $3,807,000. American Century Companies Inc. increased its stake in shares of Assurant by 173.5% during the fourth quarter. American Century Companies Inc. now owns 84,655 shares of the financial services provider’s stock worth $18,050,000 after buying an additional 53,697 shares during the period. Sciencast Management LP acquired a new stake in Assurant in the fourth quarter valued at approximately $1,467,000. Finally, TD Private Client Wealth LLC lifted its stake in Assurant by 503.1% in the fourth quarter. TD Private Client Wealth LLC now owns 193 shares of the financial services provider’s stock worth $41,000 after acquiring an additional 161 shares during the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Insider Transactions at Assurant

In other Assurant news, EVP Biju Nair sold 3,000 shares of the business’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $201.50, for a total value of $604,500.00. Following the transaction, the executive vice president now directly owns 17,708 shares of the company’s stock, valued at approximately $3,568,162. The trade was a 14.49 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Company insiders own 0.53% of the company’s stock.

Assurant Stock Up 1.8 %

AIZ stock opened at $209.96 on Tuesday. Assurant, Inc. has a 12 month low of $160.12 and a 12 month high of $230.55. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.43 and a quick ratio of 0.43. The company has a market cap of $10.66 billion, a price-to-earnings ratio of 14.51 and a beta of 0.61. The company has a fifty day moving average price of $208.90 and a 200 day moving average price of $207.48.

Assurant (NYSE:AIZ) last announced its earnings results on Tuesday, February 11th. The financial services provider reported $4.79 earnings per share for the quarter, topping the consensus estimate of $3.96 by $0.83. Assurant had a net margin of 6.40% and a return on equity of 17.25%. Sell-side analysts expect that Assurant, Inc. will post 16.88 earnings per share for the current year.

Assurant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, March 31st. Stockholders of record on Monday, February 3rd were issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.52%. The ex-dividend date was Monday, February 3rd. Assurant’s payout ratio is currently 22.11%.

Analyst Ratings Changes

A number of equities research analysts have commented on the stock. Truist Financial increased their price objective on shares of Assurant from $240.00 to $250.00 and gave the company a “buy” rating in a research report on Thursday, February 13th. Morgan Stanley began coverage on Assurant in a research note on Thursday, December 5th. They issued an “equal weight” rating and a $251.00 price target on the stock. Keefe, Bruyette & Woods raised Assurant from a “market perform” rating to an “outperform” rating and upped their price objective for the stock from $212.00 to $230.00 in a research report on Thursday, February 20th. Finally, StockNews.com downgraded Assurant from a “buy” rating to a “hold” rating in a report on Wednesday, February 12th. Three equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $234.17.

About Assurant

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.