PNC Financial Services Group Inc. Raises Stock Position in Assurant, Inc. (NYSE:AIZ)

PNC Financial Services Group Inc. lifted its position in Assurant, Inc. (NYSE:AIZ) by 3.6% in the third quarter, according to its most recent Form 13F filing with the SEC. The firm owned 7,673 shares of the financial services provider’s stock after purchasing an additional 268 shares during the period. PNC Financial Services Group Inc.’s holdings in Assurant were worth $1,526,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Innealta Capital LLC purchased a new stake in shares of Assurant in the 2nd quarter worth $31,000. Huntington National Bank raised its holdings in shares of Assurant by 509.4% in the third quarter. Huntington National Bank now owns 195 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 163 shares in the last quarter. Richardson Financial Services Inc. lifted its stake in Assurant by 62.1% in the second quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider’s stock worth $33,000 after acquiring an additional 77 shares during the period. Capital Performance Advisors LLP bought a new position in Assurant during the 3rd quarter worth about $56,000. Finally, Family Firm Inc. purchased a new position in Assurant during the 2nd quarter valued at about $51,000. Institutional investors own 92.65% of the company’s stock.

Analyst Upgrades and Downgrades

AIZ has been the subject of several research reports. Piper Sandler upped their price target on shares of Assurant from $200.00 to $217.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. StockNews.com cut Assurant from a “buy” rating to a “hold” rating in a research report on Thursday, October 17th. UBS Group boosted their price target on Assurant from $217.00 to $224.00 and gave the stock a “buy” rating in a research report on Monday, September 23rd. Truist Financial raised their price objective on Assurant from $220.00 to $240.00 and gave the company a “buy” rating in a research report on Thursday, November 7th. Finally, Keefe, Bruyette & Woods boosted their target price on shares of Assurant from $194.00 to $212.00 and gave the stock a “market perform” rating in a report on Tuesday, November 12th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $225.20.

Insider Activity at Assurant

In related news, EVP Biju Nair sold 3,000 shares of the company’s stock in a transaction that occurred on Friday, November 8th. The stock was sold at an average price of $209.18, for a total value of $627,540.00. Following the sale, the executive vice president now owns 20,658 shares in the company, valued at $4,321,240.44. This represents a 12.68 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by insiders.

Assurant Trading Up 0.5 %

Shares of NYSE:AIZ opened at $228.62 on Wednesday. The business’s 50-day moving average is $201.48 and its 200 day moving average is $185.14. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.42 and a quick ratio of 0.42. Assurant, Inc. has a 1 year low of $160.12 and a 1 year high of $230.55. The firm has a market capitalization of $11.73 billion, a P/E ratio of 16.31 and a beta of 0.57.

Assurant (NYSE:AIZ) last announced its quarterly earnings data on Tuesday, November 5th. The financial services provider reported $3.00 EPS for the quarter, beating the consensus estimate of $2.52 by $0.48. The firm had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.94 billion. Assurant had a net margin of 6.31% and a return on equity of 17.42%. Assurant’s revenue was up 7.0% on a year-over-year basis. During the same period last year, the firm posted $4.29 EPS. On average, research analysts predict that Assurant, Inc. will post 15.41 earnings per share for the current fiscal year.

Assurant Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.80 per share. The ex-dividend date is Monday, December 9th. This is a positive change from Assurant’s previous quarterly dividend of $0.72. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.40%. Assurant’s payout ratio is 22.82%.

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.