Short Interest in Assurant, Inc. (NYSE:AIZ) Grows By 19.4%

Assurant, Inc. (NYSE:AIZ) saw a significant increase in short interest in the month of December. As of December 31st, there was short interest totalling 834,000 shares, an increase of 19.4% from the December 15th total of 698,300 shares. Approximately 1.6% of the company’s shares are sold short. Based on an average daily trading volume, of 348,000 shares, the days-to-cover ratio is presently 2.4 days.

Analyst Upgrades and Downgrades

AIZ has been the topic of several research reports. Bank of America increased their price target on shares of Assurant from $228.00 to $233.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. UBS Group raised their price target on shares of Assurant from $217.00 to $224.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Piper Sandler boosted their price target on shares of Assurant from $200.00 to $217.00 and gave the stock a “neutral” rating in a research note on Wednesday, October 2nd. Keefe, Bruyette & Woods boosted their target price on Assurant from $194.00 to $212.00 and gave the stock a “market perform” rating in a research note on Tuesday, November 12th. Finally, Morgan Stanley assumed coverage on Assurant in a report on Thursday, December 5th. They set an “equal weight” rating and a $251.00 price target on the stock. Four research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $229.50.

Assurant Stock Down 0.1 %

Shares of AIZ traded down $0.29 during mid-day trading on Friday, reaching $211.39. The company’s stock had a trading volume of 345,470 shares, compared to its average volume of 281,810. 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 has a 12-month low of $160.12 and a 12-month high of $230.55. The company’s 50 day moving average is $215.81 and its 200 day moving average is $196.80. The stock has a market cap of $10.84 billion, a PE ratio of 15.08 and a beta of 0.62.

Assurant (NYSE:AIZ) last released its quarterly earnings data on Tuesday, November 5th. The financial services provider reported $3.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.52 by $0.48. Assurant had a net margin of 6.31% and a return on equity of 17.42%. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.94 billion. During the same quarter in the prior year, the firm posted $4.29 earnings per share. Assurant’s revenue for the quarter was up 7.0% on a year-over-year basis. Equities analysts anticipate that Assurant will post 15.38 EPS for the current fiscal year.

Assurant Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Monday, February 3rd will be paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a yield of 1.51%. The ex-dividend date is Monday, February 3rd. Assurant’s dividend payout ratio is currently 22.82%.

Insiders Place Their Bets

In related news, EVP Biju Nair sold 3,000 shares of the business’s stock in a transaction 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 approximately $4,321,240.44. The trade was a 12.68 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Assurant

Hedge funds have recently modified their holdings of the business. True Wealth Design LLC acquired a new position in Assurant in the 3rd quarter valued at about $25,000. Richardson Financial Services Inc. increased its holdings in shares of Assurant by 62.1% in the second quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider’s stock valued at $33,000 after purchasing an additional 77 shares during the period. Huntington National Bank raised its stake in shares of Assurant by 509.4% during the third quarter. Huntington National Bank now owns 195 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 163 shares during the last quarter. Brooklyn Investment Group acquired a new stake in shares of Assurant during the third quarter worth $42,000. Finally, Capital Performance Advisors LLP acquired a new stake in shares of Assurant during the third quarter worth $56,000. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

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.