Summit Investment Advisors Inc. Sells 62 Shares of Assurant, Inc. (NYSE:AIZ)

Summit Investment Advisors Inc. cut its stake in Assurant, Inc. (NYSE:AIZ) by 11.0% during the fourth quarter, HoldingsChannel reports. The firm owned 500 shares of the financial services provider’s stock after selling 62 shares during the period. Summit Investment Advisors Inc.’s holdings in Assurant were worth $107,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Barclays PLC grew its stake in Assurant by 48.4% in the 3rd quarter. Barclays PLC now owns 192,310 shares of the financial services provider’s stock worth $38,243,000 after acquiring an additional 62,696 shares in the last quarter. Sanctuary Advisors LLC grew its stake in Assurant by 7.4% in the third quarter. Sanctuary Advisors LLC now owns 2,950 shares of the financial services provider’s stock worth $587,000 after purchasing an additional 204 shares in the last quarter. World Investment Advisors LLC purchased a new position in Assurant during the 3rd quarter worth $1,214,000. Wilmington Savings Fund Society FSB bought a new stake in Assurant during the 3rd quarter valued at $244,000. Finally, Principal Financial Group Inc. lifted its holdings in shares of Assurant by 6.4% in the 3rd quarter. Principal Financial Group Inc. now owns 72,260 shares of the financial services provider’s stock worth $14,370,000 after buying an additional 4,317 shares during the period. Hedge funds and other institutional investors own 92.65% of the company’s stock.

Assurant Stock Performance

Shares of AIZ opened at $191.43 on Thursday. The company has a current ratio of 0.43, a quick ratio of 0.43 and a debt-to-equity ratio of 0.41. The firm has a market cap of $9.74 billion, a PE ratio of 13.23 and a beta of 0.53. Assurant, Inc. has a 12 month low of $160.12 and a 12 month high of $230.55. The stock has a fifty day moving average price of $201.08 and a 200-day moving average price of $206.60.

Assurant (NYSE:AIZ) last issued its quarterly 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 return on equity of 17.25% and a net margin of 6.40%. Equities research analysts predict that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several equities analysts have recently commented on AIZ shares. Keefe, Bruyette & Woods cut their price target on Assurant from $230.00 to $224.00 and set an “outperform” rating on the stock in a research note on Wednesday, April 9th. Truist Financial boosted their price target on shares of Assurant from $240.00 to $250.00 and gave the company a “buy” rating in a report on Thursday, February 13th. StockNews.com downgraded shares of Assurant from a “buy” rating to a “hold” rating in a research note on Wednesday, February 12th. Finally, Piper Sandler raised shares of Assurant from a “neutral” rating to an “overweight” rating and set a $223.00 price objective for the company in a research note on Thursday, April 10th. Two analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Assurant has an average rating of “Moderate Buy” and an average target price of $234.17.

Insider Buying and Selling

In related news, EVP Biju Nair sold 3,000 shares of the company’s stock in a transaction on Wednesday, February 19th. The stock was 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 $3,568,162. This represents a 14.49 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.53% of the stock is owned by company insiders.

Assurant Company 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.