Enormous growth in the financial services industry has resulted in a surge of investments across the sector. One such corporation, Commerce Bank, recently announced its purchase of an 18.0% stake in Assurant, Inc (NYSE:AIZ) during the fourth quarter of 2023. According to the company’s latest disclosure with the Securities and Exchange Commission, Commerce Bank’s most recent SEC filing reported that it now owns approximately 48,140 shares of Assurant’s financial services’ stocks following an additional purchase of 7,360 shares.
Assurant Inc is one of the leading global providers of innovative solutions that cater to housing and lifestyle requirements across different industries. Its operations cover many areas including Global Lifestyle and Global Housing segments. The former segment specializes in mobile device solutions while providing extended service products and related services for mobile devices, consumer electronics and appliances amongst other things. The latter caters to protection related to housing issues like renters insurance, homeowners insurance among other solutions.
Even though still relatively small compared with certain institutions out there when it comes to their investment portfilios owned by different institutional investors at different points,the acquisition is largely regarded as a smart move according to expert market analysts from around Wall Street due to Assurant’s constant propensity for smart offerings which translate directly into revenue growth in what is currently a difficult time for enterprises affected by Covid-19.
The stock or NYSE AIZ opened at $128.98 on Friday May 23rd 2023 . It has a P/E Ratio of roughly 28.79 with its beta valued at approximately at .54 indicating that it is less volatile than say equity instruments traded daily internationally.At current prices the company rakes in revenues northwards of $6bn USD translating into delivering value northwards $185 per share over the last few months alone.
Looking ahead into both companies will present formidable challenges but if adequately managed either team could well emerge as market leaders in the very near future and represent the best of both worlds. Commerce Bank is expected to continue making significant investments in the financial services industry with its strategic focus on expansion and ingenious product offerings. Assurant, Inc, for its part, continues to disrupt established industries by creating innovative solutions that cater to modern consumers’ changing needs. As Wall Street waits to see how these business decisions will pay off in the upcoming years, we can expect this sector to keep growing at a rapid pace bolstered by fresh ideas injected into many old-fashioned industries putting them back on growth trajectories once again after a near decade of periodical stagnation.
Updated on: 22/05/2023
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Hedge Funds and Analysts Weigh in on Assurant’s Performance
As of May 22, 2023, several hedge funds have made significant changes to their positions in Assurant. Parkside Financial Bank & Trust raised its stake in shares of the financial services provider by 353.8% in the first quarter after acquiring an additional 138 shares during that period. Old North State Trust LLC initiated a new position in Assurant in the third quarter in which it invested around $33,000. On the other hand, Dupont Capital Management Corp. grew its stake by 57.7% in the third quarter and now owns 257 shares of the company worth $37,000. Additionally, Covestor Ltd increased its holdings by 453.2% during the first quarter and now owns 260 shares valued at $47,000 while IFP Advisors Inc raised its holdings by 103.9% in the fourth quarter and now possess 475 stocks worth $52,000.
Based on these reports from Bloomberg.com, approximately $95.86% of Assurant’s stock is currently owned by hedge funds and institutional investors. A series of equities research analysts have also weighed in on this stock with varying opinions about it within this year alone.
For instance, Piper Sandler revised its price target of Assurant from $133 to a modest rating at $129 per share; Keefe Bruyette & Woods lifted their rating from “market perform” status to “outperform,” setting a price target of $52 per share for this company; while StockNews.com downgraded it from a “buy” to a “hold” based on their research report released last May.
Assurant engages primarily within Global Lifestyle and Global Housing segments where they provide mobile device solutions extended service products for electronics devices such as appliances and vehicles alongside other related services for consumers globally.
In Q1 this year, Assurant recorded earnings per share standing at $3.49, exceeding analysts’ expectations by $1.17 per share. The reported net margin of 2.33% reflects an increase in its quarterly revenue standing at $2.64 billion, surpassing analysts’ expectations of $2.60 billion.
Assurant also announced a quarterly dividend which will be paid on June 20th to investors on the record as of May 30th receiving $0.70 per share with the ex-dividend date being scheduled for May 26th, thereby signaling continuous growth and stability for this company.
In general, amidst varying opinions from research reports, Assurant maintains a moderate buy rating influenced by its active management of two segments: Global Lifestyle and Global Housing alike which provides a robust array of solutions tailored to improve consumer experiences.
Alice J. Roden started working for Trending Insurance News at the end of 2021. Alice grew up in Salt Lake City, UT. A writer with a vast insurance industry background Alice has help with several of the biggest insurance companies. Before joining Trending Insurance News, Alice briefly worked as a freelance journalist for several radio stations. She covers home, renters and other property insurance stories.