In a recent transaction, Francesca Luthi, the Executive Vice President and Chief Operating Officer of Assurant , Inc. (NYSE:AIZ), sold 6,700 shares of the company's common stock. The total value of the shares sold amounted to over $1.1 million, based on a weighted average price of $176.3626 per share.
The sales took place on May 16, 2024, and were disclosed in a regulatory filing with the Securities and Exchange Commission. According to the filing, the shares were sold in multiple transactions at prices ranging from $176.00 to $176.98. This indicates that the executive received a range of prices for the shares sold, but the average price reflects a significant transaction for both Luthi and the company.
Following the sale, Luthi still owns a total of 10,748.482 shares in Assurant, which includes restricted stock units. The filing also noted a correction due to an administrative error where the total number of shares owned by Luthi was previously underreported by 25.482 shares.
Assurant, Inc., with its headquarters in Atlanta, Georgia, operates in the insurance sector, providing a variety of risk management solutions. This sale by a high-ranking executive will likely be of interest to investors and market watchers who follow the financial movements of the company's leadership.
The transaction was signed off by Lisa Richter, Attorney-in-Fact, on May 20, 2024. As per the filing, the company is willing to provide full information regarding the number of shares sold at each separate price within the range upon request to Assurant, Inc., any security holder, or the staff of the Securities and Exchange Commission.
InvestingPro Insights
As investors digest the news of Francesca Luthi's stock sale, it's worth considering Assurant, Inc.'s (NYSE:AIZ) financial health and performance metrics to better understand the context of such transactions. According to InvestingPro data, Assurant has a market capitalization of approximately $8.94 billion as of the last twelve months leading up to Q1 2024. This sizeable market cap is backed by a P/E ratio of 11.37, indicating that the stock may be reasonably valued in terms of earnings. The company's revenue growth has also been positive, with a 9.81% increase over the last twelve months as of Q1 2024.
Two InvestingPro Tips that stand out for Assurant include the company's track record of raising its dividend for 20 consecutive years, signaling a commitment to returning value to shareholders. Additionally, analysts have revised their earnings upwards for the upcoming period, suggesting a positive outlook for the company's financial performance.
Investors looking for a deeper dive into Assurant's financials and future prospects can explore a range of additional InvestingPro Tips at https://www.investing.com/pro/AIZ. There are currently 7 more tips available that could provide valuable insights into the company's operations and market position. To access these insights, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription.
The recent stock sale by an executive at Assurant may raise questions, but the company's solid dividend history and positive earnings revisions provide a reassuring backdrop for investors. As always, individual investment decisions should be made based on a comprehensive analysis of the company's fundamentals and market conditions.
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