AMP Capital Investors Ltd lessened its position in shares of Assurant, Inc. (NYSE:AIZ) by 58.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 51,934 shares of the financial services provider’s stock after selling 73,984 shares during the quarter. AMP Capital Investors Ltd owned about 0.10% of Assurant worth $5,375,000 at the end of the most recent reporting period.
Other hedge funds have also recently added to or reduced their stakes in the company. US Bancorp DE raised its position in shares of Assurant by 81.4% during the 2nd quarter. US Bancorp DE now owns 1,114 shares of the financial services provider’s stock valued at $115,000 after buying an additional 500 shares during the period. Rampart Investment Management Company LLC raised its position in shares of Assurant by 88.5% during the 1st quarter. Rampart Investment Management Company LLC now owns 1,431 shares of the financial services provider’s stock valued at $131,000 after buying an additional 672 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Assurant by 69.6% during the 2nd quarter. Envestnet Asset Management Inc. now owns 1,526 shares of the financial services provider’s stock valued at $157,000 after buying an additional 626 shares during the period. CIBC World Markets Inc. purchased a new stake in shares of Assurant during the 2nd quarter valued at approximately $201,000. Finally, Redpoint Investment Management Pty Ltd purchased a new stake in shares of Assurant during the 2nd quarter valued at approximately $206,000. 93.00% of the stock is currently owned by hedge funds and other institutional investors.
Several research firms have recently commented on AIZ. UBS Group lifted their price target on shares of Assurant from $118.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Keefe, Bruyette & Woods reaffirmed a “buy” rating and set a $125.00 price target on shares of Assurant in a research report on Wednesday, August 8th. SunTrust Banks boosted their target price on Assurant to $129.00 and gave the company an “outperform” rating in a research report on Wednesday, July 11th. They noted that the move was a valuation call. Morgan Stanley assumed coverage on Assurant in a research report on Tuesday, July 10th. They issued an “overweight” rating and a $125.00 target price on the stock. Finally, ValuEngine raised Assurant from a “sell” rating to a “hold” rating in a research report on Thursday, June 21st. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Assurant has an average rating of “Buy” and a consensus price target of $128.75.
Shares of NYSE AIZ opened at $103.85 on Friday. The company has a market capitalization of $6.32 billion, a price-to-earnings ratio of 26.09 and a beta of 0.48. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.49 and a current ratio of 0.49. Assurant, Inc. has a 52-week low of $84.34 and a 52-week high of $111.43.
Assurant (NYSE:AIZ) last announced its earnings results on Tuesday, August 7th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.35. The company had revenue of $1.83 billion for the quarter, compared to analyst estimates of $1.77 billion. Assurant had a return on equity of 5.62% and a net margin of 6.37%. During the same quarter in the previous year, the company earned $1.63 earnings per share. analysts predict that Assurant, Inc. will post 7.73 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 18th. Shareholders of record on Monday, August 27th will be given a $0.56 dividend. This represents a $2.24 dividend on an annualized basis and a yield of 2.16%. The ex-dividend date of this dividend is Friday, August 24th. Assurant’s payout ratio is 56.28%.
In other Assurant news, major shareholder Tpg Advisors Vi-Aiv, Inc. sold 1,200,000 shares of the business’s stock in a transaction that occurred on Wednesday, September 12th. The stock was sold at an average price of $101.10, for a total value of $121,320,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Gene Mergelmeyer sold 14,144 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $109.41, for a total value of $1,547,495.04. The disclosure for this sale can be found here. In the last three months, insiders sold 1,215,394 shares of company stock worth $122,995,608. 0.93% of the stock is owned by corporate insiders.
Assurant Company Profile
Assurant, Inc, through its subsidiaries, provides risk management solutions for housing and lifestyle markets in North America, Latin America, Europe, and the Asia Pacific. The company operates through three segments: Global Housing, Global Lifestyle, and Global Preneed. Its Global Housing segment provides lender-placed homeowners, manufactured housing, and flood insurance; renters insurance and related products; and mortgage solutions comprising property inspection and preservation, valuation and title, and other property risk management services.
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