Mitsubishi UFJ Asset Management Co. Ltd. Raises Position in Assurant, Inc. (NYSE:AIZ)

Mitsubishi UFJ Asset Management Co. Ltd. raised its stake in shares of Assurant, Inc. (NYSE:AIZ) by 21.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 93,244 shares of the financial services provider’s stock after purchasing an additional 16,545 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. owned 0.18% of Assurant worth $19,558,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Alpine Bank Wealth Management purchased a new stake in Assurant during the first quarter valued at approximately $28,000. Private Trust Co. NA raised its holdings in shares of Assurant by 192.2% in the first quarter. Private Trust Co. NA now owns 149 shares of the financial services provider’s stock worth $31,000 after buying an additional 98 shares during the period. Assetmark Inc. raised its holdings in shares of Assurant by 312.8% in the first quarter. Assetmark Inc. now owns 161 shares of the financial services provider’s stock worth $34,000 after buying an additional 122 shares during the period. Migdal Insurance & Financial Holdings Ltd. raised its holdings in shares of Assurant by 47.3% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider’s stock worth $40,000 after buying an additional 61 shares during the period. Finally, Park Square Financial Group LLC purchased a new stake in shares of Assurant in the fourth quarter worth approximately $44,000. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Assurant Stock Up 0.8%

Shares of NYSE:AIZ opened at $203.38 on Monday. Assurant, Inc. has a 52-week low of $170.39 and a 52-week high of $230.55. The stock has a market cap of $10.35 billion, a P/E ratio of 14.73 and a beta of 0.58. The business’s 50 day moving average is $193.86 and its 200 day moving average is $199.12. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38.

Assurant (NYSE:AIZ) last announced its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $1.13. Assurant had a return on equity of 16.47% and a net margin of 5.83%. The company had revenue of $3.16 billion for the quarter, compared to analysts’ expectations of $3.13 billion. During the same quarter in the prior year, the firm earned $4.77 earnings per share. Assurant’s revenue was up 8.0% compared to the same quarter last year. Sell-side analysts predict that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were given a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a yield of 1.6%. The ex-dividend date of this dividend was Monday, June 9th. Assurant’s dividend payout ratio (DPR) is 23.17%.

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on Assurant from $224.00 to $225.00 and gave the stock an “outperform” rating in a report on Monday, May 19th. Wall Street Zen upgraded Assurant from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Morgan Stanley increased their price target on Assurant from $217.00 to $218.00 and gave the stock an “equal weight” rating in a report on Monday, July 14th. One research analyst has rated the stock with a hold rating and six have given a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $228.83.

Insider Transactions at Assurant

In other Assurant news, EVP Jay Rosenblum sold 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $201.93, for a total transaction of $201,930.00. Following the sale, the executive vice president owned 11,775 shares of the company’s stock, valued at approximately $2,377,725.75. This trade represents a 7.83% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.51% of the company’s stock.

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.