Meeder Asset Management Inc. lowered its position in Assurant, Inc. (NYSE:AIZ) by 5.9% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 8,577 shares of the financial services provider’s stock after selling 536 shares during the quarter. Meeder Asset Management Inc.’s holdings in Assurant were worth $888,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the business. Rampart Investment Management Company LLC raised its stake in Assurant by 88.5% in the 1st quarter. Rampart Investment Management Company LLC now owns 1,431 shares of the financial services provider’s stock worth $131,000 after purchasing an additional 672 shares in the last quarter. Campbell & CO Investment Adviser LLC acquired a new stake in Assurant in the 1st quarter worth about $201,000. Suntrust Banks Inc. acquired a new stake in Assurant in the 1st quarter worth about $204,000. IFM Investors Pty Ltd acquired a new stake in Assurant in the 2nd quarter worth about $233,000. Finally, Zeke Capital Advisors LLC acquired a new stake in Assurant in the 1st quarter worth about $238,000. Hedge funds and other institutional investors own 92.79% of the company’s stock.
In related news, EVP Christopher J. Pagano sold 2,500 shares of Assurant stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $95.55, for a total transaction of $238,875.00. Following the sale, the executive vice president now directly owns 59,993 shares of the company’s stock, valued at approximately $5,732,331.15. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.93% of the company’s stock.
Assurant (NYSE:AIZ) last announced its quarterly earnings results on Tuesday, August 7th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, beating the consensus estimate 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 net margin of 6.37% and a return on equity of 5.62%. During the same period in the previous year, the firm posted $1.63 EPS. equities analysts predict that Assurant, Inc. will post 7.73 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 18th. Investors of record on Monday, August 27th will be issued a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.11%. The ex-dividend date is Friday, August 24th. Assurant’s dividend payout ratio (DPR) is presently 56.28%.
Several equities analysts have commented on the stock. Keefe, Bruyette & Woods assumed coverage on shares of Assurant in a report on Monday, July 16th. They issued an “outperform” rating and a $121.00 target price on the stock. SunTrust Banks raised their target price on shares of Assurant to $129.00 and gave the company an “outperform” rating in a report on Wednesday, July 11th. They noted that the move was a valuation call. Morgan Stanley assumed coverage on shares of Assurant in a report on Tuesday, July 10th. They issued an “overweight” rating and a $125.00 target price on the stock. UBS Group raised their target price on shares of Assurant from $115.00 to $118.00 and gave the company a “buy” rating in a report on Thursday, June 21st. Finally, ValuEngine raised shares of Assurant from a “sell” rating to a “hold” rating in a report on Thursday, June 21st. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average target price of $124.25.
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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