Riverhead Capital Management LLC boosted its holdings in Assurant, Inc. (NYSE:AIZ) by 27.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 44,982 shares of the financial services provider’s stock after buying an additional 9,720 shares during the quarter. Riverhead Capital Management LLC owned approximately 0.09% of Assurant worth $4,655,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also modified their holdings of the company. US Bancorp DE increased its position in 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 purchasing an additional 500 shares during the period. Rampart Investment Management Company LLC increased its position in 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 purchasing an additional 672 shares during the period. CIBC World Markets Inc. acquired a new stake in Assurant during the 2nd quarter valued at approximately $201,000. Redpoint Investment Management Pty Ltd acquired a new stake in Assurant during the 2nd quarter valued at approximately $206,000. Finally, Ifrah Financial Services Inc. acquired a new stake in Assurant during the 2nd quarter valued at approximately $214,000. Institutional investors and hedge funds own 93.00% of the company’s stock.
In related news, EVP Christopher J. Pagano sold 2,500 shares of the stock in a transaction on Thursday, June 7th. The stock was sold at an average price of $95.55, for a total value of $238,875.00. Following the transaction, the executive vice president now directly owns 59,993 shares in the company, valued at approximately $5,732,331.15. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, COO Gene Mergelmeyer sold 14,144 shares of the stock in a transaction on Tuesday, August 14th. The stock was 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. Company insiders own 0.93% of the company’s stock.
Shares of AIZ stock opened at $103.43 on Thursday. The company has a market cap of $6.61 billion, a PE ratio of 25.99 and a beta of 0.53. Assurant, Inc. has a 52 week low of $84.34 and a 52 week high of $111.43. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.49 and a quick ratio of 0.49.
Assurant (NYSE:AIZ) last announced its quarterly earnings data on Tuesday, August 7th. The financial services provider reported $2.11 EPS for the quarter, topping the consensus estimate of $1.76 by $0.35. The company had revenue of $1.83 billion during the quarter, compared to the consensus estimate of $1.77 billion. Assurant had a net margin of 6.37% and a return on equity of 5.62%. During the same quarter last year, the firm posted $1.63 EPS. sell-side analysts expect that Assurant, Inc. will post 7.73 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 18th. Stockholders of record on Monday, August 27th will be given a dividend of $0.56 per share. This represents a $2.24 annualized dividend and a dividend yield of 2.17%. The ex-dividend date of this dividend is Friday, August 24th. Assurant’s dividend payout ratio (DPR) is 56.28%.
A number of research firms have weighed in on AIZ. Keefe, Bruyette & Woods began coverage on shares of Assurant in a research report on Monday, July 16th. They set an “outperform” rating and a $121.00 target price for the company. SunTrust Banks raised their price objective on shares of Assurant to $129.00 and gave the stock 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 shares of Assurant in a research report on Tuesday, July 10th. They set an “overweight” rating and a $125.00 price objective for the company. UBS Group raised their price objective on shares of Assurant from $115.00 to $118.00 and gave the stock a “buy” rating in a research report on Thursday, June 21st. Finally, ValuEngine raised shares of Assurant from a “sell” rating to a “hold” rating in a research report on Thursday, June 21st. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target 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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