Commonwealth of Pennsylvania Public School Empls Retrmt SYS acquired a new stake in shares of Assurant, Inc. (NYSE:AIZ) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 5,548 shares of the financial services provider’s stock, valued at approximately $574,000.
Several other large investors also recently made changes to their positions in the company. Comerica Bank increased its position in shares of Assurant by 8.4% during the 1st quarter. Comerica Bank now owns 138,281 shares of the financial services provider’s stock valued at $12,805,000 after purchasing an additional 10,661 shares during the last quarter. Sumitomo Mitsui Trust Holdings Inc. increased its position in shares of Assurant by 0.8% during the 1st quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 176,602 shares of the financial services provider’s stock valued at $16,143,000 after purchasing an additional 1,317 shares during the last quarter. Westpac Banking Corp increased its position in shares of Assurant by 113.8% during the 1st quarter. Westpac Banking Corp now owns 8,352 shares of the financial services provider’s stock valued at $763,000 after purchasing an additional 4,445 shares during the last quarter. DekaBank Deutsche Girozentrale increased its position in shares of Assurant by 8.5% during the 1st quarter. DekaBank Deutsche Girozentrale now owns 7,509 shares of the financial services provider’s stock valued at $711,000 after purchasing an additional 589 shares during the last quarter. Finally, Zeke Capital Advisors LLC purchased a new stake in shares of Assurant during the 1st quarter valued at about $238,000. Institutional investors own 93.00% of the company’s stock.
Assurant stock opened at $101.99 on Friday. The company has a market capitalization of $6.55 billion, a P/E ratio of 22.92 and a beta of 0.53. Assurant, Inc. has a 12-month low of $84.34 and a 12-month high of $111.43. The company has a quick ratio of 0.49, a current ratio of 0.49 and a debt-to-equity ratio of 0.38.
Assurant (NYSE:AIZ) last released its earnings results on Tuesday, August 7th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.76 by $0.35. The company had revenue of $1.83 billion during 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 prior year, the firm posted $1.63 EPS. analysts forecast that Assurant, Inc. will post 7.73 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 18th. Investors of record on Monday, August 27th will be issued a $0.56 dividend. This represents a $2.24 annualized dividend and a yield of 2.20%. The ex-dividend date is Friday, August 24th. Assurant’s dividend payout ratio is 56.28%.
In related news, EVP Christopher J. Pagano sold 2,500 shares of the stock in a transaction that occurred on Thursday, June 7th. The shares were sold at an average price of $95.55, for a total value of $238,875.00. Following the completion of 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Gene Mergelmeyer sold 14,144 shares of the stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $109.41, for a total transaction of $1,547,495.04. The disclosure for this sale can be found here. Corporate insiders own 0.93% of the company’s stock.
Several research firms have recently commented on AIZ. ValuEngine raised shares of Assurant from a “sell” rating to a “hold” rating in a research report on Thursday, June 21st. 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. UBS Group upped their price target on shares of Assurant from $115.00 to $118.00 and gave the company a “buy” rating in a research report on Thursday, June 21st. SunTrust Banks upped their price target on shares of 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. Finally, Morgan Stanley started coverage on shares of Assurant in a report on Tuesday, July 10th. They issued an “overweight” rating and a $125.00 target price for the company. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and a consensus 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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