Pentwater Capital Management LP cut its position in Assurant, Inc. (NYSE:AIZ) by 85.0% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 15,000 shares of the financial services provider’s stock after selling 85,000 shares during the quarter. Pentwater Capital Management LP’s holdings in Assurant were worth $1,596,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in AIZ. Oakbrook Investments LLC lifted its position in shares of Assurant by 1.8% during the 2nd quarter. Oakbrook Investments LLC now owns 6,086 shares of the financial services provider’s stock worth $647,000 after buying an additional 105 shares during the last quarter. Pittenger & Anderson Inc. grew its stake in Assurant by 0.7% during the second quarter. Pittenger & Anderson Inc. now owns 18,420 shares of the financial services provider’s stock worth $1,960,000 after purchasing an additional 120 shares during the period. Norinchukin Bank The boosted its holdings in Assurant by 2.9% in the second quarter. Norinchukin Bank The now owns 4,243 shares of the financial services provider’s stock worth $451,000 after acquiring an additional 121 shares in the last quarter. Nissay Asset Management Corp Japan ADV boosted its holdings in Assurant by 2.8% in the first quarter. Nissay Asset Management Corp Japan ADV now owns 4,982 shares of the financial services provider’s stock worth $473,000 after acquiring an additional 134 shares in the last quarter. Finally, Municipal Employees Retirement System of Michigan boosted its holdings in Assurant by 21.4% in the second quarter. Municipal Employees Retirement System of Michigan now owns 850 shares of the financial services provider’s stock worth $90,000 after acquiring an additional 150 shares in the last quarter. Institutional investors and hedge funds own 91.56% of the company’s stock.
AIZ stock traded up $0.72 during mid-day trading on Friday, hitting $126.95. 12,014 shares of the stock were exchanged, compared to its average volume of 485,453. Assurant, Inc. has a 12 month low of $82.31 and a 12 month high of $127.76. The company has a debt-to-equity ratio of 0.35, a current ratio of 0.48 and a quick ratio of 0.48. The business has a fifty day moving average price of $121.23 and a 200 day moving average price of $106.30. The stock has a market capitalization of $7.76 billion, a price-to-earnings ratio of 21.88 and a beta of 0.50.
Assurant (NYSE:AIZ) last announced its quarterly earnings results on Tuesday, August 6th. The financial services provider reported $2.34 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.13 by $0.21. Assurant had a return on equity of 7.58% and a net margin of 4.00%. The company had revenue of $2.55 billion for the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the previous year, the business earned $2.13 EPS. Assurant’s revenue was up 39.0% compared to the same quarter last year. As a group, equities analysts forecast that Assurant, Inc. will post 8.76 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, August 26th were given a $0.60 dividend. The ex-dividend date was Friday, August 23rd. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.89%. Assurant’s dividend payout ratio is currently 41.38%.
A number of analysts recently commented on AIZ shares. Morgan Stanley increased their price target on Assurant from $119.00 to $130.00 and gave the company an “overweight” rating in a research report on Thursday, August 15th. UBS Group lifted their price target on Assurant from $142.00 to $153.00 and gave the company a “buy” rating in a research report on Monday, September 9th.
In other news, COO Gene Mergelmeyer sold 15,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $124.24, for a total value of $1,863,600.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Michael P. Campbell sold 5,500 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $124.26, for a total value of $683,430.00. The disclosure for this sale can be found here. Insiders own 0.68% of the company’s stock.
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; and renters insurance and related products, as well as voluntary manufactured housing insurance, homeowners insurance, and other products.
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