Vanguard Group Inc. lifted its position in Assurant, Inc. (NYSE:AIZ) by 5.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 7,124,917 shares of the financial services provider’s stock after purchasing an additional 350,826 shares during the quarter. Vanguard Group Inc. owned about 12.11% of Assurant worth $1,112,770,000 at the end of the most recent quarter.
Several other institutional investors have also recently added to or reduced their stakes in the company. Ergoteles LLC boosted its holdings in shares of Assurant by 63.4% during the first quarter. Ergoteles LLC now owns 17,121 shares of the financial services provider’s stock worth $2,427,000 after purchasing an additional 6,645 shares during the period. Lyrical Asset Management LP increased its stake in shares of Assurant by 7.9% during the first quarter. Lyrical Asset Management LP now owns 1,238,653 shares of the financial services provider’s stock valued at $175,604,000 after purchasing an additional 90,600 shares in the last quarter. State of Wisconsin Investment Board increased its stake in shares of Assurant by 13.5% during the first quarter. State of Wisconsin Investment Board now owns 99,612 shares of the financial services provider’s stock valued at $14,122,000 after purchasing an additional 11,849 shares in the last quarter. Bank of Montreal Can increased its stake in shares of Assurant by 34.2% during the second quarter. Bank of Montreal Can now owns 53,928 shares of the financial services provider’s stock valued at $8,551,000 after purchasing an additional 13,746 shares in the last quarter. Finally, Panagora Asset Management Inc. increased its position in shares of Assurant by 279.4% during the first quarter. Panagora Asset Management Inc. now owns 33,860 shares of the financial services provider’s stock valued at $4,800,000 after acquiring an additional 24,936 shares in the last quarter. 95.81% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have recently weighed in on AIZ. Morgan Stanley lifted their price target on shares of Assurant from $188.00 to $190.00 and gave the stock an “overweight” rating in a research note on Monday, August 16th. William Blair assumed coverage on shares of Assurant in a report on Friday, July 23rd. They issued an “outperform” rating and a $152.41 target price on the stock.
Assurant (NYSE:AIZ) last announced its quarterly earnings results on Monday, August 2nd. The financial services provider reported $2.99 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.49 by $0.50. The firm had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.38 billion. Assurant had a net margin of 4.74% and a return on equity of 9.05%. On average, sell-side analysts predict that Assurant, Inc. will post 9.93 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 21st. Stockholders of record on Monday, August 30th were paid a $0.66 dividend. This represents a $2.64 annualized dividend and a dividend yield of 1.65%. The ex-dividend date was Friday, August 27th. Assurant’s dividend payout ratio is currently 30.59%.
Assurant, Inc engages in the provision of risk management solutions. It operates through the following segments: Global Housing, Global Lifestyle and Global Preneed. The Global Housing segment provides lender-placed homeowners, multi-family housing and mortgage solutions. The Global Lifestyle segment offers mobile device protection products, related & extended service products and related services for consumer electronics & appliances, vehicle protection services, and credit insurance.
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