Fjarde AP Fonden Fourth Swedish National Pension Fund lifted its position in Assurant, Inc. (NYSE:AIZ) by 7.2% in the 3rd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,350 shares of the financial services provider’s stock after buying an additional 1,300 shares during the quarter. Fjarde AP Fonden Fourth Swedish National Pension Fund’s holdings in Assurant were worth $2,089,000 as of its most recent filing with the SEC.
Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Zurich Insurance Group Ltd FI bought a new stake in shares of Assurant in the second quarter valued at approximately $1,087,000. HighPoint Advisor Group LLC bought a new stake in shares of Assurant in the second quarter valued at approximately $231,000. TPG Group Holdings SBS Advisors Inc. bought a new stake in shares of Assurant in the second quarter valued at approximately $1,042,065,000. Northern Trust Corp boosted its position in shares of Assurant by 7.9% in the second quarter. Northern Trust Corp now owns 765,133 shares of the financial services provider’s stock valued at $79,185,000 after acquiring an additional 56,264 shares during the period. Finally, State Board of Administration of Florida Retirement System boosted its position in shares of Assurant by 2.6% in the second quarter. State Board of Administration of Florida Retirement System now owns 70,869 shares of the financial services provider’s stock valued at $7,334,000 after acquiring an additional 1,820 shares during the period. 92.75% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE AIZ opened at $97.80 on Friday. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.51 and a quick ratio of 0.51. The firm has a market capitalization of $6.09 billion, a P/E ratio of 24.57 and a beta of 0.56. Assurant, Inc. has a one year low of $84.34 and a one year high of $111.43.
Assurant (NYSE:AIZ) last issued its earnings results on Tuesday, November 6th. The financial services provider reported $1.06 EPS for the quarter, beating analysts’ consensus estimates of $1.00 by $0.06. The business had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.05 billion. Assurant had a return on equity of 8.27% and a net margin of 7.27%. Assurant’s revenue was up 43.1% on a year-over-year basis. During the same period in the prior year, the company posted ($1.40) earnings per share. Equities analysts anticipate that Assurant, Inc. will post 6.19 EPS for the current year.
Assurant declared that its board has initiated a stock repurchase program on Monday, November 5th that authorizes the company to buyback $600.00 million in shares. This buyback authorization authorizes the financial services provider to repurchase up to 9.9% of its stock through open market purchases. Stock buyback programs are usually a sign that the company’s board of directors believes its stock is undervalued.
The company also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, November 26th will be paid a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.45%. This is a positive change from Assurant’s previous quarterly dividend of $0.56. The ex-dividend date is Friday, November 23rd. Assurant’s dividend payout ratio is presently 60.30%.
In other Assurant news, major shareholder Tpg Advisors Vi-Aiv, Inc. sold 1,000,000 shares of the stock in a transaction on Tuesday, September 18th. The stock was sold at an average price of $105.14, for a total transaction of $105,140,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Christopher J. Pagano sold 1,107 shares of the stock in a transaction on Friday, November 16th. The stock was sold at an average price of $99.95, for a total value of $110,644.65. The disclosure for this sale can be found here. Insiders sold 2,202,357 shares of company stock valued at $226,698,757 over the last 90 days. 0.93% of the stock is currently owned by corporate insiders.
Several equities research analysts have recently weighed in on AIZ shares. Keefe, Bruyette & Woods reissued a “buy” rating and issued a $125.00 price objective on shares of Assurant in a research report on Wednesday, August 8th. UBS Group increased their price objective on Assurant from $118.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, September 7th. Finally, ValuEngine upgraded Assurant from a “hold” rating to a “buy” rating in a research note on Saturday, November 10th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the stock. The company has a consensus rating of “Buy” and a consensus target price of $128.75.
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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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