GAM Holding AG decreased its position in shares of Assurant, Inc. (NYSE:AIZ) by 18.4% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 9,943 shares of the financial services provider’s stock after selling 2,246 shares during the quarter. GAM Holding AG’s holdings in Assurant were worth $1,073,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds have also recently bought and sold shares of AIZ. TPG Group Holdings SBS Advisors Inc. bought a new position in shares of Assurant during the 2nd quarter worth $1,042,065,000. ING Groep NV grew its position in shares of Assurant by 11,916.0% during the 2nd quarter. ING Groep NV now owns 644,178 shares of the financial services provider’s stock worth $66,666,000 after buying an additional 638,817 shares in the last quarter. Bank of New York Mellon Corp grew its position in shares of Assurant by 56.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,611,053 shares of the financial services provider’s stock worth $166,729,000 after buying an additional 584,393 shares in the last quarter. Hennessy Advisors Inc. bought a new position in shares of Assurant during the 3rd quarter worth $29,416,000. Finally, Bessemer Group Inc. boosted its position in Assurant by 119.9% during the third quarter. Bessemer Group Inc. now owns 274,918 shares of the financial services provider’s stock valued at $29,678,000 after purchasing an additional 149,925 shares in the last quarter. 92.25% of the stock is currently owned by institutional investors and hedge funds.
Shares of AIZ stock opened at $91.03 on Friday. Assurant, Inc. has a 1-year low of $84.34 and a 1-year high of $111.43. The stock has a market cap of $5.72 billion, a P/E ratio of 13.16 and a beta of 0.52. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.51 and a current ratio of 0.51.
Assurant (NYSE:AIZ) last issued its quarterly earnings data on Tuesday, November 6th. The financial services provider reported $1.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.00 by $0.06. Assurant had a return on equity of 8.27% and a net margin of 7.27%. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.05 billion. During the same quarter last year, the company earned ($1.40) earnings per share. The firm’s revenue for the quarter was up 43.1% compared to the same quarter last year. On average, equities analysts anticipate that Assurant, Inc. will post 6.19 earnings per share for the current fiscal year.
Assurant announced that its board has approved a share repurchase plan on Monday, November 5th that allows the company to repurchase $600.00 million in shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock repurchase plans are typically an indication that the company’s board believes its stock is undervalued.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, November 26th will be given a dividend of $0.60 per share. The ex-dividend date of this dividend is Friday, November 23rd. This represents a $2.40 dividend on an annualized basis and a yield of 2.64%. This is an increase from Assurant’s previous quarterly dividend of $0.56. Assurant’s dividend payout ratio (DPR) is presently 60.30%.
In other Assurant news, EVP Christopher J. Pagano sold 1,107 shares of the stock in a transaction dated Friday, November 16th. The stock was sold at an average price of $99.95, for a total value of $110,644.65. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, major shareholder Tpg Advisors Vi-Aiv, Inc. sold 1,200,000 shares of the stock in a transaction dated Wednesday, September 12th. The shares were sold at an average price of $101.10, for a total value of $121,320,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 2,202,357 shares of company stock worth $226,698,757. 0.93% of the stock is owned by corporate insiders.
A number of equities research analysts recently weighed in on the company. ValuEngine downgraded Assurant from a “buy” rating to a “hold” rating in a research report on Friday, November 30th. UBS Group raised 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. One analyst has rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Buy” and a consensus target price of $128.75.
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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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