State of Alaska Department of Revenue Sells 16,487 Shares of Assurant, Inc. (NYSE:AIZ)

State of Alaska Department of Revenue lessened its stake in shares of Assurant, Inc. (NYSE:AIZ) by 60.3% in the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,872 shares of the financial services provider’s stock after selling 16,487 shares during the period. State of Alaska Department of Revenue’s holdings in Assurant were worth $1,367,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in AIZ. Oakbrook Investments LLC increased its holdings in Assurant by 1.8% in the second quarter. Oakbrook Investments LLC now owns 6,086 shares of the financial services provider’s stock valued at $647,000 after buying an additional 105 shares in the last quarter. Pittenger & Anderson Inc. increased its holdings in Assurant by 0.7% in the second quarter. Pittenger & Anderson Inc. now owns 18,420 shares of the financial services provider’s stock valued at $1,960,000 after buying an additional 120 shares in the last quarter. Norinchukin Bank The increased 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 valued at $451,000 after buying an additional 121 shares in the last quarter. Municipal Employees Retirement System of Michigan increased 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 valued at $90,000 after buying an additional 150 shares in the last quarter. Finally, Assetmark Inc. increased its holdings in Assurant by 4.1% in the second quarter. Assetmark Inc. now owns 3,904 shares of the financial services provider’s stock valued at $415,000 after buying an additional 154 shares in the last quarter. 91.56% of the stock is owned by institutional investors and hedge funds.

In other news, EVP Michael P. Campbell sold 5,500 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $124.26, for a total value of $683,430.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Gene Mergelmeyer sold 15,000 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $124.24, for a total transaction of $1,863,600.00. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Shares of NYSE AIZ opened at $125.78 on Friday. The company’s 50-day simple moving average is $124.50 and its 200-day simple moving average is $109.17. Assurant, Inc. has a 52-week low of $82.31 and a 52-week high of $127.76. The firm has a market cap of $7.63 billion, a price-to-earnings ratio of 21.69 and a beta of 0.48. The company has a quick ratio of 0.48, a current ratio of 0.48 and a debt-to-equity ratio of 0.35.

Assurant (NYSE:AIZ) last announced its earnings results on Tuesday, August 6th. The financial services provider reported $2.34 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $2.13 by $0.21. Assurant had a net margin of 4.00% and a return on equity of 7.58%. The business had revenue of $2.55 billion for the quarter, compared to analyst estimates of $2.35 billion. During the same quarter last year, the business earned $2.13 earnings per share. The company’s revenue for the quarter was up 39.0% compared to the same quarter last year. Equities research analysts anticipate that Assurant, Inc. will post 8.76 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Monday, August 26th were given a $0.60 dividend. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Friday, August 23rd. Assurant’s dividend payout ratio is presently 41.38%.

A number of research analysts have weighed in on AIZ shares. Morgan Stanley lifted their price objective on shares of Assurant from $119.00 to $130.00 and gave the company an “overweight” rating in a report on Thursday, August 15th. SunTrust Banks lifted their target price on shares of Assurant from $140.00 to $145.00 and gave the company a “buy” rating in a research report on Thursday, October 3rd. Finally, UBS Group lifted their target price on shares of Assurant from $153.00 to $154.00 and gave the company a “buy” rating in a research report on Thursday.

Assurant 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; and renters insurance and related products, as well as voluntary manufactured housing insurance, homeowners insurance, and other products.

Further Reading: The limitations of an equal weight rating

Institutional Ownership by Quarter for Assurant (NYSE:AIZ)

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