1832 Asset Management L.P. Takes $1.13 Million Position in Assurant, Inc. $AIZ

Key Points

• 1832 Asset Management L.P. acquired a new stake in Assurant, Inc., purchasing 5,362 shares valued at approximately $1.13 million in the first quarter.
• Assurant reported a surge in earnings per share to $5.56 for the recent quarter, surpassing estimates by $1.13 and reflecting an 8.0% increase in year-over-year revenue.
• The company declared a quarterly dividend of $0.80 per share, which translates to an annual yield of 1.5%, and has a payout ratio of 23.17%.

1832 Asset Management L.P. bought a new stake in Assurant, Inc. (NYSE:AIZ - Free Report) during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 5,362 shares of the financial services provider's stock, valued at approximately $1,125,000.

Other institutional investors have also modified their holdings of the company. Principal Financial Group Inc. increased its holdings in shares of Assurant by 12.0% in the first quarter. Principal Financial Group Inc. now owns 79,289 shares of the financial services provider's stock valued at $16,631,000 after purchasing an additional 8,478 shares during the period. Private Trust Co. NA increased its holdings in shares of Assurant by 192.2% in the first quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock valued at $31,000 after purchasing an additional 98 shares during the period. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Assurant by 14.2% in the first quarter. Mirae Asset Global Investments Co. Ltd. now owns 6,163 shares of the financial services provider's stock valued at $1,271,000 after purchasing an additional 766 shares during the period. Yousif Capital Management LLC grew its holdings in Assurant by 49.1% during the first quarter. Yousif Capital Management LLC now owns 10,187 shares of the financial services provider's stock worth $2,137,000 after acquiring an additional 3,356 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Assurant by 35.6% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 6,034 shares of the financial services provider's stock worth $1,287,000 after acquiring an additional 1,584 shares during the period. Institutional investors and hedge funds own 92.65% of the company's stock.

Assurant Price Performance

AIZ traded down $2.91 during trading on Friday, reaching $215.78. 625,390 shares of the stock were exchanged, compared to its average volume of 479,308. The business's 50 day moving average price is $198.01 and its two-hundred day moving average price is $199.09. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.40 and a quick ratio of 0.40. The company has a market capitalization of $10.89 billion, a price-to-earnings ratio of 15.62 and a beta of 0.55. Assurant, Inc. has a 1 year low of $174.97 and a 1 year high of $230.55.

Assurant (NYSE:AIZ - Get Free Report) last posted its earnings results on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, topping analysts' consensus estimates of $4.43 by $1.13. The company had revenue of $3.16 billion for the quarter, compared to the consensus estimate of $3.13 billion. Assurant had a return on equity of 16.47% and a net margin of 5.83%.Assurant's quarterly revenue was up 8.0% compared to the same quarter last year. During the same period in the previous year, the business earned $4.77 earnings per share. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. As a group, equities research analysts anticipate that Assurant, Inc. will post 16.88 earnings per share for the current year.

Assurant Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Shareholders of record on Tuesday, September 2nd will be given a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 1.5%. The ex-dividend date is Tuesday, September 2nd. Assurant's payout ratio is presently 23.17%.

Insider Buying and Selling at Assurant

In other news, CAO Dimitry Dirienzo sold 950 shares of the company's stock in a transaction on Friday, August 8th. The stock was sold at an average price of $204.96, for a total value of $194,712.00. Following the sale, the chief accounting officer directly owned 3,135 shares in the company, valued at $642,549.60. This represents a 23.26% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Jay Rosenblum sold 3,900 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the completion of the sale, the executive vice president owned 7,875 shares in the company, valued at $1,642,173.75. This represents a 33.12% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.51% of the stock is owned by corporate insiders.

Analyst Ratings Changes

A number of research analysts recently weighed in on the company. Benchmark assumed coverage on Assurant in a report on Tuesday, August 12th. They set a "buy" rating on the stock. Keefe, Bruyette & Woods upped their price objective on Assurant from $225.00 to $235.00 and gave the stock an "outperform" rating in a report on Tuesday, August 12th. Morgan Stanley reaffirmed a "cautious" rating on shares of Assurant in a report on Monday, August 18th. Stephens assumed coverage on Assurant in a report on Tuesday, August 12th. They set an "overweight" rating on the stock. Finally, Zacks Research raised Assurant from a "hold" rating to a "strong-buy" rating in a report on Tuesday, August 19th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $233.29.

Assurant Company Profile

Assurant, Inc, together with its subsidiaries, provides business services that supports, protects, and connects consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products; and vehicle protection, commercial equipment, and other related services.