38,009 Shares in Assurant, Inc. $AIZ Acquired by Azora Capital LP

Key Points

• Azora Capital acquired 38,009 Assurant shares worth approximately $10.2 million, while institutional investors collectively own 92.65% of the company.
• Analysts remain broadly bullish, with the stock carrying an average “Buy” rating and a consensus price target of $316.57; several firms recently raised their targets to between $320 and $355.
• Assurant exceeded quarterly earnings expectations, reporting $6.41 in EPS and $3.45 billion in revenue, up 9.4% year over year. The company also declared a quarterly dividend of $0.88 per share.

Azora Capital LP purchased a new position in Assurant, Inc. (NYSE:AIZ - Free Report) during the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 38,009 shares of the financial services provider's stock, valued at approximately $10,207,000. Azora Capital LP owned approximately 0.08% of Assurant as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in AIZ. Bank of America Corp DE acquired a new stake in Assurant in the 2nd quarter valued at $269,635,000. Man Group plc acquired a new position in Assurant during the second quarter worth $7,345,000. First Bancorp Inc ME acquired a new position in Assurant during the second quarter worth $31,000. Valtrion Capital Management LLC bought a new position in shares of Assurant in the second quarter valued at $601,000. Finally, Jupiter Topco LLC bought a new position in shares of Assurant in the second quarter valued at $5,997,000. Institutional investors and hedge funds own 92.65% of the company's stock.

Insider Transactions at Assurant

In other news, EVP Robert Lonergan sold 7,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the completion of the transaction, the executive vice president directly owned 27,374 shares of the company's stock, valued at $7,191,423.54. This represents a 20.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Nair Biju sold 3,931 shares of the firm's stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the sale, the executive vice president owned 24,247 shares of the company's stock, valued at approximately $7,333,747.62. The trade was a 13.95% decrease in their position. The disclosure for this sale is available in the SEC filing. Company insiders own 0.54% of the company's stock.

Analysts Set New Price Targets

Several research firms have recently commented on AIZ. Piper Sandler boosted their target price on shares of Assurant from $290.00 to $329.00 and gave the stock an "overweight" rating in a research report on Thursday, August 6th. Keefe, Bruyette & Woods raised their price target on shares of Assurant from $310.00 to $325.00 and gave the company an "outperform" rating in a research report on Friday, August 7th. Truist Financial lifted their price target on Assurant from $310.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. Morgan Stanley boosted their price objective on Assurant from $300.00 to $320.00 and gave the stock an "overweight" rating in a report on Wednesday, August 19th. Finally, Royal Bank Of Canada set a $310.00 price objective on Assurant in a research note on Wednesday, June 17th. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of "Buy" and an average price target of $316.57.

Assurant Trading Up 1.2%

Shares of AIZ stock opened at $288.56 on Thursday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.38 and a current ratio of 0.38. The company has a market capitalization of $14.23 billion, a price-to-earnings ratio of 13.78 and a beta of 0.55. Assurant, Inc. has a 52-week low of $205.01 and a 52-week high of $303.94. The company has a 50-day simple moving average of $277.90 and a two-hundred day simple moving average of $248.73.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share for the quarter, topping analysts' consensus estimates of $5.17 by $1.24. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The firm had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the previous year, the business earned $5.56 EPS. The company's revenue was up 9.4% compared to the same quarter last year. Research analysts anticipate that Assurant, Inc. will post 22.05 EPS for the current fiscal year.

Assurant Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, August 31st will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.2%. The ex-dividend date is Monday, August 31st. Assurant's dividend payout ratio (DPR) is 16.81%.

Assurant Profile

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.

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