Assurant, Inc. $AIZ Stake Boosted by Quantinno Capital Management LP

Key Points

• Quantinno Capital Management increased its Assurant stake by 83.7% in the first quarter to 74,826 shares valued at approximately $16.3 million. Institutional investors collectively own 92.65% of the company’s stock.
• Analysts remain broadly positive, with nine Buy ratings and one Hold; Assurant has a “Moderate Buy” consensus and an average price target of $291.43, while several firms recently raised targets to as high as $310.
• Assurant exceeded quarterly expectations with earnings of $5.95 per share and revenue of $3.42 billion, up 11.3% year over year. The company also paid a quarterly dividend of $0.88, equivalent to a 1.3% annualized yield.

Quantinno Capital Management LP lifted its stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 83.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 74,826 shares of the financial services provider's stock after purchasing an additional 34,103 shares during the quarter. Quantinno Capital Management LP owned about 0.15% of Assurant worth $16,298,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in AIZ. Jones Financial Companies Lllp grew its position in shares of Assurant by 606.7% during the first quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider's stock worth $222,000 after acquiring an additional 910 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in Assurant by 19.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 290,759 shares of the financial services provider's stock valued at $60,987,000 after purchasing an additional 47,548 shares during the last quarter. United Services Automobile Association acquired a new position in Assurant during the 1st quarter valued at about $203,000. Focus Partners Wealth boosted its stake in Assurant by 66.6% during the 1st quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider's stock valued at $556,000 after purchasing an additional 1,059 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in shares of Assurant by 57.8% in the first quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock valued at $38,000 after purchasing an additional 67 shares during the period. Institutional investors own 92.65% of the company's stock.

Insider Buying and Selling at Assurant

In related news, CAO Dimitry Dirienzo sold 2,000 shares of the stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total transaction of $511,360.00. Following the completion of the sale, the chief accounting officer directly owned 2,741 shares of the company's stock, valued at $700,818.88. This represents a 42.19% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Robert Lonergan sold 7,000 shares of Assurant stock in a transaction that occurred on Monday, June 22nd. The stock was 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 owned 27,374 shares in the company, valued at approximately $7,191,423.54. This trade represents a 20.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last 90 days, insiders sold 36,000 shares of company stock worth $9,211,620. 0.54% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several analysts recently commented on AIZ shares. Morgan Stanley raised their target price on Assurant from $285.00 to $300.00 and gave the company an "overweight" rating in a research report on Monday, July 6th. Weiss Ratings cut Assurant from a "buy (a-)" rating to a "buy (b+)" rating in a research note on Tuesday, June 23rd. Truist Financial raised their price target on Assurant from $290.00 to $310.00 and gave the company a "buy" rating in a report on Wednesday, June 17th. Keefe, Bruyette & Woods upped their price objective on shares of Assurant from $270.00 to $310.00 and gave the stock an "outperform" rating in a report on Wednesday, July 8th. Finally, Royal Bank Of Canada set a $310.00 target price on shares of Assurant in a research report on Wednesday, June 17th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $291.43.

Assurant Trading Up 0.2%

Shares of Assurant stock opened at $279.71 on Monday. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38. The firm has a market cap of $13.86 billion, a price-to-earnings ratio of 14.31 and a beta of 0.55. The business has a fifty day simple moving average of $266.87 and a 200-day simple moving average of $242.67. Assurant, Inc. has a fifty-two week low of $184.15 and a fifty-two week high of $284.64.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share for the quarter, beating the consensus estimate of $5.29 by $0.66. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The business had revenue of $3.42 billion during the quarter, compared to analysts' expectations of $3.29 billion. During the same quarter last year, the business posted $5.79 earnings per share. The company's quarterly revenue was up 11.3% on a year-over-year basis. On average, equities analysts forecast that Assurant, Inc. will post 21.04 EPS for the current fiscal year.

Assurant Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 8th were paid a $0.88 dividend. The ex-dividend date of this dividend was Monday, June 8th. This represents a $3.52 annualized dividend and a dividend yield of 1.3%. Assurant's payout ratio is currently 18.01%.

About Assurant

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.