Graham Capital Management L.P. Boosts Position in Assurant, Inc. $AIZ

Key Points

• Graham Capital Management L.P. increased its stake in Assurant, Inc. by 288.4% in the first quarter, now holding 5,659 shares valued at approximately $1.19 million.
• Assurant recently announced a quarterly dividend of $0.80, with an annualized yield of 1.5%, payable on September 29th, 2023.
• Assurant's earnings report indicated a profit of $5.56 EPS, exceeding analyst expectations and reflecting an 8.0% year-over-year revenue increase.

Graham Capital Management L.P. raised its stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 288.4% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 5,659 shares of the financial services provider's stock after purchasing an additional 4,202 shares during the period. Graham Capital Management L.P.'s holdings in Assurant were worth $1,187,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of AIZ. Zions Bancorporation National Association UT bought a new stake in Assurant during the 1st quarter valued at $26,000. Alpine Bank Wealth Management purchased a new position in Assurant in the first quarter worth $28,000. Private Trust Co. NA grew its position in Assurant by 192.2% in the first quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock worth $31,000 after acquiring an additional 98 shares in the last quarter. Assetmark Inc. grew its position in Assurant by 312.8% in the first quarter. Assetmark Inc. now owns 161 shares of the financial services provider's stock worth $34,000 after acquiring an additional 122 shares in the last quarter. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in Assurant by 47.3% in the first quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock worth $40,000 after acquiring an additional 61 shares in the last quarter. Hedge funds and other institutional investors own 92.65% of the company's stock.

Insider Transactions at Assurant

In other news, EVP Jay Rosenblum sold 3,900 shares of the business's stock in a transaction that occurred on Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total transaction of $813,267.00. Following the completion of the sale, the executive vice president owned 7,875 shares in the company, valued at approximately $1,642,173.75. The trade was a 33.12% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Keith Demmings sold 4,275 shares of Assurant stock in a transaction on Friday, August 29th. The shares were sold at an average price of $220.27, for a total transaction of $941,654.25. Following the completion of the transaction, the chief executive officer directly owned 98,372 shares in the company, valued at $21,668,400.44. The trade was a 4.16% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last quarter, insiders sold 13,400 shares of company stock worth $2,891,288. 0.51% of the stock is currently owned by insiders.

Assurant Stock Performance

Shares of AIZ stock traded up $0.17 during trading hours on Monday, hitting $211.34. The company's stock had a trading volume of 206,541 shares, compared to its average volume of 484,494. The stock has a market cap of $10.66 billion, a PE ratio of 15.30 and a beta of 0.55. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38. The company has a 50 day moving average of $199.75 and a 200 day moving average of $199.54. Assurant, Inc. has a 12-month low of $174.97 and a 12-month high of $230.55.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, beating the consensus estimate of $4.43 by $1.13. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. Assurant had a net margin of 5.83% and a return on equity of 16.47%. The firm's revenue was up 8.0% on a year-over-year basis. During the same quarter last year, the business earned $4.77 earnings per share. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. On average, sell-side analysts forecast that Assurant, Inc. will post 16.88 EPS for the current fiscal year.

Assurant Announces Dividend

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

Analysts Set New Price Targets

A number of analysts have recently weighed in on the stock. Morgan Stanley reiterated a "cautious" rating on shares of Assurant in a report on Monday, August 18th. Wall Street Zen raised shares of Assurant from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Stephens assumed coverage on shares of Assurant in a report on Tuesday, August 12th. They set an "overweight" rating on the stock. Benchmark started coverage on shares of Assurant in a report on Tuesday, August 12th. They issued a "buy" rating on the stock. Finally, Zacks Research upgraded shares of Assurant from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 19th. One equities 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's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus target price of $233.29.

Assurant 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.