Assurant, Inc. (NYSE:AIZ) Shares Sold by Bank of Nova Scotia

Key Points

• Bank of Nova Scotia reduced its holdings in Assurant, Inc. by 36.8% in the first quarter, owning 5,356 shares worth approximately $1.12 million after selling 3,124 shares.
• Assurant's recent earnings report showed an EPS of $5.56, surpassing analyst expectations of $4.43, and its revenue reached $3.16 billion, reflecting an 8% year-over-year increase.
• The company recently announced a quarterly dividend of $0.80, with a yield of 1.6% and a payout ratio of 23.17%.

Bank of Nova Scotia lessened its stake in Assurant, Inc. (NYSE:AIZ - Free Report) by 36.8% during the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 5,356 shares of the financial services provider's stock after selling 3,124 shares during the period. Bank of Nova Scotia's holdings in Assurant were worth $1,123,000 as of its most recent SEC filing.

Several other institutional investors have also recently added to or reduced their stakes in AIZ. Franklin Resources Inc. grew its holdings in shares of Assurant by 12.5% in the 4th quarter. Franklin Resources Inc. now owns 7,558 shares of the financial services provider's stock worth $1,612,000 after acquiring an additional 841 shares during the period. Envestnet Asset Management Inc. grew its holdings in Assurant by 18.5% during the 4th quarter. Envestnet Asset Management Inc. now owns 97,413 shares of the financial services provider's stock valued at $20,770,000 after buying an additional 15,218 shares during the last quarter. Cerity Partners LLC grew its holdings in Assurant by 8.9% during the 4th quarter. Cerity Partners LLC now owns 8,826 shares of the financial services provider's stock valued at $1,848,000 after buying an additional 721 shares during the last quarter. FIL Ltd grew its holdings in Assurant by 42.4% during the 4th quarter. FIL Ltd now owns 213,550 shares of the financial services provider's stock valued at $45,533,000 after buying an additional 63,550 shares during the last quarter. Finally, Renaissance Technologies LLC acquired a new stake in Assurant during the 4th quarter valued at $8,763,000. Institutional investors and hedge funds own 92.65% of the company's stock.

Insider Transactions at Assurant

In other Assurant news, EVP Jay Rosenblum sold 1,000 shares of the stock in a transaction on Friday, May 16th. The stock was sold at an average price of $201.93, for a total transaction of $201,930.00. Following the completion of the transaction, the executive vice president directly owned 11,775 shares of the company's stock, valued at approximately $2,377,725.75. This trade represents a 7.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders own 0.51% of the company's stock.

Analyst Ratings Changes

A number of brokerages have commented on AIZ. Keefe, Bruyette & Woods increased their target price on Assurant from $225.00 to $235.00 and gave the company an "outperform" rating in a report on Tuesday. Morgan Stanley raised their price objective on Assurant from $217.00 to $218.00 and gave the stock an "equal weight" rating in a report on Monday, July 14th. Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a report on Saturday. Finally, BMO Capital Markets assumed coverage on Assurant in a report on Tuesday. They set an "outperform" rating and a $238.00 price objective on the stock. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the stock. According to data from MarketBeat.com, Assurant has a consensus rating of "Moderate Buy" and a consensus price target of $231.57.

Assurant Stock Performance

Shares of NYSE:AIZ traded up $1.97 during trading on Tuesday, hitting $207.68. 110,287 shares of the company traded hands, compared to its average volume of 489,000. The stock has a market capitalization of $10.56 billion, a price-to-earnings ratio of 15.02 and a beta of 0.58. The business's fifty day moving average is $193.89 and its 200-day moving average is $199.08. Assurant, Inc. has a one year low of $174.97 and a one year high of $230.55. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38.

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, topping the consensus estimate of $4.43 by $1.13. Assurant had a net margin of 5.83% and a return on equity of 16.47%. The business had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the prior year, the firm earned $4.77 earnings per share. The company's quarterly revenue was up 8.0% on a year-over-year basis. As a group, equities analysts predict that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Shareholders of record on Monday, June 9th were paid 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 of this dividend was Monday, June 9th. Assurant's dividend payout ratio (DPR) is presently 23.17%.

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.