Prudential PLC Decreases Stock Holdings in Assurant, Inc. $AIZ

Key Points

• Prudential PLC reduced its stake in Assurant, Inc. by 8.4% during the first quarter, bringing its total ownership to 15,495 shares worth approximately $3.25 million.
• Assurant recently reported $5.56 earnings per share for the quarter, surpassing the consensus estimate of $4.43, with a year-over-year revenue increase of 8.0%.
• Several analysts have upgraded their ratings on Assurant, with target prices set as high as $238.00, indicating strong market optimism for the company's future performance.

Prudential PLC trimmed its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 8.4% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 15,495 shares of the financial services provider's stock after selling 1,430 shares during the period. Prudential PLC's holdings in Assurant were worth $3,250,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Cerity Partners LLC lifted its stake in shares of 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 in the last quarter. Renaissance Technologies LLC purchased a new position in Assurant in the 4th quarter worth about $8,763,000. Raymond James Financial Inc. purchased a new position in shares of Assurant during the fourth quarter valued at $3,810,000. Sterling Capital Management LLC grew its stake in Assurant by 55.4% in the fourth quarter. Sterling Capital Management LLC now owns 3,082 shares of the financial services provider's stock valued at $657,000 after purchasing an additional 1,099 shares during the last quarter. Finally, Mariner LLC grew its holdings in Assurant by 35.6% in the fourth quarter. Mariner LLC now owns 6,989 shares of the financial services provider's stock worth $1,490,000 after purchasing an additional 1,836 shares during the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Assurant Trading Down 1.2%

AIZ traded down $2.48 on Monday, hitting $210.02. The company had a trading volume of 198,940 shares, compared to its average volume of 489,792. The company's fifty day moving average price is $194.56 and its 200 day moving average price is $198.96. The firm has a market cap of $10.60 billion, a P/E ratio of 15.22 and a beta of 0.58. Assurant, Inc. has a 1 year low of $174.97 and a 1 year high of $230.55. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.38.

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

Assurant Announces Dividend

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

Insider Activity at Assurant

In related news, CAO Dimitry Dirienzo sold 950 shares of the firm's stock in a transaction dated Friday, August 8th. The stock was sold at an average price of $204.96, for a total transaction of $194,712.00. Following the transaction, the chief accounting officer owned 3,135 shares of the company's stock, valued at $642,549.60. This trade represents a 23.26% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jay Rosenblum sold 3,900 shares of Assurant stock in a transaction dated 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 directly 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 disclosure for this sale can be found here. Corporate insiders own 0.51% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently weighed in on AIZ. Morgan Stanley reissued a "cautious" rating on shares of Assurant in a report on Monday. Wall Street Zen raised shares of Assurant from a "hold" rating to a "buy" rating in a report on Saturday, August 9th. Keefe, Bruyette & Woods increased their target price on Assurant from $225.00 to $235.00 and gave the company an "outperform" rating in a research report on Tuesday, August 12th. Stephens began coverage on shares of Assurant in a research note on Tuesday, August 12th. They issued an "overweight" rating on the stock. Finally, BMO Capital Markets began coverage on shares of Assurant in a research note on Tuesday, August 12th. They issued an "outperform" rating and a $238.00 price target on the stock. One equities research analyst has rated the stock with a sell rating and nine have given a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $233.29.

About Assurant

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.