Russell Investments Group Ltd. Reduces Stake in Assurant, Inc. $AIZ

Key Points

• Russell Investments Group Ltd. reduced its holdings in Assurant, Inc. by 4.7% in the first quarter, selling 6,120 shares and valuing its remaining stake at $25.8 million.
• Several hedge funds increased their positions in Assurant, with notable growth from GAMMA Investing LLC at 20,818.1% and Millennium Management LLC at 1,499.1%.
• Assurant declared a quarterly dividend of $0.80 per share, with an ex-dividend date set for September 2nd, indicating a 1.5% yield.

Russell Investments Group Ltd. reduced its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 4.7% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 123,097 shares of the financial services provider's stock after selling 6,120 shares during the quarter. Russell Investments Group Ltd. owned 0.24% of Assurant worth $25,777,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors also recently modified their holdings of the company. Bank of New York Mellon Corp boosted its holdings in shares of Assurant by 12.7% in the first quarter. Bank of New York Mellon Corp now owns 3,740,659 shares of the financial services provider's stock worth $784,603,000 after buying an additional 420,069 shares during the last quarter. Invesco Ltd. boosted its stake in shares of Assurant by 28.0% during the 1st quarter. Invesco Ltd. now owns 1,479,310 shares of the financial services provider's stock worth $310,285,000 after acquiring an additional 323,573 shares during the last quarter. Northern Trust Corp boosted its stake in shares of Assurant by 23.1% during the 4th quarter. Northern Trust Corp now owns 831,864 shares of the financial services provider's stock worth $177,370,000 after acquiring an additional 156,364 shares during the last quarter. Clark Capital Management Group Inc. grew its position in shares of Assurant by 1.2% during the 4th quarter. Clark Capital Management Group Inc. now owns 607,458 shares of the financial services provider's stock valued at $129,522,000 after acquiring an additional 7,211 shares during the period. Finally, Deutsche Bank AG increased its stake in shares of Assurant by 5.6% in the 1st quarter. Deutsche Bank AG now owns 581,411 shares of the financial services provider's stock worth $121,951,000 after purchasing an additional 30,629 shares in the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

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

Assurant Stock Down 1.4%

Shares of AIZ stock traded down $2.97 on Monday, hitting $209.53. The stock had a trading volume of 470,998 shares, compared to its average volume of 446,130. The company has a market cap of $10.57 billion, a PE ratio of 15.17 and a beta of 0.58. The business has a 50 day moving average price of $194.78 and a 200 day moving average price of $198.91. 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, Inc. has a one year low of $174.97 and a one year high of $230.55.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results 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. The business had revenue of $3.16 billion for the quarter, compared to analysts' expectations of $3.13 billion. Assurant had a return on equity of 16.47% and a net margin of 5.83%. The business's revenue for the quarter was up 8.0% on a year-over-year basis. During the same quarter last year, the firm earned $4.77 EPS. Research analysts anticipate that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Shareholders 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 of this dividend is Tuesday, September 2nd. Assurant's dividend payout ratio is presently 23.17%.

Insider Activity

In related news, CAO Dimitry Dirienzo sold 950 shares of the stock in a transaction that occurred on Friday, August 8th. The shares were sold at an average price of $204.96, for a total value of $194,712.00. Following the completion of the transaction, the chief accounting officer directly owned 3,135 shares of the company's stock, valued at $642,549.60. This trade represents a 23.26% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Jay Rosenblum sold 3,900 shares of the company'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 transaction, the executive vice president owned 7,875 shares in the company, valued at $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.

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.