Corient Private Wealth LP Invests $8.94 Million in Assurant, Inc. $AIZ

Key Points

• Corient Private Wealth purchased 33,284 Assurant shares worth approximately $8.94 million, acquiring a 0.07% stake. Institutional investors collectively own 92.65% of AIZ.
• Assurant reported quarterly EPS of $6.41, beating estimates by $1.24, while revenue rose 9.4% year over year to $3.45 billion. The company also declared a quarterly dividend of $0.88 per share, representing a 1.2% annualized yield.
• Analyst sentiment remains positive, with Assurant carrying a consensus “Buy” rating and an average price target of $327.14. However, two executive vice presidents recently sold shares, reducing their individual holdings by roughly 14% and 20%.

Corient Private Wealth LP purchased a new stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund purchased 33,284 shares of the financial services provider's stock, valued at approximately $8,938,000. Corient Private Wealth LP owned 0.07% of Assurant as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also recently made changes to their positions in AIZ. Jupiter Asset Management Ltd. raised its stake in Assurant by 1.6% during the 4th quarter. Jupiter Asset Management Ltd. now owns 349,361 shares of the financial services provider's stock valued at $84,144,000 after purchasing an additional 5,462 shares during the period. BlackRock Inc. bought a new position in Assurant in the 2nd quarter worth approximately $1,345,211,000. Strs Ohio grew its holdings in Assurant by 972.1% during the 4th quarter. Strs Ohio now owns 12,994 shares of the financial services provider's stock valued at $3,130,000 after buying an additional 11,782 shares in the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al grew its holdings in Assurant by 146.7% during the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 8,140 shares of the financial services provider's stock valued at $1,961,000 after buying an additional 4,840 shares in the last quarter. Finally, Bank of America Corp DE raised its position in shares of Assurant by 1.3% during the first quarter. Bank of America Corp DE now owns 361,210 shares of the financial services provider's stock valued at $78,675,000 after buying an additional 4,460 shares during the last quarter. Institutional investors own 92.65% of the company's stock.

Insider Activity

In other news, EVP Nair Biju sold 3,931 shares of Assurant stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $302.46, for a total value of $1,188,970.26. Following the transaction, the executive vice president directly owned 24,247 shares in the company, valued at approximately $7,333,747.62. This trade represents a 13.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Robert Lonergan sold 7,000 shares of Assurant stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $262.71, for a total value of $1,838,970.00. Following the completion of the transaction, the executive vice president owned 27,374 shares in the company, valued at $7,191,423.54. This trade represents a 20.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.54% of the company's stock.

Assurant Trading Up 0.0%

Shares of AIZ opened at $285.69 on Monday. Assurant, Inc. has a twelve month low of $205.01 and a twelve month high of $303.94. The company has a market cap of $14.09 billion, a P/E ratio of 13.64 and a beta of 0.55. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.36. The company's fifty day simple moving average is $278.92 and its 200-day simple moving average is $249.38.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.17 by $1.24. The business had revenue of $3.45 billion during the quarter, compared to analyst estimates of $3.43 billion. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The company's revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $5.56 earnings per share. As a group, analysts expect that Assurant, Inc. will post 22.05 EPS for the current year.

Assurant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, August 31st will be given a dividend of $0.88 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $3.52 dividend on an annualized basis and a yield of 1.2%. Assurant's dividend payout ratio (DPR) is 16.81%.

Wall Street Analyst Weigh In

AIZ has been the subject of a number of research reports. Weiss Ratings raised Assurant from a "buy (b+)" rating to a "buy (a-)" rating in a research note on Tuesday, August 11th. Wall Street Zen downgraded Assurant from a "buy" rating to a "hold" rating in a research note on Saturday, July 25th. BMO Capital Markets upped their price objective on Assurant from $274.00 to $320.00 and gave the stock an "outperform" rating in a report on Friday. Royal Bank Of Canada set a $310.00 target price on shares of Assurant in a report on Wednesday, June 17th. Finally, Truist Financial upped their price target on shares of Assurant from $310.00 to $355.00 and gave the company a "buy" rating in a research note on Thursday, August 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, Assurant currently has an average rating of "Buy" and a consensus target price of $327.14.

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.

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