Dockside LLC Takes $11.70 Million Position in Assurant, Inc. $AIZ

Key Points

• Dockside LLC acquired 43,551 Assurant shares worth approximately $11.7 million, making Assurant its largest holding and representing about 2.7% of the fund’s portfolio.
• 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, equating to a 1.2% annualized yield.
• Institutional investors own 92.65% of Assurant, although insiders sold $3.54 million of stock over the past three months. Analysts maintain a consensus “Buy” rating with an average price target of $313.71.

Dockside LLC purchased a new stake in Assurant, Inc. (NYSE:AIZ - Free Report) in the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The fund purchased 43,551 shares of the financial services provider's stock, valued at approximately $11,695,000. Assurant accounts for approximately 2.7% of Dockside LLC's holdings, making the stock its largest holding. Dockside LLC owned approximately 0.09% of Assurant as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also added to or reduced their stakes in the company. Norges Bank bought a new stake in shares of Assurant during the 4th quarter valued at $161,574,000. Adage Capital Partners GP L.L.C. grew its holdings in shares of Assurant by 676.5% during the 4th quarter. Adage Capital Partners GP L.L.C. now owns 240,240 shares of the financial services provider's stock worth $57,862,000 after purchasing an additional 209,300 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Assurant by 22.4% in the first quarter. Dimensional Fund Advisors LP now owns 1,125,406 shares of the financial services provider's stock worth $245,121,000 after purchasing an additional 205,767 shares during the period. Millennium Management LLC increased its position in shares of Assurant by 122.9% in the fourth quarter. Millennium Management LLC now owns 322,235 shares of the financial services provider's stock worth $77,610,000 after purchasing an additional 177,642 shares during the period. Finally, Gillson Capital LP raised its stake in Assurant by 62.6% in the fourth quarter. Gillson Capital LP now owns 390,205 shares of the financial services provider's stock valued at $93,981,000 after purchasing an additional 150,168 shares in the last quarter. Institutional investors and hedge funds own 92.65% of the company's stock.

Insider Buying and Selling

In related news, CAO Dimitry Dirienzo sold 2,000 shares of the company's stock in a transaction that occurred on Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total transaction of $511,360.00. Following the completion of the transaction, the chief accounting officer directly owned 2,741 shares in the company, valued at $700,818.88. This represents a 42.19% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Robert Lonergan sold 7,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the completion of the transaction, the executive vice president directly owned 27,374 shares of the company's stock, valued at approximately $7,191,423.54. The trade was a 20.36% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 12,931 shares of company stock worth $3,539,300 in the last three months. 0.54% of the stock is owned by corporate insiders.

Assurant Stock Performance

NYSE:AIZ opened at $282.76 on Friday. The stock's 50-day simple moving average is $273.81 and its 200 day simple moving average is $246.17. The firm has a market capitalization of $13.95 billion, a PE ratio of 13.50 and a beta of 0.55. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.36. Assurant, Inc. has a twelve month low of $205.01 and a twelve month high of $303.94.

Assurant (NYSE:AIZ - Get Free Report) last issued its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 EPS for the quarter, topping the consensus estimate of $5.17 by $1.24. The firm had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.43 billion. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $5.56 earnings per share. On average, analysts anticipate that Assurant, Inc. will post 21.61 EPS for the current fiscal year.

Assurant Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, August 31st will be issued a dividend of $0.88 per share. The ex-dividend date of this dividend is Monday, August 31st. This represents a $3.52 annualized dividend and a dividend yield of 1.2%. Assurant's payout ratio is 16.81%.

Wall Street Analysts Forecast Growth

AIZ has been the subject of several recent analyst reports. Wall Street Zen cut shares of Assurant from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. Royal Bank Of Canada set a $310.00 target price on shares of Assurant in a research report on Wednesday, June 17th. Piper Sandler upped their price target on shares of Assurant from $290.00 to $329.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Weiss Ratings upgraded shares of Assurant from a "buy (b+)" rating to a "buy (a-)" rating in a research report on Tuesday. Finally, Morgan Stanley lifted their price objective on shares of Assurant from $285.00 to $300.00 and gave the company an "overweight" rating in a research note on Monday, July 6th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the stock. According to MarketBeat.com, Assurant currently has an average rating of "Buy" and a consensus target price of $313.71.

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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