Assurant, Inc. (NYSE:AIZ) Shares Purchased by Forsta AP Fonden

Key Points

• Forsta AP Fonden increased its stake in Assurant, Inc. by 129.5%, acquiring an additional 10,100 shares to own a total of 17,900 shares valued at approximately $3.76 million.
• Assurant reported a quarterly earnings per share (EPS) of $5.56, exceeding analysts' estimates of $4.43 and marking an 8% increase in revenue compared to the previous year.
• The company recently announced a $0.80 per share quarterly dividend, equating to an annualized yield of 1.6% with a payout ratio of 23.17%.

Forsta AP Fonden lifted its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 129.5% during the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 17,900 shares of the financial services provider's stock after acquiring an additional 10,100 shares during the period. Forsta AP Fonden's holdings in Assurant were worth $3,755,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also made changes to their positions in AIZ. Alpine Bank Wealth Management acquired a new stake in shares of Assurant during the 1st quarter worth about $28,000. Private Trust Co. NA grew its stake in Assurant by 192.2% during the 1st quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock worth $31,000 after buying an additional 98 shares during the last quarter. Assetmark Inc. grew its stake in Assurant by 312.8% during the 1st quarter. Assetmark Inc. now owns 161 shares of the financial services provider's stock worth $34,000 after buying an additional 122 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. grew its stake in Assurant by 47.3% during the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock worth $40,000 after buying an additional 61 shares during the last quarter. Finally, Park Square Financial Group LLC purchased a new position in Assurant during the 4th quarter worth approximately $44,000. Institutional investors and hedge funds own 92.65% of the company's stock.

Wall Street Analyst Weigh In

AIZ has been the topic of a number of research reports. Keefe, Bruyette & Woods raised their price target on Assurant from $225.00 to $235.00 and gave the stock an "outperform" rating in a research note on Tuesday. Morgan Stanley raised their price target on Assurant from $217.00 to $218.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Stephens initiated coverage on Assurant in a research note on Tuesday. They set an "overweight" rating on the stock. Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Finally, Benchmark began coverage on Assurant in a research note on Tuesday. They issued a "buy" rating on the stock. One equities research analyst has rated the stock with a hold rating and nine have assigned a buy rating to the company's stock. According to data from MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $231.57.

Insiders Place Their Bets

In other news, EVP Jay Rosenblum sold 3,900 shares of the business's stock in a transaction on Tuesday, August 12th. The stock was sold at an average price of $208.53, for a total value of $813,267.00. Following the completion of the transaction, the executive vice president directly owned 7,875 shares of the company's stock, valued at $1,642,173.75. The trade was a 33.12% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, CAO Dimitry Dirienzo sold 950 shares of the business's stock in a transaction on Friday, August 8th. The stock was 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 approximately $642,549.60. This trade represents a 23.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.51% of the company's stock.

Assurant Price Performance

AIZ stock traded down $0.12 during midday trading on Friday, hitting $212.81. 578,289 shares of the stock were exchanged, compared to its average volume of 435,513. The stock's 50-day moving average price is $194.56 and its 200-day moving average price is $199.22. The stock has a market cap of $10.74 billion, a price-to-earnings ratio of 15.41 and a beta of 0.58. Assurant, Inc. has a fifty-two week low of $174.97 and a fifty-two week high of $230.55. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $1.13. The firm had revenue of $3.16 billion during 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%. Assurant's revenue was up 8.0% on a year-over-year basis. During the same period in the previous year, the firm posted $4.77 earnings per share. Research analysts predict 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. Stockholders of record on Tuesday, September 2nd will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Assurant's payout ratio is 23.17%.

Assurant Company 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.