Jupiter Asset Management Ltd. Takes Position in Assurant, Inc. (NYSE:AIZ)

Key Points

• Jupiter Asset Management Ltd. has acquired 26,933 shares of Assurant, Inc., valued at approximately $5.65 million, representing about 0.05% ownership at the end of the most recent quarter.
• Assurant's quarterly earnings report showed an EPS of $3.39, which surpassed analysts' expectations by $0.61, along with a year-over-year revenue increase of 6.7%.
• The stock recently had a dividend payout of $0.80 per share, translating to an annualized dividend of $3.20 and a yield of 1.7%.

Jupiter Asset Management Ltd. acquired a new position in Assurant, Inc. (NYSE:AIZ - Free Report) in the 1st quarter, according to its most recent Form 13F filing with the SEC. The institutional investor acquired 26,933 shares of the financial services provider's stock, valued at approximately $5,649,000. Jupiter Asset Management Ltd. owned approximately 0.05% of Assurant at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of AIZ. Bank of New York Mellon Corp increased its position in Assurant by 12.7% in the 1st 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 purchasing an additional 420,069 shares during the last quarter. Geode Capital Management LLC increased its position in Assurant by 0.8% in the 4th quarter. Geode Capital Management LLC now owns 1,399,725 shares of the financial services provider's stock worth $299,724,000 after purchasing an additional 10,956 shares during the last quarter. Northern Trust Corp increased its position in Assurant by 23.1% in the 4th quarter. Northern Trust Corp now owns 831,864 shares of the financial services provider's stock worth $177,370,000 after purchasing an additional 156,364 shares during the last quarter. Clark Capital Management Group Inc. increased its position in Assurant by 1.2% in the 4th quarter. Clark Capital Management Group Inc. now owns 607,458 shares of the financial services provider's stock worth $129,522,000 after purchasing an additional 7,211 shares during the last quarter. Finally, Deutsche Bank AG increased its position in Assurant by 25.9% in the 4th quarter. Deutsche Bank AG now owns 550,782 shares of the financial services provider's stock worth $117,438,000 after purchasing an additional 113,247 shares during the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on AIZ shares. Wall Street Zen lowered Assurant from a "buy" rating to a "hold" rating in a research report on Saturday, July 5th. Keefe, Bruyette & Woods upped their target price on Assurant from $224.00 to $225.00 and gave the stock an "outperform" rating in a research report on Monday, May 19th. Piper Sandler raised Assurant from a "neutral" rating to an "overweight" rating and set a $223.00 target price on the stock in a research report on Thursday, April 10th. Finally, Morgan Stanley upped their target price on Assurant from $217.00 to $218.00 and gave the stock an "equal weight" rating in a research report on Monday, July 14th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to data from MarketBeat.com, Assurant has a consensus rating of "Moderate Buy" and a consensus target price of $228.83.

Assurant Stock Performance

Shares of NYSE AIZ opened at $186.41 on Monday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.41 and a current ratio of 0.41. The firm has a market cap of $9.48 billion, a price-to-earnings ratio of 14.53 and a beta of 0.58. The business's 50-day simple moving average is $193.98 and its 200-day simple moving average is $199.50. Assurant, Inc. has a 52 week low of $164.63 and a 52 week high of $230.55.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings data on Tuesday, May 6th. The financial services provider reported $3.39 EPS for the quarter, beating analysts' consensus estimates of $2.78 by $0.61. The business had revenue of $3.07 billion for the quarter, compared to analyst estimates of $3.06 billion. Assurant had a return on equity of 15.49% and a net margin of 5.55%. The firm's revenue for the quarter was up 6.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $4.78 EPS. As a group, equities research analysts expect that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were issued a dividend of $0.80 per share. The ex-dividend date of this dividend was Monday, June 9th. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.7%. Assurant's dividend payout ratio is currently 24.94%.

Insider Activity at Assurant

In other Assurant news, EVP Jay Rosenblum sold 1,000 shares of the firm's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $201.93, for a total value of $201,930.00. Following the sale, the executive vice president owned 11,775 shares of the company's stock, valued at $2,377,725.75. This trade represents a 7.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.51% of the company's stock.

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.

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