LPL Financial LLC Has $6.64 Million Stock Position in Assurant, Inc. (NYSE:AIZ)

Key Points

• LPL Financial LLC has increased its holdings in Assurant, Inc. by 35.8%, now owning 31,669 shares valued at approximately $6.64 million.
• In recent analyst updates, Keefe, Bruyette & Woods raised their price target for Assurant from $224 to $225, while Morgan Stanley increased theirs from $217 to $218.
• Assurant recently reported a quarterly EPS of $5.56, exceeding expectations and reflecting an 8% year-over-year revenue increase.

LPL Financial LLC grew its position in Assurant, Inc. (NYSE:AIZ - Free Report) by 35.8% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 31,669 shares of the financial services provider's stock after acquiring an additional 8,351 shares during the quarter. LPL Financial LLC owned approximately 0.06% of Assurant worth $6,643,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also made changes to their positions in the company. Alpine Bank Wealth Management bought a new stake in shares of Assurant in the 1st quarter valued at approximately $28,000. Private Trust Co. NA increased its holdings in shares of Assurant by 192.2% in the 1st quarter. Private Trust Co. NA now owns 149 shares of the financial services provider's stock valued at $31,000 after acquiring an additional 98 shares during the last quarter. Assetmark Inc. increased its holdings in shares of Assurant by 312.8% in the 1st quarter. Assetmark Inc. now owns 161 shares of the financial services provider's stock valued at $34,000 after acquiring an additional 122 shares during the last quarter. Migdal Insurance & Financial Holdings Ltd. increased its holdings in shares of Assurant by 47.3% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 61 shares during the last quarter. Finally, Park Square Financial Group LLC bought a new stake in shares of Assurant in the 4th quarter valued at approximately $44,000. 92.65% of the stock is currently owned by institutional investors.

Assurant Stock Performance

AIZ stock traded down $0.12 during trading on Friday, reaching $212.81. 578,289 shares of the company's stock were exchanged, compared to its average volume of 435,513. 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 1-year low of $174.97 and a 1-year high of $230.55. The company's fifty day moving average price is $194.56 and its 200-day moving average price is $199.09. The firm has a market cap of $10.74 billion, a PE ratio of 15.41 and a beta of 0.58.

Assurant (NYSE:AIZ - Get Free Report) last announced its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $4.43 by $1.13. Assurant had a return on equity of 16.47% and a net margin of 5.83%. The company had revenue of $3.16 billion during the quarter, compared to analyst estimates of $3.13 billion. During the same quarter in the previous year, the firm posted $4.77 EPS. The firm's quarterly revenue was up 8.0% on a year-over-year basis. On average, research analysts expect that Assurant, Inc. will post 16.88 EPS for the current fiscal year.

Assurant Dividend Announcement

The company also recently disclosed 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. The ex-dividend date is Tuesday, September 2nd. This represents a $3.20 annualized dividend and a dividend yield of 1.5%. Assurant's dividend payout ratio is 23.17%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently weighed in on AIZ shares. Stephens began coverage on Assurant in a report on Tuesday. They issued an "overweight" rating for the company. BMO Capital Markets began coverage on Assurant in a research report on Tuesday. They set an "outperform" rating and a $238.00 price objective for the company. Keefe, Bruyette & Woods boosted their price objective on Assurant from $225.00 to $235.00 and gave the company an "outperform" rating in a research report on Tuesday. Benchmark began coverage on Assurant in a research report on Tuesday. They set a "buy" rating for the company. Finally, Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a research report on Saturday, August 9th. One analyst has rated the stock with a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Assurant currently has a consensus rating of "Moderate Buy" and a consensus target price of $231.57.

Insider Buying and Selling at Assurant

In other news, CAO Dimitry Dirienzo sold 950 shares of the company'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 sale, the chief accounting officer owned 3,135 shares in the company, valued at $642,549.60. This represents a 23.26% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Jay Rosenblum sold 3,900 shares of the company's stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the completion of the sale, the executive vice president owned 7,875 shares of the company's stock, valued at approximately $1,642,173.75. This trade represents 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.