Magnetar Financial LLC Makes New $4.65 Million Investment in Assurant, Inc. $AIZ

Key Points

• Magnetar Financial LLC acquired a new position in Assurant, Inc., purchasing 22,180 shares valued at approximately $4.65 million in the first quarter.
• Assurant reported quarterly earnings of $5.56 per share, exceeding analysts' expectations, and announced a quarterly dividend of $0.80 per share to be paid on September 29.
• The stock received positive ratings from several analysts, with a majority issuing "buy" or "outperform" ratings and a consensus price target of $233.29.

Magnetar Financial LLC acquired a new stake in Assurant, Inc. (NYSE:AIZ - Free Report) in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund acquired 22,180 shares of the financial services provider's stock, valued at approximately $4,652,000.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Zions Bancorporation National Association UT purchased a new stake in shares of Assurant in the first quarter valued at $26,000. Alpine Bank Wealth Management purchased a new stake in shares of Assurant in the first quarter valued at $28,000. Private Trust Co. NA grew its position in Assurant by 192.2% during the first 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 period. Assetmark Inc. grew its position in Assurant by 312.8% during the first 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 period. Finally, Migdal Insurance & Financial Holdings Ltd. grew its position in Assurant by 47.3% during the first 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 period. Hedge funds and other institutional investors own 92.65% of the company's stock.

Assurant Stock Up 0.1%

Shares of NYSE:AIZ traded up $0.14 during trading on Wednesday, hitting $214.71. The company's stock had a trading volume of 183,696 shares, compared to its average volume of 486,313. 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, Inc. has a fifty-two week low of $174.97 and a fifty-two week high of $230.55. The stock's 50-day moving average price is $198.66 and its two-hundred day moving average price is $199.29. The company has a market capitalization of $10.83 billion, a PE ratio of 15.55 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $5.56 EPS for the quarter, topping the consensus estimate of $4.43 by $1.13. Assurant had a return on equity of 16.47% and a net margin of 5.83%.The business had revenue of $3.16 billion for the quarter, compared to analysts' expectations of $3.13 billion. During the same quarter in the previous year, the firm posted $4.77 earnings per share. The company's revenue was up 8.0% compared to the same quarter last year. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. As a group, sell-side analysts expect that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 29th. Investors of record on Tuesday, September 2nd will be paid 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 payout ratio is 23.17%.

Insider Buying and Selling

In other Assurant news, EVP Jay Rosenblum sold 3,900 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $208.53, for a total transaction of $813,267.00. Following the sale, the executive vice president owned 7,875 shares in the company, valued at $1,642,173.75. This represents a 33.12% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Keith Demmings sold 4,275 shares of the stock in a transaction that occurred on Friday, August 29th. The stock was sold at an average price of $220.27, for a total value of $941,654.25. Following the transaction, the chief executive officer directly owned 98,372 shares in the company, valued at approximately $21,668,400.44. This represents a 4.16% decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 13,400 shares of company stock worth $2,891,288. 0.51% of the stock is currently owned by corporate insiders.

Analyst Ratings Changes

A number of equities research analysts have issued reports on AIZ shares. Morgan Stanley reissued a "cautious" rating on shares of Assurant in a research report on Monday, August 18th. Benchmark began coverage on Assurant in a research note on Tuesday, August 12th. They set a "buy" rating on the stock. BMO Capital Markets began coverage on Assurant in a research note on Tuesday, August 12th. They set an "outperform" rating and a $238.00 price objective on the stock. Zacks Research upgraded Assurant from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 19th. Finally, Keefe, Bruyette & Woods boosted their price objective on Assurant from $225.00 to $235.00 and gave the stock an "outperform" rating in a research note on Tuesday, August 12th. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and one has assigned a Sell rating to the company. According to MarketBeat.com, Assurant has an average rating of "Moderate Buy" and a consensus price target of $233.29.

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.