Nippon Life Global Investors Americas Inc. Raises Stock Position in Assurant, Inc. $AIZ

Key Points

• Nippon Life Global Investors Americas Inc. increased its stake in Assurant, Inc. by 30%, acquiring an additional 1,270 shares during the first quarter, bringing its total holdings to 5,510 shares valued at approximately $1.16 million.
• Assurant reported earnings per share (EPS) of $5.56 for its latest quarter, exceeding analysts' expectations of $4.43, with revenue rising 8% year-over-year to $3.16 billion.
• The company has declared a quarterly dividend of $0.80 per share, with an annualized yield of 1.5%, scheduled to be paid on September 29th to shareholders on record as of September 2nd.

Nippon Life Global Investors Americas Inc. raised its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 30.0% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,510 shares of the financial services provider's stock after purchasing an additional 1,270 shares during the period. Nippon Life Global Investors Americas Inc.'s holdings in Assurant were worth $1,156,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently made changes to their positions in the company. Gotham Asset Management LLC grew its holdings in shares of Assurant by 56.4% during the 1st quarter. Gotham Asset Management LLC now owns 77,657 shares of the financial services provider's stock worth $16,289,000 after acquiring an additional 28,014 shares during the period. Amundi grew its holdings in shares of Assurant by 30.6% during the 1st quarter. Amundi now owns 367,161 shares of the financial services provider's stock worth $74,688,000 after acquiring an additional 85,962 shares during the period. Adage Capital Partners GP L.L.C. grew its stake in shares of Assurant by 68.9% in the 1st quarter. Adage Capital Partners GP L.L.C. now owns 70,840 shares of the financial services provider's stock worth $14,859,000 after buying an additional 28,900 shares during the last quarter. Graham Capital Management L.P. grew its stake in shares of Assurant by 288.4% in the 1st quarter. Graham Capital Management L.P. now owns 5,659 shares of the financial services provider's stock worth $1,187,000 after buying an additional 4,202 shares during the last quarter. Finally, Quarry LP grew its stake in shares of Assurant by 183.0% in the 1st quarter. Quarry LP now owns 1,494 shares of the financial services provider's stock worth $313,000 after buying an additional 966 shares during the last quarter. Hedge funds and other institutional investors own 92.65% of the company's stock.

Insider Buying and Selling

In related news, CEO Keith Demmings sold 4,275 shares of the firm's stock in a transaction 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 of the company's stock, valued at approximately $21,668,400.44. This trade represents a 4.16% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Dimitry Dirienzo sold 950 shares of the firm'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 in the company, valued at approximately $642,549.60. This represents a 23.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 13,400 shares of company stock valued at $2,891,288. 0.51% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

AIZ has been the topic of several recent research reports. Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. Benchmark initiated coverage on Assurant in a research note on Tuesday, August 12th. They issued a "buy" rating on the stock. Morgan Stanley restated a "cautious" rating on shares of Assurant in a research note on Monday, August 18th. 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 increased their target price on Assurant from $225.00 to $235.00 and gave the company an "outperform" rating in a research note on Tuesday, August 12th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has given a Sell rating to the company's stock. According to MarketBeat, Assurant presently has a consensus rating of "Moderate Buy" and an average target price of $233.29.

Assurant Stock Performance

Shares of NYSE AIZ traded down $0.73 during midday trading on Tuesday, hitting $211.02. 269,649 shares of the stock traded hands, compared to its average volume of 484,231. The firm has a 50-day moving average of $200.03 and a two-hundred day moving average of $199.63. The firm has a market capitalization of $10.65 billion, a P/E ratio of 15.28 and a beta of 0.55. 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, Inc. has a one year low of $174.97 and a one year high of $230.55.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings results on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share for the quarter, beating the consensus estimate of $4.43 by $1.13. The firm had revenue of $3.16 billion for 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%.The company's revenue was up 8.0% compared to the same quarter last year. During the same period in the prior year, the firm earned $4.77 EPS. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. On average, equities analysts forecast that Assurant, Inc. will post 16.88 EPS for the current fiscal year.

Assurant Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 29th. Investors 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 yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Assurant's dividend payout ratio (DPR) is currently 23.17%.

About Assurant

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.