Ontario Teachers Pension Plan Board Purchases 2,237 Shares of Assurant, Inc. (NYSE:AIZ)

Key Points

• Ontario Teachers Pension Plan Board increased its holdings in Assurant, Inc. by 45.4% in the first quarter, acquiring an additional 2,237 shares and raising total ownership to 7,162 shares valued at approximately $1.5 million.
• Assurant reported earnings of $5.56 per share for the last quarter, exceeding analysts' expectations by 21% and showing an 8% year-over-year revenue growth with total revenue of $3.16 billion.
• The company's shares are currently rated as "Moderate Buy" by analysts with a consensus target price of $228.83, indicating positive sentiment towards its stock performance.

Ontario Teachers Pension Plan Board grew its stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 45.4% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 7,162 shares of the financial services provider's stock after purchasing an additional 2,237 shares during the period. Ontario Teachers Pension Plan Board's holdings in Assurant were worth $1,502,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Franklin Resources Inc. raised its stake in Assurant by 12.5% during the 4th quarter. Franklin Resources Inc. now owns 7,558 shares of the financial services provider's stock worth $1,612,000 after buying an additional 841 shares during the period. Envestnet Asset Management Inc. raised its position in shares of Assurant by 18.5% during the fourth quarter. Envestnet Asset Management Inc. now owns 97,413 shares of the financial services provider's stock worth $20,770,000 after purchasing an additional 15,218 shares during the period. Cerity Partners LLC lifted its holdings in shares of Assurant by 8.9% in the 4th quarter. Cerity Partners LLC now owns 8,826 shares of the financial services provider's stock worth $1,848,000 after purchasing an additional 721 shares in the last quarter. FIL Ltd grew its position in Assurant by 42.4% in the 4th quarter. FIL Ltd now owns 213,550 shares of the financial services provider's stock valued at $45,533,000 after purchasing an additional 63,550 shares during the period. Finally, Renaissance Technologies LLC acquired a new stake in Assurant in the 4th quarter valued at $8,763,000. Institutional investors own 92.65% of the company's stock.

Assurant Stock Up 0.8%

AIZ stock traded up $1.57 during trading on Friday, reaching $203.38. The stock had a trading volume of 402,948 shares, compared to its average volume of 417,944. The company has a quick ratio of 0.41, a current ratio of 0.66 and a debt-to-equity ratio of 0.38. The company has a market capitalization of $10.35 billion, a price-to-earnings ratio of 14.73 and a beta of 0.58. Assurant, Inc. has a one year low of $170.39 and a one year high of $230.55. The company's 50 day moving average is $193.86 and its two-hundred day moving average is $199.18.

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

Assurant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were given a dividend of $0.80 per share. The ex-dividend date was Monday, June 9th. This represents a $3.20 annualized dividend and a yield of 1.6%. Assurant's dividend payout ratio is presently 23.17%.

Wall Street Analysts Forecast Growth

AIZ has been the topic of a number of recent research reports. Wall Street Zen raised shares of Assurant from a "hold" rating to a "buy" rating in a research note on Saturday. Keefe, Bruyette & Woods lifted their price target on Assurant from $224.00 to $225.00 and gave the company an "outperform" rating in a research note on Monday, May 19th. Finally, Morgan Stanley increased their price objective on Assurant from $217.00 to $218.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. One analyst has rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average price target of $228.83.

Insiders Place Their Bets

In related news, EVP Jay Rosenblum sold 1,000 shares of the firm's stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $201.93, for a total transaction of $201,930.00. Following the completion of the sale, the executive vice president owned 11,775 shares in the company, valued at approximately $2,377,725.75. This trade represents a 7.83% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 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.