Oppenheimer Asset Management Inc. Makes New $2.38 Million Investment in Assurant, Inc. $AIZ

Key Points

• Oppenheimer Asset Management bought 8,861 Assurant shares worth approximately $2.38 million in the second quarter. Institutional investors collectively own 92.65% of AIZ.
• Analyst sentiment remains positive: Assurant has a consensus “Buy” rating and an average price target of $313.71, with several firms recently raising their targets.
• Assurant reported quarterly EPS of $6.41, beating estimates by $1.24, while revenue rose 9.4% year over year to $3.45 billion. The company also declared a quarterly dividend of $0.88 per share, representing a 1.2% yield.

Oppenheimer Asset Management Inc. acquired a new stake in Assurant, Inc. (NYSE:AIZ - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm acquired 8,861 shares of the financial services provider's stock, valued at approximately $2,379,000.

A number of other hedge funds also recently made changes to their positions in AIZ. Montag A & Associates Inc. bought a new stake in Assurant during the fourth quarter valued at $28,000. Arlington Trust Co LLC lifted its position in shares of Assurant by 81.4% in the 2nd quarter. Arlington Trust Co LLC now owns 127 shares of the financial services provider's stock worth $34,000 after buying an additional 57 shares during the last quarter. CYBER HORNET ETFs LLC bought a new position in shares of Assurant in the 2nd quarter worth about $27,000. Western Wealth Management LLC acquired a new position in shares of Assurant in the 1st quarter valued at about $33,000. Finally, BOKF NA acquired a new position in shares of Assurant in the 3rd quarter valued at about $32,000. Hedge funds and other institutional investors own 92.65% of the company's stock.

Analyst Ratings Changes

Several research firms recently weighed in on AIZ. Royal Bank Of Canada set a $310.00 price objective on shares of Assurant in a research note on Wednesday, June 17th. Truist Financial upped their target price on Assurant from $310.00 to $355.00 and gave the company a "buy" rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods increased their price target on Assurant from $310.00 to $325.00 and gave the stock an "outperform" rating in a research report on Friday, August 7th. Piper Sandler raised their price target on Assurant from $290.00 to $329.00 and gave the stock an "overweight" rating in a report on Thursday, August 6th. Finally, UBS Group raised their price target on Assurant from $274.00 to $331.00 and gave the stock a "buy" rating in a report on Thursday. One analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the company's stock. Based on data from MarketBeat, the company has a consensus rating of "Buy" and a consensus price target of $313.71.

Assurant Stock Up 0.1%

Assurant stock opened at $282.76 on Monday. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.38 and a current ratio of 0.38. Assurant, Inc. has a one year low of $205.01 and a one year high of $303.94. The company has a 50-day simple moving average of $273.81 and a 200-day simple moving average of $246.25. The firm has a market capitalization of $13.95 billion, a P/E ratio of 13.50 and a beta of 0.55.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share for the quarter, beating the consensus estimate of $5.17 by $1.24. The firm had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.43 billion. Assurant had a net margin of 7.90% and a return on equity of 20.40%. Assurant's quarterly revenue was up 9.4% compared to the same quarter last year. During the same period last year, the firm posted $5.56 EPS. As a group, equities analysts expect that Assurant, Inc. will post 21.61 earnings per share for the current year.

Assurant Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 28th. Shareholders of record on Monday, August 31st will be paid a $0.88 dividend. The ex-dividend date is Monday, August 31st. This represents a $3.52 annualized dividend and a dividend yield of 1.2%. Assurant's dividend payout ratio (DPR) is presently 16.81%.

Insider Activity

In related news, EVP Robert Lonergan sold 7,000 shares of the firm's stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $262.71, for a total value of $1,838,970.00. Following the sale, the executive vice president directly owned 27,374 shares in the company, valued at $7,191,423.54. This trade represents a 20.36% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CAO Dimitry Dirienzo sold 2,000 shares of Assurant stock in a transaction on Tuesday, May 26th. The shares were sold at an average price of $255.68, for a total value of $511,360.00. Following the sale, the chief accounting officer directly owned 2,741 shares in the company, valued at $700,818.88. The trade was a 42.19% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 12,931 shares of company stock valued at $3,539,300. Insiders own 0.54% of the company's stock.

About Assurant

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.

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