Pacer Advisors Inc. Purchases 2,446 Shares of Assurant, Inc. (NYSE:AIZ)

Key Points

• Pacer Advisors Inc. increased its stake in Assurant, Inc. by 42.0%, acquiring an additional 2,446 shares, bringing their total ownership to 8,264 shares valued at $1,733,000.
• Assurant reported $3.39 EPS for the last quarter, exceeding estimates by $0.61, with revenues of $3.07 billion and a net margin of 5.55%.
• The company declared a quarterly dividend of $0.80 per share, resulting in an annual yield of 1.73% and a payout ratio of 24.94%.

Pacer Advisors Inc. boosted its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 42.0% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 8,264 shares of the financial services provider's stock after acquiring an additional 2,446 shares during the period. Pacer Advisors Inc.'s holdings in Assurant were worth $1,733,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Assetmark Inc. lifted its stake in Assurant by 312.8% in 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 last quarter. Cetera Investment Advisers grew its holdings in Assurant by 19.0% during the first quarter. Cetera Investment Advisers now owns 22,123 shares of the financial services provider's stock worth $4,640,000 after purchasing an additional 3,540 shares during the period. Avantax Advisory Services Inc. increased its position in Assurant by 42.4% during the first quarter. Avantax Advisory Services Inc. now owns 1,374 shares of the financial services provider's stock worth $288,000 after buying an additional 409 shares during the last quarter. Oak Thistle LLC lifted its position in shares of Assurant by 192.5% in the first quarter. Oak Thistle LLC now owns 13,521 shares of the financial services provider's stock valued at $2,836,000 after buying an additional 8,898 shares during the last quarter. Finally, Efficient Advisors LLC bought a new position in shares of Assurant during the 1st quarter worth approximately $421,000. 92.65% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

AIZ has been the subject of several research reports. Morgan Stanley raised their price target on Assurant from $217.00 to $218.00 and gave the company an "equal weight" rating in a report on Monday, July 14th. Piper Sandler raised shares of Assurant from a "neutral" rating to an "overweight" rating and set a $223.00 target price for the company in a report on Thursday, April 10th. Wall Street Zen cut shares of Assurant from a "buy" rating to a "hold" rating in a report on Saturday, July 5th. Finally, Keefe, Bruyette & Woods increased their target price on Assurant from $224.00 to $225.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the company's stock. Based on data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $228.83.

Insider Buying and Selling at Assurant

In related news, EVP Jay Rosenblum sold 1,000 shares of Assurant stock in a transaction that occurred on Friday, May 16th. The shares were sold at an average price of $201.93, for a total transaction of $201,930.00. Following the sale, the executive vice president directly owned 11,775 shares of the company's stock, valued at approximately $2,377,725.75. The trade was a 7.83% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Insiders own 0.51% of the company's stock.

Assurant Price Performance

Shares of AIZ traded down $0.89 during trading hours on Friday, hitting $186.41. 421,661 shares of the company were exchanged, compared to its average volume of 489,285. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.40. Assurant, Inc. has a fifty-two week low of $164.63 and a fifty-two week high of $230.55. The company has a market cap of $9.48 billion, a price-to-earnings ratio of 14.53 and a beta of 0.59. The firm's fifty day moving average is $194.18 and its 200 day moving average is $199.78.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings results on Tuesday, May 6th. The financial services provider reported $3.39 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.78 by $0.61. Assurant had a return on equity of 15.49% and a net margin of 5.55%. The company had revenue of $3.07 billion for the quarter, compared to analyst estimates of $3.06 billion. During the same quarter last year, the company posted $4.78 EPS. The company's revenue for the quarter was up 6.7% compared to the same quarter last year. On average, equities analysts anticipate that Assurant, Inc. will post 16.88 earnings per share for the current fiscal year.

Assurant Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were paid a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.7%. The ex-dividend date was Monday, June 9th. Assurant's dividend payout ratio (DPR) is presently 24.94%.

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.