Principal Financial Group Inc. Grows Stock Holdings in Assurant, Inc. (NYSE:AIZ)

Principal Financial Group Inc. raised its position in Assurant, Inc. (NYSE:AIZ - Free Report) by 12.0% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 79,289 shares of the financial services provider's stock after acquiring an additional 8,478 shares during the quarter. Principal Financial Group Inc. owned approximately 0.16% of Assurant worth $16,631,000 at the end of the most recent quarter.

Other hedge funds have also recently modified their holdings of the company. Norges Bank purchased a new stake in Assurant in the fourth quarter worth $143,475,000. Millennium Management LLC increased its position in shares of Assurant by 1,499.1% during the fourth quarter. Millennium Management LLC now owns 344,128 shares of the financial services provider's stock valued at $73,375,000 after buying an additional 322,608 shares during the period. GAMMA Investing LLC increased its position in shares of Assurant by 20,818.1% during the first quarter. GAMMA Investing LLC now owns 308,123 shares of the financial services provider's stock valued at $646,290,000 after buying an additional 306,650 shares during the period. Fuller & Thaler Asset Management Inc. purchased a new position in shares of Assurant during the fourth quarter valued at about $34,365,000. Finally, Northern Trust Corp increased its position in shares of Assurant by 23.1% during the fourth quarter. Northern Trust Corp now owns 831,864 shares of the financial services provider's stock valued at $177,370,000 after buying an additional 156,364 shares during the period. Hedge funds and other institutional investors own 92.65% of the company's stock.

Assurant Price Performance

AIZ stock opened at $187.50 on Friday. Assurant, Inc. has a 52 week low of $164.63 and a 52 week high of $230.55. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.40. The company has a fifty day simple moving average of $197.38 and a two-hundred day simple moving average of $201.99. The firm has a market capitalization of $9.54 billion, a P/E ratio of 14.61 and a beta of 0.59.

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

Assurant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were paid a $0.80 dividend. This represents a $3.20 annualized dividend and a yield of 1.71%. The ex-dividend date of this dividend was Monday, June 9th. Assurant's dividend payout ratio is presently 24.94%.

Wall Street Analyst Weigh In

Several equities research analysts recently commented on AIZ shares. Piper Sandler raised shares of Assurant from a "neutral" rating to an "overweight" rating and set a $223.00 price objective on the stock in a research note on Thursday, April 10th. Keefe, Bruyette & Woods upped their target price on shares of Assurant from $224.00 to $225.00 and gave the stock an "outperform" rating in a research note on Monday, May 19th. Wall Street Zen downgraded shares of Assurant from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, Morgan Stanley set a $217.00 target price on shares of Assurant and gave the stock an "equal weight" rating in a research note on Monday, May 19th. Two research analysts have rated the stock with a hold rating and five have given a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $228.67.

Insider Buying and Selling

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 value of $201,930.00. Following the transaction, the executive vice president owned 11,775 shares of the company's stock, valued at $2,377,725.75. This trade represents a 7.83% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.51% of the stock is owned by corporate insiders.

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.

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