Public Employees Retirement System of Ohio Acquires Shares of 15,324 Assurant, Inc. $AIZ

Key Points

• Public Employees Retirement System of Ohio acquired 15,324 Assurant shares worth approximately $4.1 million in the second quarter. Institutional investors collectively own 92.65% of the company.
• Assurant reported quarterly EPS of $6.41, exceeding estimates of $5.17, 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.
• Analysts maintain a consensus “Buy” rating with an average price target of $327.14; recent targets range from $320 to $355. Assurant’s stock opened at $287.83, near its 52-week high of $303.94.

Public Employees Retirement System of Ohio acquired a new stake in Assurant, Inc. (NYSE:AIZ - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 15,324 shares of the financial services provider's stock, valued at approximately $4,115,000.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jones Financial Companies Lllp grew its holdings in Assurant by 606.7% during the 1st quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider's stock valued at $222,000 after purchasing an additional 910 shares during the last quarter. Goldman Sachs Group Inc. lifted its stake in shares of Assurant by 19.6% during the 1st quarter. Goldman Sachs Group Inc. now owns 290,759 shares of the financial services provider's stock worth $60,987,000 after acquiring an additional 47,548 shares during the last quarter. United Services Automobile Association purchased a new position in Assurant during the 1st quarter valued at $203,000. Focus Partners Wealth boosted its holdings in Assurant by 66.6% during the 1st quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider's stock valued at $556,000 after acquiring an additional 1,059 shares during the period. Finally, Geneos Wealth Management Inc. grew its position in Assurant by 57.8% in the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock valued at $38,000 after acquiring an additional 67 shares during the last quarter. Hedge funds and other institutional investors own 92.65% of the company's stock.

Insider Transactions at Assurant

In related news, EVP Biju Nair sold 3,931 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $302.46, for a total value of $1,188,970.26. Following the completion of the transaction, the executive vice president directly owned 24,247 shares of the company's stock, valued at $7,333,747.62. This trade represents a 13.95% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, EVP Robert Lonergan sold 7,000 shares of the stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the completion of the transaction, the executive vice president directly owned 27,374 shares of the company's stock, valued at $7,191,423.54. The trade was a 20.36% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.54% of the company's stock.

Assurant Stock Up 1.3%

NYSE:AIZ opened at $287.83 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 0.38 and a quick ratio of 0.38. Assurant, Inc. has a 1-year low of $205.01 and a 1-year high of $303.94. The company has a 50-day moving average of $280.54 and a 200 day moving average of $251.14. The firm has a market cap of $14.20 billion, a PE ratio of 13.75 and a beta of 0.54.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $5.17 by $1.24. The business had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.43 billion. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The business's quarterly revenue was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm posted $5.56 earnings per share. As a group, research analysts anticipate that Assurant, Inc. will post 22.05 EPS for the current fiscal year.

Assurant Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Investors of record on Monday, August 31st will be given a dividend of $0.88 per share. This represents a $3.52 annualized dividend and a yield of 1.2%. The ex-dividend date of this dividend is Monday, August 31st. Assurant's dividend payout ratio is currently 16.81%.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the company. Wall Street Zen downgraded Assurant from a "buy" rating to a "hold" rating in a research report on Saturday, July 25th. BMO Capital Markets raised their price target on shares of Assurant from $274.00 to $320.00 and gave the stock an "outperform" rating in a research note on Friday, August 28th. Keefe, Bruyette & Woods lifted their price objective on shares of Assurant from $310.00 to $325.00 and gave the company an "outperform" rating in a report on Friday, August 7th. UBS Group boosted their price objective on shares of Assurant from $274.00 to $331.00 and gave the company a "buy" rating in a research report on Thursday, August 13th. Finally, Truist Financial upped their target price on shares of Assurant from $310.00 to $355.00 and gave the stock a "buy" rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, Assurant currently has a consensus rating of "Buy" and a consensus target price of $327.14.

Assurant Profile

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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