Redwood Investment Management LLC Acquires Shares of 6,228 Assurant, Inc. $AIZ

Key Points

• Redwood Investment Management LLC acquired a new stake in Assurant, Inc. valued at approximately $1,306,000 during the first quarter, buying 6,228 shares of the company's stock.
• Assurant, Inc. reported $5.56 EPS for the last quarter, surpassing analysts' estimates, with revenue increasing 8.0% year-over-year.
• The company declared a quarterly dividend of $0.80, set to be paid on September 29th, reflecting an annualized dividend yield of 1.5%.

Redwood Investment Management LLC purchased a new stake in shares of Assurant, Inc. (NYSE:AIZ - Free Report) during the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 6,228 shares of the financial services provider's stock, valued at approximately $1,306,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the stock. OneDigital Investment Advisors LLC bought a new position in shares of Assurant in the fourth quarter worth approximately $264,000. Adage Capital Partners GP L.L.C. boosted its stake in shares of Assurant by 122.6% during the fourth quarter. Adage Capital Partners GP L.L.C. now owns 41,940 shares of the financial services provider's stock valued at $8,942,000 after purchasing an additional 23,100 shares during the period. Integrated Wealth Concepts LLC purchased a new stake in shares of Assurant during the fourth quarter valued at approximately $789,000. Kovitz Investment Group Partners LLC lifted its stake in Assurant by 6.7% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 2,608 shares of the financial services provider's stock worth $556,000 after acquiring an additional 164 shares during the period. Finally, Coldstream Capital Management Inc. lifted its stake in Assurant by 18.6% in the fourth quarter. Coldstream Capital Management Inc. now owns 1,912 shares of the financial services provider's stock worth $408,000 after acquiring an additional 300 shares during the period. 92.65% of the stock is currently owned by institutional investors.

Insider Activity at Assurant

In other news, EVP Jay Rosenblum sold 3,900 shares of the company's stock in a transaction that occurred on Tuesday, August 12th. The stock was sold at an average price of $208.53, for a total transaction of $813,267.00. Following the sale, the executive vice president directly owned 7,875 shares of the company's stock, valued at $1,642,173.75. This represents a 33.12% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CAO Dimitry Dirienzo sold 950 shares of the company's stock in a transaction that occurred on Friday, August 8th. The stock was sold at an average price of $204.96, for a total value of $194,712.00. Following the sale, the chief accounting officer directly owned 3,135 shares in the company, valued at $642,549.60. This trade represents a 23.26% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.51% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on the company. Stephens initiated coverage on Assurant in a research report on Tuesday, August 12th. They set an "overweight" rating for the company. Benchmark started coverage on Assurant in a report on Tuesday, August 12th. They issued a "buy" rating for the company. BMO Capital Markets assumed coverage on Assurant in a research note on Tuesday, August 12th. They set an "outperform" rating and a $238.00 price target for the company. Zacks Research upgraded Assurant from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, August 19th. Finally, Wall Street Zen upgraded Assurant from a "hold" rating to a "buy" rating in a research note on Saturday, August 9th. One analyst has rated the stock with a Strong Buy rating, eight have issued a Buy rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Assurant has a consensus rating of "Moderate Buy" and an average target price of $233.29.

Assurant Price Performance

Shares of AIZ traded down $2.91 during mid-day trading on Friday, hitting $215.78. 625,390 shares of the stock were exchanged, compared to its average volume of 469,122. The company has a market cap of $10.89 billion, a PE ratio of 15.62 and a beta of 0.58. Assurant, Inc. has a 52-week low of $174.97 and a 52-week high of $230.55. The firm has a 50-day moving average of $198.01 and a two-hundred day moving average of $199.16. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings data on Tuesday, August 5th. The financial services provider reported $5.56 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.43 by $1.13. The business had revenue of $3.16 billion for the quarter, compared to analysts' expectations of $3.13 billion. Assurant had a return on equity of 16.47% and a net margin of 5.83%.The company's revenue for the quarter was up 8.0% on a year-over-year basis. During the same period in the prior year, the firm earned $4.77 EPS. Assurant has set its FY 2025 guidance at 22.390-22.390 EPS. On average, equities analysts predict that Assurant, Inc. will post 16.88 earnings per share for the current year.

Assurant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd will be issued a dividend of $0.80 per share. This represents a $3.20 annualized dividend and a dividend yield of 1.5%. The ex-dividend date of this dividend is Tuesday, September 2nd. Assurant's dividend payout ratio is 23.17%.

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.