Rockefeller Capital Management L.P. Acquires 101,447 Shares of Assurant, Inc. $AIZ

Key Points

• Rockefeller Capital Management dramatically increased its Assurant stake in the fourth quarter, buying an additional 101,447 shares and lifting holdings to 101,658 shares worth about $24.5 million.
• Assurant reported strong quarterly results, with EPS of $5.95 topping estimates and revenue of $3.42 billion beating expectations; revenue rose 11.3% year over year.
• Analysts remain bullish on AIZ, with multiple upgrades and a consensus rating of “Buy” alongside a price target of $283.57, above the recent share price near $261.79.

Rockefeller Capital Management L.P. increased its holdings in shares of Assurant, Inc. (NYSE:AIZ - Free Report) by 48,079.1% in the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 101,658 shares of the financial services provider's stock after purchasing an additional 101,447 shares during the period. Rockefeller Capital Management L.P. owned approximately 0.20% of Assurant worth $24,485,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. CYBER HORNET ETFs LLC bought a new position in shares of Assurant during the 2nd quarter worth approximately $27,000. Montag A & Associates Inc. bought a new stake in shares of Assurant in the 4th quarter valued at $28,000. BOKF NA bought a new stake in shares of Assurant in the 3rd quarter valued at $32,000. Geneos Wealth Management Inc. lifted its position in shares of Assurant by 57.8% during 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 period. Finally, Park Square Financial Group LLC lifted its position in shares of Assurant by 205.5% during the 4th quarter. Park Square Financial Group LLC now owns 168 shares of the financial services provider's stock valued at $40,000 after acquiring an additional 113 shares during the period. 92.65% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other news, CAO Dimitry Dirienzo sold 2,000 shares of the company's 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 completion of the sale, the chief accounting officer owned 2,741 shares in the company, valued at $700,818.88. This represents a 42.19% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Jay Rosenblum sold 2,000 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $251.77, for a total transaction of $503,540.00. Following the completion of the sale, the executive vice president owned 12,764 shares of the company's stock, valued at approximately $3,213,592.28. This represents a 13.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 29,000 shares of company stock valued at $7,372,650 in the last three months. 0.54% of the stock is currently owned by insiders.

Assurant Stock Performance

Shares of Assurant stock opened at $261.79 on Tuesday. Assurant, Inc. has a 52 week low of $183.39 and a 52 week high of $265.66. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38. The business has a 50 day moving average price of $244.95 and a 200-day moving average price of $234.42. The company has a market cap of $12.97 billion, a PE ratio of 13.39 and a beta of 0.56.

Assurant (NYSE:AIZ - Get Free Report) last announced its earnings results on Tuesday, May 5th. The financial services provider reported $5.95 earnings per share (EPS) for the quarter, beating the consensus estimate of $5.29 by $0.66. Assurant had a return on equity of 20.32% and a net margin of 7.60%.The company had revenue of $3.42 billion for the quarter, compared to analysts' expectations of $3.29 billion. During the same quarter in the previous year, the firm earned $5.79 earnings per share. Assurant's quarterly revenue was up 11.3% on a year-over-year basis. Equities analysts anticipate that Assurant, Inc. will post 21.04 earnings per share for the current fiscal year.

Assurant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 29th. Shareholders of record on Monday, June 8th will be issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date of this dividend is Monday, June 8th. Assurant's payout ratio is currently 18.01%.

Wall Street Analysts Forecast Growth

A number of research firms have commented on AIZ. Wall Street Zen upgraded shares of Assurant from a "hold" rating to a "buy" rating in a report on Saturday. Weiss Ratings upgraded shares of Assurant from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday, June 9th. Morgan Stanley raised shares of Assurant from an "equal weight" rating to an "overweight" rating and increased their price objective for the stock from $240.00 to $285.00 in a research report on Thursday, May 14th. UBS Group raised their target price on Assurant from $270.00 to $274.00 and gave the company a "buy" rating in a research note on Monday, May 11th. Finally, Keefe, Bruyette & Woods raised their target price on Assurant from $258.00 to $270.00 and gave the company an "outperform" rating in a research note on Wednesday, May 13th. One research analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, Assurant currently has a consensus rating of "Buy" and a consensus price target of $283.57.

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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