Squarepoint Ops LLC Boosts Stake in Assurant, Inc. $AIZ

Key Points

• Squarepoint Ops LLC increased its Assurant stake by 956.7% in the second quarter, holding 14,065 shares valued at approximately $3.78 million. Institutional investors collectively own 92.65% of Assurant’s stock.
• Analysts maintain a positive outlook, with a consensus “Buy” rating and an average price target of $327.14; several firms recently raised their targets to between $320 and $329.
• Assurant exceeded quarterly earnings expectations with EPS of $6.41 versus $5.17 expected, while revenue rose 9.4% year over year. The company also declared a quarterly dividend of $0.88 per share, equivalent to a 1.2% annual yield.

Squarepoint Ops LLC boosted its holdings in Assurant, Inc. (NYSE:AIZ - Free Report) by 956.7% during the second quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 14,065 shares of the financial services provider's stock after acquiring an additional 12,734 shares during the quarter. Squarepoint Ops LLC's holdings in Assurant were worth $3,777,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Jupiter Asset Management Ltd. lifted its position in Assurant by 1.6% during the fourth quarter. Jupiter Asset Management Ltd. now owns 349,361 shares of the financial services provider's stock valued at $84,144,000 after purchasing an additional 5,462 shares during the last quarter. BlackRock Inc. purchased a new position in Assurant in the 2nd quarter worth approximately $1,345,211,000. Bank of America Corp DE increased its holdings in shares of Assurant by 1.3% in the 1st quarter. Bank of America Corp DE now owns 361,210 shares of the financial services provider's stock worth $78,675,000 after buying an additional 4,460 shares during the last quarter. VIRGINIA RETIREMENT SYSTEMS ET Al increased its holdings in shares of Assurant by 146.7% in the 4th quarter. VIRGINIA RETIREMENT SYSTEMS ET Al now owns 8,140 shares of the financial services provider's stock worth $1,961,000 after buying an additional 4,840 shares during the last quarter. Finally, New Age Alpha Advisors LLC increased its holdings in shares of Assurant by 35,088.9% in the 4th quarter. New Age Alpha Advisors LLC now owns 9,501 shares of the financial services provider's stock worth $2,288,000 after buying an additional 9,474 shares during the last quarter. Hedge funds and other institutional investors own 92.65% of the company's stock.

Wall Street Analysts Forecast Growth

AIZ has been the subject of a number of research analyst reports. Wall Street Zen downgraded shares of Assurant from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Royal Bank Of Canada set a $310.00 target price on Assurant in a research note on Wednesday, June 17th. Piper Sandler raised their price target on Assurant from $290.00 to $329.00 and gave the company an "overweight" rating in a research report on Thursday, August 6th. Morgan Stanley lifted their price target on Assurant from $300.00 to $320.00 and gave the stock an "overweight" rating in a research note on Wednesday, August 19th. Finally, Keefe, Bruyette & Woods lifted their price target on Assurant from $310.00 to $325.00 and gave the stock an "outperform" rating in a research note on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has issued a Hold rating to the stock. According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $327.14.

Insider Activity

In other news, EVP Biju Nair sold 3,931 shares of Assurant stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $302.46, for a total value of $1,188,970.26. Following the transaction, the executive vice president owned 24,247 shares in the company, valued at approximately $7,333,747.62. The trade was a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Robert Lonergan sold 7,000 shares of the business's stock in a transaction dated Monday, June 22nd. The shares were sold at an average price of $262.71, for a total value of $1,838,970.00. Following the completion of the sale, the executive vice president directly owned 27,374 shares of the company's stock, valued at approximately $7,191,423.54. This trade represents a 20.36% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.54% of the stock is currently owned by insiders.

Assurant Price Performance

Shares of Assurant stock opened at $282.58 on Friday. Assurant, Inc. has a 52-week low of $205.01 and a 52-week high of $303.94. The stock has a market capitalization of $13.94 billion, a price-to-earnings ratio of 13.49 and a beta of 0.54. The company has a fifty day moving average of $281.77 and a 200-day moving average of $253.51. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.38 and a current ratio of 0.38.

Assurant (NYSE:AIZ - Get Free Report) last issued its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 EPS for the quarter, topping analysts' consensus estimates of $5.17 by $1.24. The company had revenue of $3.45 billion for the quarter, compared to analysts' expectations of $3.43 billion. Assurant had a net margin of 7.90% and a return on equity of 20.40%. The firm's revenue was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $5.56 EPS. Equities research analysts expect that Assurant, Inc. will post 22.07 EPS for the current year.

Assurant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, August 31st will be paid a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend is Monday, August 31st. Assurant's dividend payout ratio (DPR) is 16.81%.

Assurant Profile

Assurant, Inc is a global business services and insurance company that provides protection products and services supporting major purchases and everyday needs. Its offerings are designed to help consumers, businesses and distribution partners manage risks associated with connected devices, housing and transportation.

The company's Lifestyle segment provides mobile device protection, extended service contracts, vehicle service contracts and related services. Its Global Housing segment offers renters insurance, homeowners insurance, lender-placed insurance and other specialty property products.

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