VIRGINIA RETIREMENT SYSTEMS ET Al Makes New $1.83 Million Investment in Assurant, Inc. $AIZ

Key Points

• Virginia Retirement Systems purchased 6,800 Assurant shares worth approximately $1.83 million, while institutional investors overall own 92.65% of the company.
• Analysts maintain a largely positive outlook, with an average “Buy” rating and a consensus price target of $327.14. Assurant also exceeded quarterly earnings expectations, reporting $6.41 in EPS versus the $5.17 consensus and 9.4% year-over-year revenue growth.
• Assurant declared a quarterly dividend of $0.88 per share, representing a $3.52 annualized payout and a 1.2% yield; meanwhile, two executive vice presidents sold shares, and insiders own 0.54% of the stock.

VIRGINIA RETIREMENT SYSTEMS ET Al bought a new position in Assurant, Inc. (NYSE:AIZ - Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund bought 6,800 shares of the financial services provider's stock, valued at approximately $1,826,000.

A number of other institutional investors have also modified their holdings of AIZ. ProShare Advisors LLC grew its stake in Assurant by 0.3% in the fourth quarter. ProShare Advisors LLC now owns 17,064 shares of the financial services provider's stock worth $4,110,000 after purchasing an additional 47 shares in the last quarter. Root Financial Partners LLC raised its stake in Assurant by 27.5% during the first quarter. Root Financial Partners LLC now owns 246 shares of the financial services provider's stock valued at $54,000 after buying an additional 53 shares in the last quarter. Oregon Public Employees Retirement Fund raised its stake in Assurant by 0.9% during the first quarter. Oregon Public Employees Retirement Fund now owns 5,739 shares of the financial services provider's stock valued at $1,250,000 after buying an additional 54 shares in the last quarter. Blackhawk Capital Partners LLC lifted its holdings in Assurant by 2.5% during the 1st quarter. Blackhawk Capital Partners LLC now owns 2,223 shares of the financial services provider's stock worth $484,000 after buying an additional 55 shares during the last quarter. Finally, Cresset Asset Management LLC grew its position in shares of Assurant by 5.4% in the 2nd quarter. Cresset Asset Management LLC now owns 1,075 shares of the financial services provider's stock worth $212,000 after acquiring an additional 55 shares in the last quarter. Institutional investors and hedge funds 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 Assurant from a "buy" rating to a "hold" rating in a report on Saturday, July 25th. Keefe, Bruyette & Woods lifted their price objective on shares of Assurant from $310.00 to $325.00 and gave the stock an "outperform" rating in a report on Friday, August 7th. Royal Bank Of Canada set a $310.00 target price on shares of Assurant in a research note on Wednesday, June 17th. Weiss Ratings raised shares of Assurant from a "buy (b+)" rating to a "buy (a-)" rating in a report on Tuesday, August 11th. Finally, 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 report on Friday, August 28th. One equities research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has assigned a Hold rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $327.14.

Insider Activity

In related news, EVP Biju Nair sold 3,931 shares of the stock in a transaction dated 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 sale, the executive vice president 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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 transaction of $1,838,970.00. Following 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. The disclosure for this sale is available in the SEC filing. 0.54% of the stock is currently owned by corporate insiders.

Assurant Trading Up 0.6%

Shares of NYSE AIZ opened at $282.58 on Friday. The company has a market cap of $13.94 billion, a price-to-earnings ratio of 13.49 and a beta of 0.54. Assurant, Inc. has a 12-month low of $205.01 and a 12-month high of $303.94. The company has a current ratio of 0.38, a quick ratio of 0.38 and a debt-to-equity ratio of 0.36. The stock's 50 day simple moving average is $281.77 and its 200 day simple moving average is $253.51.

Assurant (NYSE:AIZ - Get Free Report) last issued its quarterly earnings data 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. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The firm had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.43 billion. During the same period in the prior year, the business earned $5.56 EPS. The firm's revenue was up 9.4% on a year-over-year basis. Equities research analysts expect that Assurant, Inc. will post 22.07 EPS for the current year.

Assurant Announces Dividend

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

Assurant Company 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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