Y Intercept Hong Kong Ltd Invests $3.53 Million in Assurant, Inc. $AIZ

Key Points

• Y Intercept Hong Kong Ltd opened a new position in Assurant during the first quarter, buying 16,227 shares worth about $3.53 million.
• Institutional ownership remains very high, with hedge funds and other institutional investors holding 92.65% of Assurant’s stock, while several firms either increased or initiated positions in the company.
• Assurant shares were trading near a 52-week high after rising 1.4%, and the company recently beat earnings expectations, posted 11.3% revenue growth, and paid a quarterly dividend of $0.88 per share.

Y Intercept Hong Kong Ltd bought a new stake in Assurant, Inc. (NYSE:AIZ - Free Report) in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm bought 16,227 shares of the financial services provider's stock, valued at approximately $3,534,000.

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

Wall Street Analyst Weigh In

AIZ has been the subject of several analyst reports. Wall Street Zen downgraded shares of Assurant from a "buy" rating to a "hold" rating in a research note on Sunday, June 28th. Piper Sandler reiterated an "overweight" rating on shares of Assurant in a report on Monday, June 22nd. UBS Group raised their price objective on Assurant from $270.00 to $274.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Truist Financial upped their target price on Assurant from $290.00 to $310.00 and gave the company a "buy" rating in a research note on Wednesday, June 17th. Finally, Royal Bank Of Canada set a $310.00 price target on Assurant in a report on Wednesday, June 17th. Nine research analysts have rated the stock with a Buy rating and one has issued a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $285.71.

Insider Transactions at Assurant

In related news, EVP Keith Meier sold 25,000 shares of the business's stock in a transaction that occurred on Friday, May 15th. The shares were sold at an average price of $254.31, for a total transaction of $6,357,750.00. Following the completion of the sale, the executive vice president directly owned 18,552 shares of the company's stock, valued at $4,717,959.12. The trade was a 57.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Robert Lonergan sold 7,000 shares of the firm's 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 in the company, valued at approximately $7,191,423.54. The trade was a 20.36% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Over the last three months, insiders sold 36,000 shares of company stock worth $9,211,620. 0.54% of the stock is owned by insiders.

Assurant Trading Up 1.4%

Assurant stock traded up $3.83 during midday trading on Tuesday, reaching $283.11. The stock had a trading volume of 51,479 shares, compared to its average volume of 407,011. The firm's fifty day simple moving average is $253.95 and its two-hundred day simple moving average is $237.55. Assurant, Inc. has a twelve month low of $183.39 and a twelve month high of $284.12. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.39 and a quick ratio of 0.39. The firm has a market cap of $14.03 billion, a price-to-earnings ratio of 14.48 and a beta of 0.55.

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

Assurant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, June 29th. Stockholders of record on Monday, June 8th were paid a $0.88 dividend. This represents a $3.52 annualized dividend and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, June 8th. Assurant's dividend payout ratio (DPR) is 18.01%.

Assurant Company 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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