Assurant, Inc. (NYSE:AIZ) Shares Bought by The Manufacturers Life Insurance Company

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The Manufacturers Life Insurance Company grew its holdings in shares of Assurant, Inc. (NYSE:AIZ) by 8.2% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 54,436 shares of the financial services provider’s stock after purchasing an additional 4,104 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.09% of Assurant worth $5,876,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of the business. TPG Group Holdings SBS Advisors Inc. acquired a new stake in Assurant in the 2nd quarter valued at $1,042,065,000. Bank of New York Mellon Corp increased its holdings in Assurant by 56.9% in the 2nd quarter. Bank of New York Mellon Corp now owns 1,611,053 shares of the financial services provider’s stock valued at $166,729,000 after purchasing an additional 584,393 shares in the last quarter. Hennessy Advisors Inc. acquired a new stake in Assurant in the 3rd quarter valued at $29,416,000. Bessemer Group Inc. increased its holdings in Assurant by 119.9% in the 3rd quarter. Bessemer Group Inc. now owns 274,918 shares of the financial services provider’s stock valued at $29,678,000 after purchasing an additional 149,925 shares in the last quarter. Finally, Renaissance Technologies LLC increased its holdings in Assurant by 315.8% in the 3rd quarter. Renaissance Technologies LLC now owns 184,200 shares of the financial services provider’s stock valued at $19,884,000 after purchasing an additional 139,900 shares in the last quarter. 92.33% of the stock is currently owned by institutional investors.

Shares of NYSE AIZ opened at $92.58 on Friday. Assurant, Inc. has a 52-week low of $82.31 and a 52-week high of $111.43. The company has a current ratio of 0.51, a quick ratio of 0.51 and a debt-to-equity ratio of 0.38. The stock has a market capitalization of $5.68 billion, a price-to-earnings ratio of 23.26 and a beta of 0.58.

Assurant (NYSE:AIZ) last posted its quarterly earnings data on Tuesday, November 6th. The financial services provider reported $1.06 EPS for the quarter, beating the Zacks’ consensus estimate of $1.00 by $0.06. The business had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.05 billion. Assurant had a net margin of 7.27% and a return on equity of 8.27%. The business’s revenue for the quarter was up 43.1% on a year-over-year basis. During the same quarter last year, the business earned ($1.40) earnings per share. As a group, analysts anticipate that Assurant, Inc. will post 5.88 EPS for the current fiscal year.

Assurant declared that its board has initiated a stock repurchase program on Monday, November 5th that authorizes the company to buyback $600.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 9.9% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s board believes its stock is undervalued.

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 17th. Investors of record on Monday, November 26th were paid a $0.60 dividend. This is a positive change from Assurant’s previous quarterly dividend of $0.56. The ex-dividend date of this dividend was Friday, November 23rd. This represents a $2.40 dividend on an annualized basis and a yield of 2.59%. Assurant’s dividend payout ratio (DPR) is currently 60.30%.

In related news, EVP Christopher J. Pagano sold 1,250 shares of Assurant stock in a transaction on Monday, December 10th. The shares were sold at an average price of $90.17, for a total value of $112,712.50. Following the transaction, the executive vice president now owns 53,423 shares in the company, valued at approximately $4,817,151.91. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Christopher J. Pagano sold 1,107 shares of Assurant stock in a transaction on Friday, November 16th. The stock was sold at an average price of $99.95, for a total transaction of $110,644.65. The disclosure for this sale can be found here. Company insiders own 0.93% of the company’s stock.

Separately, ValuEngine cut shares of Assurant from a “buy” rating to a “hold” rating in a research report on Friday, November 30th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the company. Assurant presently has a consensus rating of “Buy” and an average target price of $128.75.

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About Assurant

Assurant, Inc, through its subsidiaries, provides risk management solutions for housing and lifestyle markets in North America, Latin America, Europe, and the Asia Pacific. The company operates through three segments: Global Housing, Global Lifestyle, and Global Preneed. Its Global Housing segment provides lender-placed homeowners, manufactured housing, and flood insurance; renters insurance and related products; and mortgage solutions comprising property inspection and preservation, valuation and title, and other property risk management services.

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Institutional Ownership by Quarter for Assurant (NYSE:AIZ)

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