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.
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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