Man Group plc Takes $7.34 Million Position in Assurant, Inc. $AIZ

Man Group plc acquired a new position in Assurant, Inc. (NYSE:AIZ) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 27,353 shares of the financial services provider’s stock, valued at approximately $7,345,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. BlackRock Inc. purchased a new position in Assurant in the second quarter valued at about $1,345,211,000. Bank of New York Mellon Corp purchased a new stake in Assurant during the 2nd quarter worth approximately $1,269,591,000. Norges Bank bought a new position in Assurant during the 4th quarter valued at $161,574,000. Deutsche Bank AG bought a new stake in shares of Assurant in the 2nd quarter worth about $76,718,000. Finally, Adage Capital Partners GP L.L.C. increased its position in shares of Assurant by 676.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 240,240 shares of the financial services provider’s stock worth $57,862,000 after purchasing an additional 209,300 shares during the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Assurant Stock Up 0.1%

Shares of AIZ stock opened at $285.69 on Friday. Assurant, Inc. has a 1 year low of $205.01 and a 1 year high of $303.94. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.38 and a current ratio of 0.38. The business’s fifty day moving average is $278.92 and its 200-day moving average is $249.28. The stock has a market cap of $14.09 billion, a PE ratio of 13.64 and a beta of 0.55.

Assurant (NYSE:AIZ) last released 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 business had revenue of $3.45 billion for the quarter, compared to the consensus estimate of $3.43 billion. Assurant had a net margin of 7.90% and a return on equity of 20.40%. The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the previous year, the firm earned $5.56 EPS. Equities analysts expect that Assurant, Inc. will post 22.05 earnings per share for the current fiscal year.

Assurant Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, August 31st will be given 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 is Monday, August 31st. Assurant’s dividend payout ratio (DPR) is 16.81%.

Insiders Place Their Bets

In other Assurant news, EVP Robert Lonergan sold 7,000 shares of the firm’s stock in a transaction dated Monday, June 22nd. The stock was sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the completion of the sale, the executive vice president directly owned 27,374 shares in the company, valued at approximately $7,191,423.54. This trade represents a 20.36% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Nair Biju sold 3,931 shares of the firm’s stock in a transaction that occurred on Thursday, August 6th. The stock was sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the sale, the executive vice president owned 24,247 shares of the company’s stock, valued at approximately $7,333,747.62. This represents a 13.95% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.54% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. BMO Capital Markets lifted their target price on Assurant from $274.00 to $320.00 and gave the stock an “outperform” rating in a research report on Friday. Weiss Ratings upgraded Assurant from a “buy (b+)” rating to a “buy (a-)” rating in a research note on Tuesday, August 11th. Wall Street Zen lowered shares of Assurant from a “buy” rating to a “hold” rating in a research note on Saturday, July 25th. Royal Bank Of Canada set a $310.00 price objective on shares of Assurant in a research report on Wednesday, June 17th. Finally, UBS Group increased their price objective on shares of Assurant from $274.00 to $331.00 and gave the stock a “buy” rating in a research note on Thursday, August 13th. One research analyst has rated the stock with a Strong Buy rating, six have assigned a Buy rating and one has assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus price target of $327.14.

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.