The Manufacturers Life Insurance Company Takes Position in Assurant, Inc. $AIZ

The Manufacturers Life Insurance Company acquired a new position in Assurant, Inc. (NYSE:AIZ) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund acquired 35,853 shares of the financial services provider’s stock, valued at approximately $9,628,000. The Manufacturers Life Insurance Company owned about 0.07% of Assurant at the end of the most recent reporting period.

Several other hedge funds have also recently made changes to their positions in the business. BlackRock Inc. purchased a new stake in Assurant during the second quarter valued at approximately $1,345,211,000. Bank of New York Mellon Corp bought a new position in shares of Assurant in the second quarter worth about $1,269,591,000. Norges Bank bought a new position in Assurant in the 4th quarter worth about $161,574,000. Deutsche Bank AG purchased a new stake in shares of Assurant in the 2nd quarter worth $76,718,000. Finally, Adage Capital Partners GP L.L.C. grew its holdings in Assurant by 676.5% during 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 acquiring an additional 209,300 shares in the last quarter. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Assurant Price Performance

Assurant stock opened at $285.69 on Friday. The firm has a market capitalization of $14.09 billion, a price-to-earnings ratio of 13.64 and a beta of 0.55. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.36. Assurant, Inc. has a 52-week low of $205.01 and a 52-week high of $303.94. The company has a fifty day simple moving average of $278.92 and a 200-day simple moving average of $249.28.

Assurant (NYSE:AIZ) last issued its earnings results on Tuesday, August 4th. The financial services provider reported $6.41 earnings per share for the quarter, topping the consensus estimate of $5.17 by $1.24. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The business had revenue of $3.45 billion for the quarter, compared to analysts’ expectations of $3.43 billion. During the same period in the previous year, the firm posted $5.56 EPS. The business’s revenue for the quarter was up 9.4% compared to the same quarter last year. On average, equities analysts anticipate that Assurant, Inc. will post 22.05 EPS for the current fiscal year.

Assurant Announces Dividend

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the company. Royal Bank Of Canada set a $310.00 price target on Assurant in a report on Wednesday, June 17th. Truist Financial boosted their price objective on shares of Assurant from $310.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Keefe, Bruyette & Woods raised their price target on shares of Assurant from $310.00 to $325.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Morgan Stanley boosted their price objective on Assurant from $300.00 to $320.00 and gave the company an “overweight” rating in a report on Wednesday, August 19th. Finally, Piper Sandler increased their target price on shares of Assurant from $290.00 to $329.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, six have issued a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Assurant currently has a consensus rating of “Buy” and a consensus target price of $327.14.

Insider Activity at Assurant

In related news, EVP Robert Lonergan sold 7,000 shares of the company’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $262.71, for a total value of $1,838,970.00. Following the transaction, the executive vice president directly owned 27,374 shares in the company, valued at approximately $7,191,423.54. This represents a 20.36% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Nair Biju sold 3,931 shares of the stock in a transaction on Thursday, August 6th. The stock was sold at an average price of $302.46, for a total value of $1,188,970.26. Following the transaction, 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. 0.54% of the stock is currently owned by insiders.

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.