Wedge Capital Management L L P NC reduced its holdings in shares of Assurant, Inc. (NYSE:AIZ) by 2.5% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 1,046,849 shares of the financial services provider’s stock after selling 26,674 shares during the quarter. Assurant makes up 1.1% of Wedge Capital Management L L P NC’s investment portfolio, making the stock its 19th largest position. Wedge Capital Management L L P NC owned approximately 1.68% of Assurant worth $113,007,000 as of its most recent SEC filing.
Other large investors have also bought and sold shares of the company. US Bancorp DE grew its holdings in shares of Assurant by 81.4% during the second quarter. US Bancorp DE now owns 1,114 shares of the financial services provider’s stock worth $115,000 after buying an additional 500 shares in the last quarter. Qube Research & Technologies Ltd grew its holdings in shares of Assurant by 111.1% during the second quarter. Qube Research & Technologies Ltd now owns 1,142 shares of the financial services provider’s stock worth $118,000 after buying an additional 601 shares in the last quarter. Envestnet Asset Management Inc. grew its holdings in shares of Assurant by 69.6% during the second quarter. Envestnet Asset Management Inc. now owns 1,526 shares of the financial services provider’s stock worth $157,000 after buying an additional 626 shares in the last quarter. Cerebellum GP LLC purchased a new stake in shares of Assurant during the third quarter worth about $200,000. Finally, CIBC World Markets Inc. purchased a new stake in shares of Assurant during the second quarter worth about $201,000. Hedge funds and other institutional investors own 94.11% of the company’s stock.
A number of brokerages have recently commented on AIZ. Keefe, Bruyette & Woods reiterated a “buy” rating and set a $125.00 price target on shares of Assurant in a report on Wednesday, August 8th. UBS Group lifted their price target on shares of Assurant from $118.00 to $136.00 and gave the stock a “buy” rating in a report on Friday, September 7th. Morgan Stanley began coverage on shares of Assurant in a report on Tuesday, July 10th. They set an “overweight” rating and a $125.00 price target for the company. Finally, SunTrust Banks lifted their price target on shares of Assurant to $129.00 and gave the stock an “outperform” rating in a report on Wednesday, July 11th. They noted that the move was a valuation call. One analyst has rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Assurant presently has a consensus rating of “Buy” and an average price target of $128.75.
AIZ opened at $99.00 on Friday. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.49 and a current ratio of 0.49. Assurant, Inc. has a 1 year low of $84.34 and a 1 year high of $111.43. The company has a market capitalization of $6.05 billion, a P/E ratio of 24.87 and a beta of 0.48.
Assurant (NYSE:AIZ) last released its earnings results on Tuesday, August 7th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.76 by $0.35. Assurant had a net margin of 6.37% and a return on equity of 5.62%. The business had revenue of $1.83 billion for the quarter, compared to analysts’ expectations of $1.77 billion. During the same period last year, the company earned $1.63 earnings per share. As a group, equities research analysts anticipate that Assurant, Inc. will post 6.3 EPS for the current year.
In related news, major shareholder Tpg Advisors Vi-Aiv, Inc. sold 1,000,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 18th. The shares were sold at an average price of $105.14, for a total value of $105,140,000.00. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Christopher J. Pagano sold 1,250 shares of the firm’s stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $102.49, for a total transaction of $128,112.50. Following the completion of the sale, the executive vice president now directly owns 56,843 shares in the company, valued at $5,825,839.07. The disclosure for this sale can be found here. Insiders sold 2,215,394 shares of company stock worth $228,135,608 over the last three months. Corporate insiders own 0.93% of the company’s stock.
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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