Xact Kapitalforvaltning AB reduced its stake in shares of Assurant, Inc. (NYSE:AIZ) by 25.8% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 5,118 shares of the financial services provider’s stock after selling 1,779 shares during the period. Xact Kapitalforvaltning AB’s holdings in Assurant were worth $552,000 as of its most recent SEC filing.
Other institutional investors also recently modified their holdings of the company. TPG Group Holdings SBS Advisors Inc. acquired a new position in Assurant in the second quarter valued at approximately $1,042,065,000. ING Groep NV lifted its holdings in Assurant by 11,916.0% in the second quarter. ING Groep NV now owns 644,178 shares of the financial services provider’s stock valued at $66,666,000 after acquiring an additional 638,817 shares during the last quarter. Bank of New York Mellon Corp lifted its holdings in Assurant by 56.9% in the second 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 acquiring an additional 584,393 shares during the last quarter. Hennessy Advisors Inc. acquired a new position in Assurant in the third quarter valued at approximately $29,416,000. Finally, First Trust Advisors LP lifted its holdings in Assurant by 23.6% in the second quarter. First Trust Advisors LP now owns 481,837 shares of the financial services provider’s stock valued at $49,865,000 after acquiring an additional 92,052 shares during the last quarter. Institutional investors and hedge funds own 94.15% of the company’s stock.
A number of research analysts recently commented on the company. Keefe, Bruyette & Woods assumed coverage on Assurant in a report on Monday, July 16th. They issued an “outperform” rating and a $121.00 price objective on the stock. SunTrust Banks upped their price objective on Assurant to $129.00 and gave the company an “outperform” rating in a report on Wednesday, July 11th. They noted that the move was a valuation call. Morgan Stanley assumed coverage on Assurant in a report on Tuesday, July 10th. They issued an “overweight” rating and a $125.00 price objective on the stock. Finally, UBS Group upped their price objective on Assurant from $118.00 to $136.00 and gave the company a “buy” rating in a report on Friday, September 7th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus target price of $128.75.
Shares of NYSE AIZ opened at $98.14 on Wednesday. The company has a market capitalization of $6.04 billion, a price-to-earnings ratio of 24.66 and a beta of 0.56. 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 52-week low of $84.34 and a 52-week high of $111.43.
Assurant (NYSE:AIZ) last announced its earnings results on Tuesday, November 6th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.01 by $0.05. The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.05 billion. Assurant had a return on equity of 5.62% and a net margin of 6.37%. The firm’s quarterly revenue was up 43.1% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($1.40) earnings per share. Analysts predict that Assurant, Inc. will post 6.3 earnings per share for the current fiscal year.
Assurant announced that its Board of Directors has initiated a share repurchase plan on Monday, November 5th that permits the company to repurchase $600.00 million in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 9.9% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s leadership believes its shares are undervalued.
In other Assurant news, major shareholder Tpg Advisors Vi-Aiv, Inc. sold 1,000,000 shares of the business’s stock in a transaction that occurred on Tuesday, September 18th. The stock was sold at an average price of $105.14, for a total value of $105,140,000.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Gene Mergelmeyer sold 14,144 shares of the business’s stock in a transaction that occurred on Tuesday, August 14th. The shares were sold at an average price of $109.41, for a total value of $1,547,495.04. The disclosure for this sale can be found here. In the last three months, insiders sold 2,215,394 shares of company stock worth $228,135,608. 0.93% of the stock is owned by corporate insiders.
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Assurant Company Profile
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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