StoneRidge PMG Advisors LLC Purchases New Stake in Assurant, Inc. $AIZ

StoneRidge PMG Advisors LLC acquired a new stake in shares of Assurant, Inc. (NYSE:AIZ) in the third quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,782 shares of the financial services provider’s stock, valued at approximately $733,000.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the stock. BlackRock Inc. bought a new position in shares of Assurant during the second quarter valued at $1,345,211,000. VIRGINIA RETIREMENT SYSTEMS ET Al purchased a new position in shares of Assurant in the 2nd quarter worth about $1,826,000. Bank of America Corp DE purchased a new position in shares of Assurant in the 2nd quarter worth about $269,635,000. Canada Pension Plan Investment Board bought a new position in Assurant in the 2nd quarter worth about $8,700,000. Finally, Assenagon Asset Management S.A. boosted its stake in Assurant by 173.2% in the 3rd quarter. Assenagon Asset Management S.A. now owns 24,059 shares of the financial services provider’s stock worth $6,340,000 after purchasing an additional 15,252 shares in the last quarter. Institutional investors own 92.65% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts recently commented on AIZ shares. Keefe, Bruyette & Woods increased their price objective on shares of Assurant from $325.00 to $345.00 and gave the company an “outperform” rating in a research report on Thursday. BMO Capital Markets lifted their target price on shares of Assurant from $274.00 to $320.00 and gave the stock an “outperform” rating in a report on Friday, August 28th. UBS Group upped their target price 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. Piper Sandler upped 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. Finally, Zacks Research upgraded shares of Assurant from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 16th. Two research analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $327.14.

Assurant Trading Down 0.1%

Shares of NYSE:AIZ opened at $306.77 on Monday. The company has a market cap of $15.05 billion, a P/E ratio of 14.43 and a beta of 0.52. The company has a debt-to-equity ratio of 0.37, a current ratio of 0.38 and a quick ratio of 0.38. Assurant, Inc. has a 1 year low of $209.86 and a 1 year high of $316.72. The stock’s fifty day moving average price is $280.40 and its 200-day moving average price is $256.27.

Assurant (NYSE:AIZ) last released its quarterly earnings data on Tuesday, November 3rd. The financial services provider reported $6.15 EPS for the quarter, topping the consensus estimate of $4.75 by $1.40. Assurant had a return on equity of 20.44% and a net margin of 7.80%. The company had revenue of $3.53 billion during the quarter, compared to the consensus estimate of $3.48 billion. During the same period last year, the company earned $5.73 EPS. Assurant’s revenue for the quarter was up 9.2% on a year-over-year basis. Sell-side analysts expect that Assurant, Inc. will post 22.99 earnings per share for the current year.

Assurant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Monday, August 31st were issued a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend was Monday, August 31st. Assurant’s dividend payout ratio (DPR) is presently 16.56%.

Assurant Company Profile

Assurant, Inc is a global provider of insurance products and services, with a focus on protecting purchases and supporting housing-related needs. Its operations are organized around Global Housing and Global Lifestyle.

Through its housing business, Assurant offers products and services such as renters, manufactured housing, and lender-placed insurance, along with related claims and risk-management solutions. Its lifestyle business provides mobile device protection, extended service contracts, vehicle protection products, and support services for consumers and business partners.

The company serves customers and business partners in markets across North America, Latin America, Europe, and Asia-Pacific.