100,000 Shares in Assurant, Inc. (AIZ) Acquired by Capital Returns Management LLC
Capital Returns Management LLC bought a new stake in Assurant, Inc. (NYSE:AIZ) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm bought 100,000 shares of the financial services provider’s stock, valued at approximately $10,795,000. Assurant makes up 5.0% of Capital Returns Management LLC’s portfolio, making the stock its 11th biggest holding. Capital Returns Management LLC owned about 0.16% of Assurant as of its most recent SEC filing.
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. US Bancorp DE lifted its position in shares of Assurant by 81.4% in the second quarter. US Bancorp DE now owns 1,114 shares of the financial services provider’s stock valued at $115,000 after acquiring an additional 500 shares in the last quarter. Qube Research & Technologies Ltd lifted its position in shares of Assurant by 111.1% in the second quarter. Qube Research & Technologies Ltd now owns 1,142 shares of the financial services provider’s stock valued at $118,000 after acquiring an additional 601 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of Assurant by 69.6% in the second quarter. Envestnet Asset Management Inc. now owns 1,526 shares of the financial services provider’s stock valued at $157,000 after acquiring an additional 626 shares in the last quarter. Cerebellum GP LLC purchased a new position in shares of Assurant in the third quarter valued at approximately $200,000. Finally, CIBC World Markets Inc. purchased a new position in shares of Assurant in the second quarter valued at approximately $201,000. Institutional investors and hedge funds own 92.25% of the company’s stock.
In related news, EVP Christopher J. Pagano sold 1,250 shares of the stock in a transaction that occurred on Monday, September 10th. The stock was sold at an average price of $102.49, for a total value of $128,112.50. Following the completion of the sale, the executive vice president now owns 56,843 shares of the company’s stock, valued at $5,825,839.07. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, major shareholder Tpg Advisors Vi-Aiv, Inc. sold 1,200,000 shares of the stock in a transaction that occurred on Wednesday, September 12th. The shares were sold at an average price of $101.10, for a total value of $121,320,000.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 2,202,357 shares of company stock valued at $226,698,757. Insiders own 0.93% of the company’s stock.
Assurant (NYSE:AIZ) last posted its quarterly earnings results on Tuesday, November 6th. The financial services provider reported $1.06 EPS for the quarter, beating the consensus estimate of $1.00 by $0.06. Assurant had a return on equity of 8.27% and a net margin of 7.27%. The firm had revenue of $2.27 billion during the quarter, compared to analysts’ expectations of $2.05 billion. During the same quarter last year, the firm earned ($1.40) earnings per share. The business’s revenue for the quarter was up 43.1% on a year-over-year basis. As a group, equities research analysts anticipate that Assurant, Inc. will post 6.19 earnings per share for the current year.
Assurant announced that its board has approved a stock repurchase plan on Monday, November 5th that authorizes the company to repurchase $600.00 million in shares. This repurchase authorization authorizes the financial services provider to reacquire up to 9.9% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.
The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Monday, November 26th will be issued a $0.60 dividend. This represents a $2.40 annualized dividend and a dividend yield of 2.60%. The ex-dividend date of this dividend is Friday, November 23rd. This is a boost from Assurant’s previous quarterly dividend of $0.56. Assurant’s dividend payout ratio (DPR) is currently 60.30%.
Several research firms have recently weighed in on AIZ. ValuEngine downgraded Assurant from a “buy” rating to a “hold” rating in a research report on Friday, November 30th. UBS Group raised their target price on Assurant from $118.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, September 7th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Assurant currently has an average rating of “Buy” and a consensus price target of $128.75.
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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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