Sumitomo Mitsui Asset Management Company LTD cut its stake in shares of Assurant, Inc. (NYSE:AIZ) by 0.9% during the second quarter, Holdings Channel reports. The fund owned 4,634 shares of the financial services provider’s stock after selling 40 shares during the period. Sumitomo Mitsui Asset Management Company LTD’s holdings in Assurant were worth $480,000 at the end of the most recent quarter.
A number of other institutional investors have also recently added to or reduced their stakes in AIZ. Advisors Preferred LLC purchased a new position in Assurant during the first quarter valued at about $104,000. Ameritas Investment Partners Inc. purchased a new position in Assurant during the first quarter valued at about $122,000. State of Alaska Department of Revenue raised its position in Assurant by 5.2% in the first quarter. State of Alaska Department of Revenue now owns 1,836 shares of the financial services provider’s stock valued at $175,000 after buying an additional 91 shares during the last quarter. Chicago Equity Partners LLC purchased a new position in Assurant during the first quarter valued at about $213,000. Finally, Atria Investments LLC purchased a new position in Assurant during the second quarter valued at about $214,000. Institutional investors and hedge funds own 92.37% of the company’s stock.
Assurant, Inc. (AIZ) opened at 102.99 on Friday. The stock’s 50 day moving average is $104.57 and its 200 day moving average is $99.81. The firm has a market cap of $5.55 billion, a price-to-earnings ratio of 13.54 and a beta of 0.77. Assurant, Inc. has a one year low of $78.50 and a one year high of $106.99.
Assurant (NYSE:AIZ) last announced its quarterly earnings results on Tuesday, August 1st. The financial services provider reported $1.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.58 by $0.05. The business had revenue of $1.60 billion for the quarter, compared to analyst estimates of $1.57 billion. Assurant had a net margin of 6.53% and a return on equity of 6.70%. The company’s revenue was down 11.0% on a year-over-year basis. During the same quarter last year, the firm earned $1.42 EPS. On average, analysts predict that Assurant, Inc. will post $6.56 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Shareholders of record on Monday, August 28th will be issued a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a yield of 2.06%. The ex-dividend date of this dividend is Thursday, August 24th. Assurant’s dividend payout ratio (DPR) is presently 27.89%.
Separately, BidaskClub upgraded shares of Assurant from a “hold” rating to a “buy” rating in a report on Friday, June 30th. One research analyst has rated the stock with a sell rating, three have given a hold rating and one has issued a buy rating to the company. Assurant currently has a consensus rating of “Hold” and an average price target of $98.33.
In other Assurant news, EVP Christopher J. Pagano sold 7,000 shares of the firm’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $102.94, for a total value of $720,580.00. Following the sale, the executive vice president now owns 55,978 shares of the company’s stock, valued at approximately $5,762,375.32. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.83% of the stock is owned by company insiders.
Assurant, Inc is a provider of risk management solutions in the housing and lifestyle markets. The Company operates in North America, Latin America, Europe and Asia. The Company’s segments include Global Housing, Global Lifestyle and Global Preneed. Through its Global Housing segment, it provides lender-placed homeowners, manufactured housing and flood insurance; renters insurance and related products (multi-family housing business), and field services, valuation services and other property risk management services (mortgage solutions business).
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