Raymond James Financial Services Advisors Inc. lessened its holdings in shares of Assurant, Inc. (NYSE:AIZ) by 19.7% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 9,925 shares of the financial services provider’s stock after selling 2,439 shares during the quarter. Raymond James Financial Services Advisors Inc.’s holdings in Assurant were worth $1,026,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors have also made changes to their positions in AIZ. Stifel Financial Corp raised its holdings in shares of Assurant by 46.0% during the fourth quarter. Stifel Financial Corp now owns 2,502 shares of the financial services provider’s stock valued at $330,000 after acquiring an additional 788 shares in the last quarter. Guggenheim Capital LLC grew its stake in Assurant by 2.5% in the fourth quarter. Guggenheim Capital LLC now owns 176,019 shares of the financial services provider’s stock worth $23,072,000 after purchasing an additional 4,320 shares during the period. Ladenburg Thalmann Financial Services Inc. grew its stake in Assurant by 164.7% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 2,856 shares of the financial services provider’s stock worth $358,000 after purchasing an additional 1,777 shares during the period. Man Group plc purchased a new stake in Assurant in the fourth quarter worth $5,757,000. Finally, Alliancebernstein L.P. grew its stake in Assurant by 2.5% in the fourth quarter. Alliancebernstein L.P. now owns 98,919 shares of the financial services provider’s stock worth $12,966,000 after purchasing an additional 2,427 shares during the period. Institutional investors own 93.97% of the company’s stock.
Several equities research analysts recently weighed in on AIZ shares. SunTrust Banks reduced their price target on Assurant from $155.00 to $145.00 and set a “buy” rating on the stock in a research note on Thursday, May 7th. ValuEngine cut Assurant from a “hold” rating to a “sell” rating in a research note on Thursday, April 23rd. Finally, Morgan Stanley upped their price target on Assurant from $125.00 to $128.00 and gave the stock an “overweight” rating in a research note on Thursday, June 11th.
Assurant (NYSE:AIZ) last released its earnings results on Tuesday, May 5th. The financial services provider reported $2.64 EPS for the quarter, topping analysts’ consensus estimates of $2.42 by $0.22. Assurant had a return on equity of 10.03% and a net margin of 3.59%. The firm had revenue of $2.57 billion for the quarter, compared to analysts’ expectations of $2.54 billion. During the same period in the prior year, the firm posted $2.21 earnings per share. The company’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, analysts forecast that Assurant, Inc. will post 9.09 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 22nd. Stockholders of record on Monday, August 31st will be paid a $0.63 dividend. The ex-dividend date is Friday, August 28th. This represents a $2.52 dividend on an annualized basis and a dividend yield of 2.34%. Assurant’s dividend payout ratio is currently 29.47%.
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; and renters insurance and related products, as well as voluntary manufactured housing insurance, homeowners insurance, and other products.
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