Bank of America Corp DE lowered its stake in Assurant, Inc. (NYSE:AIZ) by 11.2% during the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 202,879 shares of the financial services provider’s stock after selling 25,524 shares during the period. Bank of America Corp DE’s holdings in Assurant were worth $19,409,000 at the end of the most recent reporting period.
A number of other large investors also recently modified their holdings of the company. Oppenheimer Asset Management Inc. bought a new stake in shares of Assurant during the first quarter valued at about $1,011,000. HighVista Strategies LLC increased its stake in shares of Assurant by 5.6% in the first quarter. HighVista Strategies LLC now owns 11,300 shares of the financial services provider’s stock valued at $1,081,000 after buying an additional 600 shares during the period. Schwab Charles Investment Management Inc. increased its stake in shares of Assurant by 4.5% in the first quarter. Schwab Charles Investment Management Inc. now owns 280,726 shares of the financial services provider’s stock valued at $26,858,000 after buying an additional 12,198 shares during the period. Amalgamated Bank increased its stake in shares of Assurant by 2.6% in the first quarter. Amalgamated Bank now owns 9,078 shares of the financial services provider’s stock valued at $868,000 after buying an additional 229 shares during the period. Finally, United Capital Financial Advisers LLC increased its stake in shares of Assurant by 2.2% in the first quarter. United Capital Financial Advisers LLC now owns 107,326 shares of the financial services provider’s stock valued at $10,268,000 after buying an additional 2,323 shares during the period. Hedge funds and other institutional investors own 92.19% of the company’s stock.
Shares of Assurant, Inc. (AIZ) opened at 105.32 on Monday. The stock has a 50 day moving average of $101.23 and a 200-day moving average of $97.56. Assurant, Inc. has a 52-week low of $78.50 and a 52-week high of $106.47. The firm has a market capitalization of $5.77 billion, a P/E ratio of 12.85 and a beta of 0.77.
Assurant (NYSE:AIZ) last announced its quarterly earnings results on Tuesday, May 2nd. The financial services provider reported $1.87 EPS for the quarter, beating the Zacks’ consensus estimate of $1.51 by $0.36. The company had revenue of $1.51 billion for the quarter, compared to analysts’ expectations of $1.62 billion. Assurant had a net margin of 7.05% and a return on equity of 6.51%. Equities analysts expect that Assurant, Inc. will post $6.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 20th. Investors of record on Tuesday, May 30th were paid a dividend of $0.53 per share. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.01%. The ex-dividend date was Thursday, May 25th. Assurant’s payout ratio is currently 26.04%.
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Separately, BidaskClub upgraded shares of Assurant from a “hold” rating to a “buy” rating in a research report on Friday, June 30th. One analyst has rated the stock with a sell rating, three have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $97.50.
In related news, EVP Christopher J. Pagano sold 7,000 shares of the company’s stock in a transaction that occurred on Thursday, June 15th. The shares were sold at an average price of $102.94, for a total transaction of $720,580.00. Following the sale, the executive vice president now directly owns 55,978 shares in the company, valued at approximately $5,762,375.32. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.83% of the company’s stock.
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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