Stoneridge Investment Partners LLC Makes New Investment in Assurant, Inc. $AIZ

Stoneridge Investment Partners LLC purchased a new position in shares of Assurant, Inc. (NYSE:AIZ) in the second quarter, HoldingsChannel reports. The fund purchased 3,004 shares of the financial services provider’s stock, valued at approximately $839,000.

A number of other institutional investors have also modified their holdings of the company. Jones Financial Companies Lllp boosted its position in Assurant by 606.7% during the first quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider’s stock worth $222,000 after acquiring an additional 910 shares during the last quarter. Goldman Sachs Group Inc. grew its stake in Assurant by 19.6% in the 1st quarter. Goldman Sachs Group Inc. now owns 290,759 shares of the financial services provider’s stock worth $60,987,000 after acquiring an additional 47,548 shares during the period. United Services Automobile Association acquired a new position in Assurant in the 1st quarter valued at $203,000. Focus Partners Wealth raised its holdings in Assurant by 66.6% in the 1st quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider’s stock valued at $556,000 after acquiring an additional 1,059 shares during the last quarter. Finally, Geneos Wealth Management Inc. lifted its stake in shares of Assurant by 57.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.

Assurant Stock Up 0.7%

Shares of AIZ opened at $282.76 on Friday. Assurant, Inc. has a fifty-two week low of $205.01 and a fifty-two week high of $303.94. The company’s fifty day moving average is $273.81 and its two-hundred day moving average is $246.17. The firm has a market cap of $13.95 billion, a PE ratio of 13.50 and a beta of 0.55. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.36.

Assurant (NYSE:AIZ) last released its quarterly earnings data on Tuesday, August 4th. The financial services provider reported $6.41 EPS for the quarter, topping analysts’ consensus estimates of $5.17 by $1.24. The business had revenue of $3.45 billion during the quarter, compared to the consensus estimate of $3.43 billion. Assurant had a return on equity of 20.40% and a net margin of 7.90%.The business’s revenue for the quarter was up 9.4% on a year-over-year basis. During the same period in the prior year, the firm posted $5.56 EPS. Analysts forecast that Assurant, Inc. will post 21.61 earnings per share for the current year.

Assurant Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 28th. Stockholders of record on Monday, August 31st will be issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date is Monday, August 31st. Assurant’s dividend payout ratio (DPR) is 16.81%.

Analyst Upgrades and Downgrades

AIZ has been the topic of several analyst reports. Royal Bank Of Canada set a $310.00 price objective on Assurant in a report on Wednesday, June 17th. UBS Group upped their target price on Assurant from $274.00 to $331.00 and gave the company a “buy” rating in a research note on Thursday. Wall Street Zen downgraded Assurant from a “buy” rating to a “hold” rating in a research report on Saturday, July 25th. Morgan Stanley raised their price target on Assurant from $285.00 to $300.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, Truist Financial lifted their price target on Assurant from $310.00 to $355.00 and gave the company a “buy” rating in a report on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $313.71.

Insider Activity

In related news, EVP Nair Biju sold 3,931 shares of the stock in a transaction that occurred on Thursday, August 6th. The shares were sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the completion of the sale, the executive vice president owned 24,247 shares of the company’s stock, valued at approximately $7,333,747.62. This represents a 13.95% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Robert Lonergan sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The shares were sold at an average price of $262.71, for a total transaction of $1,838,970.00. Following the completion of the transaction, the executive vice president owned 27,374 shares in the company, valued at $7,191,423.54. The trade was a 20.36% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 12,931 shares of company stock valued at $3,539,300 in the last three months. Corporate insiders own 0.54% of the company’s stock.

Assurant Profile

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.