Quantinno Capital Management LP Acquires 566 Shares of Assurant, Inc. (NYSE:AIZ)

Quantinno Capital Management LP raised its position in shares of Assurant, Inc. (NYSE:AIZ) by 10.8% in the third quarter, Holdings Channel reports. The fund owned 5,805 shares of the financial services provider’s stock after buying an additional 566 shares during the quarter. Quantinno Capital Management LP’s holdings in Assurant were worth $1,155,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also bought and sold shares of the company. Point72 DIFC Ltd bought a new position in Assurant in the third quarter worth $1,004,000. Point72 Asset Management L.P. bought a new position in Assurant in the 3rd quarter worth approximately $26,630,000. Menard Financial Group LLC increased its position in Assurant by 7.0% in the third quarter. Menard Financial Group LLC now owns 1,434 shares of the financial services provider’s stock worth $285,000 after purchasing an additional 94 shares during the period. Investment Management Corp of Ontario acquired a new stake in shares of Assurant during the third quarter worth $333,000. Finally, Hilltop Holdings Inc. bought a new stake in Assurant in the third quarter valued at approximately $200,000. Institutional investors own 92.65% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on AIZ shares. Truist Financial increased their price objective on shares of Assurant from $220.00 to $240.00 and gave the stock a “buy” rating in a research report on Thursday, November 7th. Bank of America lifted their price objective on Assurant from $228.00 to $233.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Piper Sandler raised their target price on Assurant from $200.00 to $217.00 and gave the company a “neutral” rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods upped their target price on Assurant from $194.00 to $212.00 and gave the stock a “market perform” rating in a report on Tuesday, November 12th. Finally, UBS Group increased their price objective on Assurant from $217.00 to $224.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Four analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $229.50.

Assurant Price Performance

Shares of AIZ opened at $217.59 on Friday. The firm has a market cap of $11.16 billion, a PE ratio of 15.52 and a beta of 0.61. Assurant, Inc. has a 52-week low of $160.12 and a 52-week high of $230.55. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.42 and a current ratio of 0.42. The business’s 50 day moving average price is $207.69 and its two-hundred day moving average price is $189.15.

Assurant (NYSE:AIZ) last issued its earnings results on Tuesday, November 5th. The financial services provider reported $3.00 EPS for the quarter, beating analysts’ consensus estimates of $2.52 by $0.48. Assurant had a return on equity of 17.42% and a net margin of 6.31%. The business had revenue of $2.97 billion during the quarter, compared to analyst estimates of $2.94 billion. During the same period in the previous year, the company posted $4.29 EPS. The firm’s revenue was up 7.0% compared to the same quarter last year. On average, equities analysts anticipate that Assurant, Inc. will post 15.38 EPS for the current year.

Assurant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Investors of record on Monday, December 9th will be issued a $0.80 dividend. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.47%. The ex-dividend date is Monday, December 9th. This is a positive change from Assurant’s previous quarterly dividend of $0.72. Assurant’s dividend payout ratio is currently 22.82%.

Insider Transactions at Assurant

In related news, EVP Biju Nair sold 3,000 shares of the business’s stock in a transaction dated Friday, November 8th. The shares were sold at an average price of $209.18, for a total transaction of $627,540.00. Following the transaction, the executive vice president now directly owns 20,658 shares in the company, valued at approximately $4,321,240.44. The trade was a 12.68 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.53% of the company’s stock.

About Assurant

Assurant, Inc, together with its subsidiaries, provides business services that supports, protects, and connects consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through two segments: Global Lifestyle and Global Housing. The Global Lifestyle segment offers mobile device solutions, and extended service contracts and related services for consumer electronics and appliances, and credit and other insurance products; and vehicle protection, commercial equipment, and other related services.