Point72 Asset Management L.P. Acquires New Position in Assurant, Inc. (NYSE:AIZ)

Point72 Asset Management L.P. bought a new stake in Assurant, Inc. (NYSE:AIZ - Free Report) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 133,912 shares of the financial services provider's stock, valued at approximately $26,630,000. Point72 Asset Management L.P. owned approximately 0.26% of Assurant as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also recently bought and sold shares of AIZ. FMR LLC grew its holdings in shares of Assurant by 6.0% in the 3rd quarter. FMR LLC now owns 1,163,593 shares of the financial services provider's stock valued at $231,392,000 after acquiring an additional 65,874 shares in the last quarter. AQR Capital Management LLC grew its stake in Assurant by 32.5% in the second quarter. AQR Capital Management LLC now owns 1,041,678 shares of the financial services provider's stock valued at $173,179,000 after purchasing an additional 255,471 shares in the last quarter. Dimensional Fund Advisors LP increased its position in shares of Assurant by 1.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 698,677 shares of the financial services provider's stock worth $116,159,000 after purchasing an additional 12,935 shares during the last quarter. TD Asset Management Inc increased its position in shares of Assurant by 20.4% during the 2nd quarter. TD Asset Management Inc now owns 566,123 shares of the financial services provider's stock worth $94,118,000 after purchasing an additional 96,021 shares during the last quarter. Finally, Mizuho Securities USA LLC raised its stake in shares of Assurant by 11,480.4% during the 3rd quarter. Mizuho Securities USA LLC now owns 464,952 shares of the financial services provider's stock worth $92,460,000 after purchasing an additional 460,937 shares in the last quarter. Institutional investors own 92.65% of the company's stock.

Analysts Set New Price Targets

A number of brokerages recently weighed in on AIZ. StockNews.com downgraded shares of Assurant from a "buy" rating to a "hold" rating in a report on Thursday, October 17th. Bank of America upped their target price on shares of Assurant from $228.00 to $233.00 and gave the company a "buy" rating in a report on Thursday, October 10th. Morgan Stanley assumed coverage on Assurant in a report on Thursday. They set an "equal weight" rating and a $251.00 price target for the company. Truist Financial upped their price objective on Assurant from $220.00 to $240.00 and gave the company a "buy" rating in a research note on Thursday, November 7th. Finally, Piper Sandler lifted their target price on Assurant from $200.00 to $217.00 and gave the stock a "neutral" rating in a research note on Wednesday, October 2nd. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of "Hold" and an average price target of $229.50.

Assurant Stock Performance

AIZ traded down $1.15 during trading on Friday, hitting $224.22. The stock had a trading volume of 247,594 shares, compared to its average volume of 353,070. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.42 and a quick ratio of 0.42. The company has a 50 day moving average price of $206.19 and a 200-day moving average price of $187.81. Assurant, Inc. has a one year low of $160.12 and a one year high of $230.55. The firm has a market cap of $11.50 billion, a price-to-earnings ratio of 15.99 and a beta of 0.61.

Assurant (NYSE:AIZ - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The financial services provider reported $3.00 EPS for the quarter, beating the consensus estimate of $2.52 by $0.48. Assurant had a net margin of 6.31% and a return on equity of 17.42%. The business had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the prior year, the company posted $4.29 earnings per share. Assurant's revenue was up 7.0% compared to the same quarter last year. As a group, research analysts predict that Assurant, Inc. will post 15.41 EPS for the current year.

Assurant Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 30th. Stockholders of record on Monday, December 9th will be issued a dividend of $0.80 per share. The ex-dividend date is Monday, December 9th. This is a boost from Assurant's previous quarterly dividend of $0.72. This represents a $3.20 annualized dividend and a dividend yield of 1.43%. Assurant's dividend payout ratio (DPR) is currently 22.82%.

Insider Activity

In related news, EVP Biju Nair sold 3,000 shares of the firm's stock in a transaction on Friday, November 8th. The stock was sold at an average price of $209.18, for a total value of $627,540.00. Following the transaction, the executive vice president now owns 20,658 shares in the company, valued at approximately $4,321,240.44. This trade represents a 12.68 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 0.53% of the stock is owned by company insiders.

Assurant Company Profile

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.