Man Group plc lessened its position in shares of Assurant, Inc. (NYSE:AIZ) by 94.3% during the third quarter, Holdings Channel reports. The institutional investor owned 18,161 shares of the financial services provider’s stock after selling 299,670 shares during the quarter. Man Group plc’s holdings in Assurant were worth $1,960,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors have also recently modified their holdings of AIZ. TPG Group Holdings SBS Advisors Inc. purchased a new position in shares of Assurant during the 2nd quarter valued at $1,042,065,000. Bank of New York Mellon Corp raised its stake in shares of Assurant by 56.9% during the 2nd quarter. Bank of New York Mellon Corp now owns 1,611,053 shares of the financial services provider’s stock valued at $166,729,000 after purchasing an additional 584,393 shares during the period. Hennessy Advisors Inc. bought a new stake in shares of Assurant during the 3rd quarter valued at $29,416,000. Bessemer Group Inc. raised its stake in shares of Assurant by 119.9% during the 3rd quarter. Bessemer Group Inc. now owns 274,918 shares of the financial services provider’s stock valued at $29,678,000 after purchasing an additional 149,925 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Assurant by 315.8% during the 3rd quarter. Renaissance Technologies LLC now owns 184,200 shares of the financial services provider’s stock valued at $19,884,000 after purchasing an additional 139,900 shares during the period. 92.33% of the stock is currently owned by hedge funds and other institutional investors.
Separately, ValuEngine upgraded Assurant from a “hold” rating to a “buy” rating in a research note on Saturday, November 10th. One equities research analyst has rated the stock with a hold rating and four have given a buy rating to the company. Assurant currently has an average rating of “Buy” and a consensus price target of $128.75.
Assurant (NYSE:AIZ) last released its quarterly earnings data on Tuesday, November 6th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.00 by $0.06. Assurant had a return on equity of 8.27% and a net margin of 7.27%. The company had revenue of $2.27 billion for the quarter, compared to analyst estimates of $2.05 billion. During the same period in the previous year, the company posted ($1.40) EPS. The firm’s revenue for the quarter was up 43.1% compared to the same quarter last year. Research analysts forecast that Assurant, Inc. will post 5.88 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, December 17th. Investors of record on Monday, November 26th were paid a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 2.59%. This is a positive change from Assurant’s previous quarterly dividend of $0.56. The ex-dividend date was Friday, November 23rd. Assurant’s payout ratio is presently 60.30%.
Assurant declared that its Board of Directors has authorized a share repurchase program on Monday, November 5th that allows the company to repurchase $600.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock repurchase programs are generally a sign that the company’s leadership believes its shares are undervalued.
In related news, EVP Christopher J. Pagano sold 1,250 shares of the business’s stock in a transaction on Monday, December 10th. The stock was sold at an average price of $90.17, for a total transaction of $112,712.50. Following the sale, the executive vice president now directly owns 53,423 shares in the company, valued at approximately $4,817,151.91. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.93% of the company’s stock.
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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; renters insurance and related products; and mortgage solutions comprising property inspection and preservation, valuation and title, and other property risk management services.
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