FNY Investment Advisers LLC lowered its stake in shares of Assurant, Inc. (NYSE:AIZ) by 70.0% during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 1,500 shares of the financial services provider’s stock after selling 3,500 shares during the quarter. FNY Investment Advisers LLC’s holdings in Assurant were worth $161,000 as of its most recent SEC filing.
A number of other large investors also recently modified their holdings of AIZ. Principal Financial Group Inc. grew its holdings in Assurant by 8.0% during the 1st quarter. Principal Financial Group Inc. now owns 81,929 shares of the financial services provider’s stock worth $7,489,000 after acquiring an additional 6,101 shares during the last quarter. Xact Kapitalforvaltning AB grew its holdings in Assurant by 17.9% during the 1st quarter. Xact Kapitalforvaltning AB now owns 5,376 shares of the financial services provider’s stock worth $491,000 after acquiring an additional 818 shares during the last quarter. Suntrust Banks Inc. bought a new stake in Assurant during the 1st quarter worth about $204,000. IFM Investors Pty Ltd bought a new stake in Assurant during the 2nd quarter worth about $233,000. Finally, Fisher Asset Management LLC bought a new stake in Assurant during the 2nd quarter worth about $414,000. 94.11% of the stock is currently owned by hedge funds and other institutional investors.
AIZ has been the topic of a number of research reports. Morgan Stanley initiated coverage on shares of Assurant in a research report on Tuesday, July 10th. They set an “overweight” rating and a $125.00 target price on the stock. SunTrust Banks upped their target price on shares of Assurant to $129.00 and gave the company an “outperform” rating in a research report on Wednesday, July 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods initiated coverage on shares of Assurant in a research report on Monday, July 16th. They set an “outperform” rating and a $121.00 target price on the stock. Finally, UBS Group upped their target price on shares of Assurant from $118.00 to $136.00 and gave the company a “buy” rating in a research report on Friday, September 7th. One analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The company has a consensus rating of “Buy” and a consensus target price of $128.75.
Assurant (NYSE:AIZ) last released its earnings results on Tuesday, August 7th. The financial services provider reported $2.11 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.35. Assurant had a net margin of 6.37% and a return on equity of 5.62%. The company had revenue of $1.83 billion for the quarter, compared to the consensus estimate of $1.77 billion. During the same period in the prior year, the company posted $1.63 EPS. On average, analysts forecast that Assurant, Inc. will post 6.3 earnings per share for the current year.
In other Assurant news, COO Gene Mergelmeyer sold 14,144 shares of the company’s stock in a transaction dated Tuesday, August 14th. The shares were sold at an average price of $109.41, for a total transaction of $1,547,495.04. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, major shareholder Tpg Advisors Vi-Aiv, Inc. sold 1,000,000 shares of the company’s stock in a transaction dated Tuesday, September 18th. The shares were sold at an average price of $105.14, for a total transaction of $105,140,000.00. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 2,215,394 shares of company stock worth $228,135,608. Corporate insiders own 0.93% of the company’s stock.
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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