Mackenzie Financial Corp Increases Position in Assurant, Inc. (NYSE:AIZ)

Mackenzie Financial Corp lifted its position in Assurant, Inc. (NYSE:AIZ) by 405.9% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 8,980 shares of the financial services provider’s stock after purchasing an additional 7,205 shares during the period. Mackenzie Financial Corp’s holdings in Assurant were worth $1,884,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors have also recently modified their holdings of AIZ. LPL Financial LLC increased its stake in shares of Assurant by 144.7% in the fourth quarter. LPL Financial LLC now owns 23,318 shares of the financial services provider’s stock worth $4,972,000 after purchasing an additional 13,787 shares in the last quarter. Franklin Resources Inc. grew its stake in Assurant by 12.5% during the fourth quarter. Franklin Resources Inc. now owns 7,558 shares of the financial services provider’s stock valued at $1,612,000 after acquiring an additional 841 shares in the last quarter. Geode Capital Management LLC grew its stake in Assurant by 0.8% during the fourth quarter. Geode Capital Management LLC now owns 1,399,725 shares of the financial services provider’s stock valued at $299,724,000 after acquiring an additional 10,956 shares in the last quarter. World Investment Advisors grew its stake in Assurant by 24.3% during the fourth quarter. World Investment Advisors now owns 7,590 shares of the financial services provider’s stock valued at $1,618,000 after acquiring an additional 1,483 shares in the last quarter. Finally, Resona Asset Management Co. Ltd. purchased a new position in Assurant during the fourth quarter valued at $4,375,000. 92.65% of the stock is owned by hedge funds and other institutional investors.

Assurant Trading Down 0.5%

Shares of AIZ opened at $186.41 on Monday. Assurant, Inc. has a 1-year low of $164.63 and a 1-year high of $230.55. The company has a 50-day moving average of $193.98 and a 200 day moving average of $199.50. The firm has a market capitalization of $9.48 billion, a price-to-earnings ratio of 14.53 and a beta of 0.58. The company has a debt-to-equity ratio of 0.40, a current ratio of 0.41 and a quick ratio of 0.41.

Assurant (NYSE:AIZ) last posted its quarterly earnings results on Tuesday, May 6th. The financial services provider reported $3.39 EPS for the quarter, beating the consensus estimate of $2.78 by $0.61. Assurant had a net margin of 5.55% and a return on equity of 15.49%. The business had revenue of $3.07 billion during the quarter, compared to analyst estimates of $3.06 billion. During the same quarter in the previous year, the business posted $4.78 EPS. The company’s quarterly revenue was up 6.7% compared to the same quarter last year. On average, research analysts expect that Assurant, Inc. will post 16.88 EPS for the current year.

Assurant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, June 30th. Stockholders of record on Monday, June 9th were issued a $0.80 dividend. The ex-dividend date was Monday, June 9th. This represents a $3.20 annualized dividend and a dividend yield of 1.7%. Assurant’s payout ratio is currently 24.94%.

Insider Activity at Assurant

In other news, EVP Jay Rosenblum sold 1,000 shares of the business’s stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $201.93, for a total value of $201,930.00. Following the completion of the sale, the executive vice president owned 11,775 shares in the company, valued at approximately $2,377,725.75. The trade was a 7.83% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.51% of the company’s stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Wall Street Zen cut shares of Assurant from a “buy” rating to a “hold” rating in a research note on Saturday, July 5th. Morgan Stanley raised their target price on shares of Assurant from $217.00 to $218.00 and gave the stock an “equal weight” rating in a report on Monday, July 14th. Keefe, Bruyette & Woods raised their target price on shares of Assurant from $224.00 to $225.00 and gave the stock an “outperform” rating in a report on Monday, May 19th. Finally, Piper Sandler upgraded shares of Assurant from a “neutral” rating to an “overweight” rating and set a $223.00 target price for the company in a report on Thursday, April 10th. Two research analysts have rated the stock with a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $228.83.

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.