Assurant, Inc. (NYSE:AIZ) Short Interest Update

Assurant, Inc. (NYSE:AIZ) was the recipient of a large increase in short interest in September. As of September 30th, there was short interest totalling 1,700,000 shares, an increase of 5.6% from the August 30th total of 1,610,000 shares. Based on an average daily volume of 502,200 shares, the short-interest ratio is presently 3.4 days. Currently, 2.8% of the shares of the company are short sold.

A number of brokerages have issued reports on AIZ. SunTrust Banks increased their target price on shares of Assurant from $140.00 to $145.00 and gave the stock a “buy” rating in a research report on Thursday, October 3rd. UBS Group increased their target price on shares of Assurant from $153.00 to $154.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Finally, Morgan Stanley increased their target price on shares of Assurant from $119.00 to $130.00 and gave the stock an “overweight” rating in a research report on Thursday, August 15th.

Shares of Assurant stock opened at $125.46 on Wednesday. The company has a 50 day moving average of $124.87 and a 200-day moving average of $109.78. Assurant has a 1-year low of $82.31 and a 1-year high of $127.76. The company has a current ratio of 0.48, a quick ratio of 0.48 and a debt-to-equity ratio of 0.35. The company has a market cap of $7.69 billion, a PE ratio of 21.63 and a beta of 0.48.

Assurant (NYSE:AIZ) last issued its quarterly earnings results on Tuesday, August 6th. The financial services provider reported $2.34 earnings per share for the quarter, topping the Zacks’ consensus estimate of $2.13 by $0.21. Assurant had a net margin of 4.00% and a return on equity of 7.58%. The company had revenue of $2.55 billion during the quarter, compared to the consensus estimate of $2.35 billion. During the same quarter in the prior year, the firm posted $2.13 EPS. The firm’s quarterly revenue was up 39.0% on a year-over-year basis. Research analysts forecast that Assurant will post 8.76 earnings per share for the current year.

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Monday, August 26th were issued a dividend of $0.60 per share. This represents a $2.40 dividend on an annualized basis and a dividend yield of 1.91%. The ex-dividend date of this dividend was Friday, August 23rd. Assurant’s dividend payout ratio (DPR) is presently 41.38%.

In other Assurant news, EVP Michael P. Campbell sold 5,500 shares of the stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $124.26, for a total transaction of $683,430.00. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, COO Gene Mergelmeyer sold 15,000 shares of the stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $124.24, for a total transaction of $1,863,600.00. The disclosure for this sale can be found here. Corporate insiders own 0.68% of the company’s stock.

Several institutional investors have recently modified their holdings of AIZ. Renaissance Technologies LLC lifted its holdings in shares of Assurant by 151.1% during the 2nd quarter. Renaissance Technologies LLC now owns 1,050,000 shares of the financial services provider’s stock worth $111,699,000 after acquiring an additional 631,900 shares during the period. Schroder Investment Management Group lifted its holdings in shares of Assurant by 198.2% during the 2nd quarter. Schroder Investment Management Group now owns 816,652 shares of the financial services provider’s stock worth $86,875,000 after acquiring an additional 542,776 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Assurant by 9.8% during the 2nd quarter. Price T Rowe Associates Inc. MD now owns 5,863,690 shares of the financial services provider’s stock worth $623,779,000 after acquiring an additional 522,617 shares during the period. Nuveen Asset Management LLC bought a new stake in shares of Assurant during the 2nd quarter worth approximately $50,136,000. Finally, Bank of New York Mellon Corp lifted its holdings in shares of Assurant by 23.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 2,025,236 shares of the financial services provider’s stock worth $215,444,000 after acquiring an additional 378,629 shares during the period. 91.51% of the stock is owned by institutional investors.

Assurant Company Profile

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; and renters insurance and related products, as well as voluntary manufactured housing insurance, homeowners insurance, and other products.

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