Illinois Municipal Retirement Fund Has $3.90 Million Holdings in Assurant, Inc. $AIZ

Illinois Municipal Retirement Fund increased its position in shares of Assurant, Inc. (NYSE:AIZ) by 12.9% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 17,917 shares of the financial services provider’s stock after buying an additional 2,042 shares during the period. Illinois Municipal Retirement Fund’s holdings in Assurant were worth $3,903,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also bought and sold shares of the company. Hillsdale Investment Management Inc. grew its holdings in Assurant by 6.8% during the 1st quarter. Hillsdale Investment Management Inc. now owns 22,080 shares of the financial services provider’s stock worth $4,809,000 after acquiring an additional 1,400 shares during the period. Calamos Advisors LLC lifted its stake in shares of Assurant by 1.5% in the 1st quarter. Calamos Advisors LLC now owns 107,355 shares of the financial services provider’s stock valued at $23,383,000 after purchasing an additional 1,543 shares during the period. Principal Financial Group Inc. lifted its stake in shares of Assurant by 18.2% in the 1st quarter. Principal Financial Group Inc. now owns 66,882 shares of the financial services provider’s stock valued at $14,568,000 after purchasing an additional 10,317 shares during the period. Chicago Partners Investment Group LLC bought a new stake in shares of Assurant during the 1st quarter valued at about $216,000. Finally, Pittenger & Anderson Inc. grew its stake in Assurant by 1.5% during the first quarter. Pittenger & Anderson Inc. now owns 27,805 shares of the financial services provider’s stock worth $6,056,000 after purchasing an additional 420 shares during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.

Insider Activity at Assurant

In related news, EVP Jay Rosenblum sold 2,000 shares of the stock in a transaction dated Thursday, May 14th. The shares were sold at an average price of $251.77, for a total transaction of $503,540.00. Following the completion of the transaction, the executive vice president owned 12,764 shares in the company, valued at approximately $3,213,592.28. This represents a 13.55% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Dimitry Dirienzo sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $255.68, for a total transaction of $511,360.00. Following the sale, the chief accounting officer owned 2,741 shares of the company’s stock, valued at $700,818.88. This trade represents a 42.19% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 36,000 shares of company stock valued at $9,211,620 over the last quarter. Corporate insiders own 0.54% of the company’s stock.

Assurant Stock Performance

AIZ stock opened at $277.10 on Friday. The firm has a market cap of $13.73 billion, a PE ratio of 14.17 and a beta of 0.55. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38. The business has a 50 day moving average of $261.67 and a 200-day moving average of $239.94. Assurant, Inc. has a 12-month low of $183.39 and a 12-month high of $284.12.

Assurant (NYSE:AIZ) last issued its quarterly earnings results on Tuesday, May 5th. The financial services provider reported $5.95 EPS for the quarter, topping analysts’ consensus estimates of $5.29 by $0.66. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.29 billion. Assurant had a return on equity of 20.32% and a net margin of 7.60%.Assurant’s quarterly revenue was up 11.3% compared to the same quarter last year. During the same period last year, the company posted $5.79 earnings per share. As a group, sell-side analysts expect that Assurant, Inc. will post 21.04 earnings per share for the current year.

Assurant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 8th were issued a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend was Monday, June 8th. Assurant’s payout ratio is 18.01%.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the company. Morgan Stanley boosted their price target on Assurant from $285.00 to $300.00 and gave the company an “overweight” rating in a research note on Monday, July 6th. Keefe, Bruyette & Woods raised their price objective on shares of Assurant from $270.00 to $310.00 and gave the stock an “outperform” rating in a research report on Wednesday, July 8th. UBS Group boosted their target price on Assurant from $270.00 to $274.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Piper Sandler reissued an “overweight” rating on shares of Assurant in a research report on Monday, June 22nd. Finally, Weiss Ratings lowered shares of Assurant from a “buy (a-)” rating to a “buy (b+)” rating in a research note on Tuesday, June 23rd. Nine analysts have rated the stock with a Buy rating and one has given a Hold rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $291.43.

Assurant Profile

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.