Mountain Pacific Investment Advisers LLC has significantly decreased its stake in Assurant, Inc. (NYSE:AIZ), selling 120,113 shares during the third quarter of 2023. According to the company’s recent filing with the Securities and Exchange Commission, this decision has reduced its holdings in the financial services provider by 79.3%. Following the sale, Mountain Pacific now owns 31,445 shares, which represents approximately 1.1% of its investment portfolio, making Assurant its 29th largest holding.
At the end of the most recent quarter, Mountain Pacific held 0.06% of Assurant, valued at $6,811,000. The reduction in shares follows a trend among institutional investors, with several modifying their positions in Assurant.
Changes in Institutional Holdings
Jones Financial Companies Lllp has made a notable increase in its position, boosting its holdings in Assurant by 606.7% in the first quarter of this year. After acquiring an additional 910 shares, Jones Financial now owns 1,060 shares, valued at $222,000. Similarly, Goldman Sachs Group Inc. raised its stake by 19.6% in the same quarter, now owning 290,759 shares worth $60,987,000 after purchasing an additional 47,548 shares.
Other institutional investors, including United Services Automobile Association, Focus Partners Wealth, and Geneos Wealth Management Inc., have also increased their investments in Assurant. Overall, institutional investors hold 92.65% of Assurant’s stock.
Analyst Ratings and Stock Performance
Several research analysts have provided updates on Assurant’s stock. Morgan Stanley raised its target price from $232.00 to $248.00, maintaining an “equal weight” rating as of November 17, 2023. UBS Group followed suit, increasing its target price from $255.00 to $257.00 and awarding Assurant a “buy” rating.
Despite mixed sentiments, the consensus rating remains a “Moderate Buy,” with an average target price of $252.67, according to MarketBeat.com. Assurant’s stock opened at $238.45 on Thursday, reflecting a 2.4% increase. The company’s twelve-month low is $174.97, while the high stands at $243.76.
Assurant’s financial performance has been robust, with a recent earnings report indicating $5.73 earnings per share for the most recent quarter, surpassing the consensus estimate of $4.23 by $1.50. The firm’s revenue reached $3.23 billion, compared to analyst expectations of $3.15 billion, marking an 8.9% year-over-year increase.
Dividend Announcement
In addition to its financial performance, Assurant recently announced an increase in its quarterly dividend. Stockholders of record on December 1, 2023, received a dividend of $0.88, up from the previous $0.80. The annualized dividend now stands at $3.52, yielding 1.5%, with a payout ratio of 21.42%.
Assurant, Inc. is a global provider of risk management products and services, focusing primarily on the housing and lifestyle markets. The company specializes in a variety of insurance and related products, including renters insurance and mobile device protection plans, aimed at helping consumers safeguard their homes and belongings.
As the market dynamics shift, the actions of institutional investors and analysts will continue to play a crucial role in shaping Assurant’s future performance and positioning within the financial services sector.
