Assurant (NYSE:AIZ) Releases Earnings Results, Beats Estimates By $1.40 EPS

Assurant (NYSE:AIZ) announced its quarterly earnings data on Tuesday. The financial services provider reported $6.15 EPS for the quarter, beating analysts’ consensus estimates of $4.75 by $1.40, FiscalAI reports. The firm had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.48 billion. Assurant had a return on equity of 20.40% and a net margin of 7.90%. The business’s quarterly revenue was up 9.2% compared to the same quarter last year. During the same period last year, the company earned $5.73 EPS.

Assurant Stock Down 0.6%

AIZ traded down $1.68 during trading hours on Tuesday, hitting $295.55. 359,493 shares of the company’s stock were exchanged, compared to its average volume of 391,379. The stock has a market cap of $14.58 billion, a price-to-earnings ratio of 14.11 and a beta of 0.52. Assurant has a 1-year low of $209.86 and a 1-year high of $303.94. The stock’s 50-day moving average is $279.13 and its two-hundred day moving average is $255.18. The company has a quick ratio of 0.38, a current ratio of 0.38 and a debt-to-equity ratio of 0.36.

Assurant Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Stockholders of record on Monday, August 31st were given a $0.88 dividend. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.2%. The ex-dividend date of this dividend was Monday, August 31st. Assurant’s payout ratio is currently 16.81%.

Analysts Set New Price Targets

Several brokerages have weighed in on AIZ. Keefe, Bruyette & Woods boosted their price objective on Assurant from $310.00 to $325.00 and gave the stock an “outperform” rating in a report on Friday, August 7th. Truist Financial lifted their price target on shares of Assurant from $310.00 to $355.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. BMO Capital Markets upped their price objective on shares of Assurant from $274.00 to $320.00 and gave the company an “outperform” rating in a research report on Friday, August 28th. Weiss Ratings raised Assurant from a “buy (a-)” rating to a “buy (a)” rating in a research note on Thursday, October 8th. Finally, Morgan Stanley dropped their price objective on Assurant from $320.00 to $300.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 6th. Two research analysts have rated the stock with a Strong Buy rating and six have issued a Buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $324.29.

Insider Buying and Selling

In other news, EVP Biju Nair sold 3,931 shares of the stock in a transaction dated Thursday, August 6th. The shares were sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the completion of the transaction, the executive vice president directly owned 24,247 shares in the company, valued at $7,333,747.62. This represents a 13.95% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. 0.54% of the stock is owned by company insiders.

Assurant Company Profile

Assurant, Inc (NYSE:AIZ) is a global business services company that provides insurance products and related services. Its offerings are designed to help consumers protect mobile devices, household belongings, vehicles, homes and other significant purchases, while supporting businesses in managing risk and customer relationships.

Assurant operates through three primary business segments: Global Lifestyle, Global Housing and Global Preneed. Global Lifestyle provides mobile device protection, extended service contracts and related services for consumer electronics, appliances and vehicles.