Assurant (NYSE:AIZ) Issues Quarterly Earnings Results

Assurant (NYSE:AIZ) announced its quarterly earnings data on Tuesday. The financial services provider reported $3.00 earnings per share for the quarter, beating analysts’ consensus estimates of $2.52 by $0.48, Briefing.com reports. Assurant had a return on equity of 19.63% and a net margin of 6.90%. The business had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same period in the prior year, the company earned $4.29 earnings per share. The company’s revenue was up 7.0% on a year-over-year basis.

Assurant Price Performance

Shares of AIZ traded up $11.85 during mid-day trading on Wednesday, hitting $204.94. 218,797 shares of the company were exchanged, compared to its average volume of 343,577. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.40 and a current ratio of 0.40. Assurant has a 1-year low of $158.29 and a 1-year high of $206.98. The stock has a market cap of $10.61 billion, a price-to-earnings ratio of 12.87, a price-to-earnings-growth ratio of 2.04 and a beta of 0.57. The company has a 50 day moving average of $194.45 and a 200-day moving average of $180.77.

Assurant Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were paid a dividend of $0.72 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.41%. Assurant’s dividend payout ratio is currently 19.19%.

Insiders Place Their Bets

In other news, EVP Martin Jenns sold 1,500 shares of the firm’s stock in a transaction that occurred on Monday, August 12th. The stock was sold at an average price of $178.13, for a total value of $267,195.00. Following the transaction, the executive vice president now owns 4,027 shares in the company, valued at $717,329.51. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Assurant news, EVP Martin Jenns sold 1,500 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $178.13, for a total value of $267,195.00. Following the completion of the sale, the executive vice president now owns 4,027 shares in the company, valued at approximately $717,329.51. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CAO Dimitry Dirienzo sold 550 shares of the company’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $188.44, for a total value of $103,642.00. Following the completion of the sale, the chief accounting officer now owns 3,152 shares of the company’s stock, valued at approximately $593,962.88. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Analysts Set New Price Targets

AIZ has been the topic of several research reports. StockNews.com downgraded shares of Assurant from a “buy” rating to a “hold” rating in a report on Thursday, October 17th. Piper Sandler boosted their target price on shares of Assurant from $200.00 to $217.00 and gave the company a “neutral” rating in a research report on Wednesday, October 2nd. UBS Group upped their price target on shares of Assurant from $217.00 to $224.00 and gave the company a “buy” rating in a report on Monday, September 23rd. Keefe, Bruyette & Woods lifted their price objective on Assurant from $186.00 to $194.00 and gave the company a “market perform” rating in a research note on Wednesday, August 14th. Finally, Bank of America boosted their price objective on Assurant from $228.00 to $233.00 and gave the company a “buy” rating in a report on Thursday, October 10th. Three investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $217.00.

About Assurant

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.