Assurant (NYSE:AIZ) Releases Quarterly Earnings Results, Beats Expectations By $0.48 EPS

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

Assurant Trading Up 7.0 %

Shares of NYSE:AIZ traded up $13.60 during midday trading on Wednesday, reaching $206.69. The company’s stock had a trading volume of 240,679 shares, compared to its average volume of 343,678. The firm has a market cap of $10.70 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 business has a 50 day moving average price of $194.45 and a 200 day moving average price of $180.77. Assurant has a 1 year low of $158.29 and a 1 year high of $207.01. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.42.

Assurant Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were paid a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.39%. The ex-dividend date of this dividend was Tuesday, September 3rd. Assurant’s dividend payout ratio is presently 19.19%.

Wall Street Analysts Forecast Growth

A number of research analysts have recently issued reports on the stock. StockNews.com lowered shares of Assurant from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. Piper Sandler lifted their price target on Assurant from $200.00 to $217.00 and gave the company a “neutral” rating in a research note on Wednesday, October 2nd. Bank of America increased their price objective on Assurant from $228.00 to $233.00 and gave the stock a “buy” rating in a research report on Thursday, October 10th. Keefe, Bruyette & Woods boosted their target price on shares of Assurant from $186.00 to $194.00 and gave the stock a “market perform” rating in a research report on Wednesday, August 14th. Finally, UBS Group increased 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. Three research analysts have rated the stock with a hold rating and two have given a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $217.00.

Insiders Place Their Bets

In other news, CAO Dimitry Dirienzo sold 550 shares of the stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $188.44, for a total transaction of $103,642.00. Following the transaction, the chief accounting officer now directly owns 3,152 shares in the company, valued at $593,962.88. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. In other Assurant news, CAO Dimitry Dirienzo sold 550 shares of the company’s stock in a transaction dated Monday, August 19th. The stock was sold at an average price of $188.44, for a total transaction of $103,642.00. Following the completion of the sale, the chief accounting officer now directly owns 3,152 shares in the company, valued at $593,962.88. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Martin Jenns sold 1,500 shares of Assurant 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 transaction, the executive vice president now directly owns 4,027 shares in the company, valued at $717,329.51. This represents 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 corporate insiders.

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.