Assurant (NYSE:AIZ) Releases Quarterly Earnings Results

Assurant (NYSE:AIZ) posted its quarterly earnings results on Tuesday. The financial services provider reported $5.73 earnings per share (EPS) for the quarter, beating the consensus estimate of $4.23 by $1.50, Zacks reports. The company had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.15 billion. Assurant had a return on equity of 16.47% and a net margin of 5.83%.The firm’s revenue was up 8.9% on a year-over-year basis. During the same quarter in the prior year, the company earned $3.00 earnings per share.

Assurant Stock Up 3.5%

Shares of NYSE AIZ traded up $7.60 during mid-day trading on Wednesday, reaching $222.20. The company had a trading volume of 13,704 shares, compared to its average volume of 449,348. Assurant has a twelve month low of $174.97 and a twelve month high of $230.55. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.40 and a current ratio of 0.40. The stock has a market capitalization of $11.21 billion, a PE ratio of 16.08 and a beta of 0.56. The stock’s 50 day moving average is $213.56 and its 200-day moving average is $202.85.

Assurant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 29th. Stockholders of record on Tuesday, September 2nd were paid a $0.80 dividend. The ex-dividend date of this dividend was Tuesday, September 2nd. This represents a $3.20 dividend on an annualized basis and a dividend yield of 1.4%. Assurant’s dividend payout ratio is 23.17%.

Analyst Ratings Changes

Several research analysts have issued reports on AIZ shares. Stephens started coverage on Assurant in a report on Tuesday, August 12th. They issued an “overweight” rating on the stock. Morgan Stanley boosted their target price on shares of Assurant from $230.00 to $232.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 7th. Benchmark initiated coverage on shares of Assurant in a research note on Tuesday, August 12th. They set a “buy” rating on the stock. Wall Street Zen raised shares of Assurant from a “hold” rating to a “buy” rating in a research note on Saturday, August 9th. Finally, Piper Sandler boosted their target price on shares of Assurant from $238.00 to $248.00 and gave the company an “overweight” rating in a research note on Friday, October 10th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, Assurant has an average rating of “Moderate Buy” and a consensus target price of $243.83.

Insider Transactions at Assurant

In related news, EVP Jay Rosenblum sold 3,900 shares of the company’s stock in a transaction on Tuesday, August 12th. The shares were sold at an average price of $208.53, for a total value of $813,267.00. Following the completion of the sale, the executive vice president directly owned 7,875 shares in the company, valued at approximately $1,642,173.75. This represents a 33.12% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, CEO Keith Demmings sold 13,725 shares of the company’s stock in a transaction on Friday, October 3rd. The stock was sold at an average price of $220.52, for a total transaction of $3,026,637.00. Following the completion of the sale, the chief executive officer owned 84,647 shares of the company’s stock, valued at $18,666,356.44. This represents a 13.95% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders have sold 27,125 shares of company stock valued at $5,917,925. 0.51% of the stock is owned by insiders.

Institutional Investors Weigh In On Assurant

Large investors have recently bought and sold shares of the business. CYBER HORNET ETFs LLC bought a new stake in Assurant in the second quarter worth $27,000. Geneos Wealth Management Inc. boosted its holdings in Assurant by 57.8% in the first quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider’s stock worth $38,000 after purchasing an additional 67 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in Assurant by 99.6% in the second quarter. EverSource Wealth Advisors LLC now owns 525 shares of the financial services provider’s stock worth $104,000 after purchasing an additional 262 shares in the last quarter. State of Wyoming bought a new stake in Assurant in the second quarter worth $143,000. Finally, United Services Automobile Association bought a new stake in Assurant in the first quarter worth $203,000. 92.65% of the stock is currently owned by institutional investors.

Assurant Company Profile

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.