Assurant (NYSE:AIZ) Issues Earnings Results

Assurant (NYSE:AIZ) issued its quarterly earnings results on Tuesday. The financial services provider reported $5.95 EPS for the quarter, beating analysts’ consensus estimates of $5.29 by $0.66, FiscalAI reports. The company had revenue of $3.42 billion for the quarter, compared to analyst estimates of $3.29 billion. Assurant had a return on equity of 18.65% and a net margin of 6.81%.

Assurant Trading Up 3.5%

AIZ traded up $8.07 during trading on Tuesday, reaching $237.19. The company had a trading volume of 266,606 shares, compared to its average volume of 390,623. The firm’s 50-day simple moving average is $222.74 and its 200 day simple moving average is $226.30. The company has a market cap of $11.79 billion, a price-to-earnings ratio of 13.97 and a beta of 0.56. Assurant has a 12-month low of $183.39 and a 12-month high of $246.31. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.39 and a current ratio of 0.39.

Analysts Set New Price Targets

AIZ has been the topic of a number of research analyst reports. Morgan Stanley lowered their price target on Assurant from $248.00 to $240.00 and set an “equal weight” rating on the stock in a report on Monday, April 6th. Weiss Ratings raised Assurant from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, April 27th. Wall Street Zen lowered Assurant from a “buy” rating to a “hold” rating in a report on Saturday, February 14th. BMO Capital Markets lowered their target price on Assurant from $255.00 to $246.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. Finally, Truist Financial lifted their target price on Assurant from $265.00 to $280.00 and gave the stock a “buy” rating in a report on Thursday, February 12th. Eight equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $256.83.

Insider Transactions at Assurant

In other Assurant news, CAO Dimitry Dirienzo sold 750 shares of Assurant stock in a transaction dated Friday, March 20th. The stock was sold at an average price of $210.98, for a total transaction of $158,235.00. Following the transaction, the chief accounting officer owned 4,741 shares of the company’s stock, valued at $1,000,256.18. The trade was a 13.66% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Subhashish Sengupta sold 1,880 shares of Assurant stock in a transaction dated Friday, March 20th. The shares were sold at an average price of $210.53, for a total value of $395,796.40. Following the sale, the executive vice president owned 2,895 shares of the company’s stock, valued at approximately $609,484.35. This represents a 39.37% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 2,650 shares of company stock worth $558,331 in the last three months. 0.54% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Assurant

Institutional investors have recently made changes to their positions in the company. Adage Capital Partners GP L.L.C. lifted its holdings in Assurant by 676.5% in the 4th quarter. Adage Capital Partners GP L.L.C. now owns 240,240 shares of the financial services provider’s stock worth $57,862,000 after purchasing an additional 209,300 shares during the last quarter. Millennium Management LLC lifted its holdings in shares of Assurant by 122.9% during the fourth quarter. Millennium Management LLC now owns 322,235 shares of the financial services provider’s stock worth $77,610,000 after buying an additional 177,642 shares during the last quarter. Gillson Capital LP lifted its holdings in shares of Assurant by 62.6% during the fourth quarter. Gillson Capital LP now owns 390,205 shares of the financial services provider’s stock worth $93,981,000 after buying an additional 150,168 shares during the last quarter. Worldquant Millennium Advisors LLC lifted its holdings in shares of Assurant by 2,977.4% during the second quarter. Worldquant Millennium Advisors LLC now owns 129,219 shares of the financial services provider’s stock worth $25,519,000 after buying an additional 125,020 shares during the last quarter. Finally, Two Sigma Investments LP lifted its holdings in shares of Assurant by 497.3% during the third quarter. Two Sigma Investments LP now owns 126,133 shares of the financial services provider’s stock worth $27,320,000 after buying an additional 105,016 shares during the last quarter. 92.65% of the stock is currently owned by institutional investors and hedge funds.

Assurant Company Profile

Assurant, Inc is a global provider of risk management products and services, specializing in the housing and lifestyle markets. The company offers insurance and related products designed to help consumers protect their homes, personal belongings, and electronic devices. Its core offerings include renters insurance, manufactured housing finance, flood insurance, mobile device protection plans, and extended service contracts for appliances and electronics.

Within its Global Housing segment, Assurant partners with mortgage lenders, financial institutions and government agencies to deliver specialty insurance and risk mitigation services.