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

by · The Markets Daily

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

Assurant Stock Performance

AIZ traded down $0.53 during midday trading on Thursday, hitting $205.84. 310,520 shares of the company were exchanged, compared to its average volume of 345,617. The company’s 50 day simple moving average is $194.91 and its 200 day simple moving average is $181.12. The firm has a market capitalization of $10.66 billion, a price-to-earnings ratio of 13.71, a price-to-earnings-growth ratio of 2.04 and a beta of 0.57. The company has a current ratio of 0.40, a quick ratio of 0.40 and a debt-to-equity ratio of 0.42. Assurant has a 1-year low of $158.29 and a 1-year high of $208.67.

Assurant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Tuesday, September 3rd were given a $0.72 dividend. This represents a $2.88 annualized dividend and a dividend yield of 1.40%. The ex-dividend date was Tuesday, September 3rd. Assurant’s payout ratio is 19.19%.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on AIZ. Piper Sandler upped their target price on Assurant from $200.00 to $217.00 and gave the stock a “neutral” rating in a report on Wednesday, October 2nd. Keefe, Bruyette & Woods upped their target price on Assurant from $186.00 to $194.00 and gave the stock a “market perform” rating in a report on Wednesday, August 14th. UBS Group upped their target price on Assurant from $217.00 to $224.00 and gave the stock a “buy” rating in a report on Monday, September 23rd. StockNews.com lowered Assurant from a “buy” rating to a “hold” rating in a report on Thursday, October 17th. Finally, Bank of America increased 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 analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat.com, Assurant has an average rating of “Moderate Buy” and an average target price of $221.60.

Check Out Our Latest Stock Analysis on AIZ

Insiders Place Their Bets

In other Assurant news, CAO Dimitry Dirienzo sold 550 shares of the 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 sale, the chief accounting officer now directly owns 3,152 shares of the company’s stock, valued at approximately $593,962.88. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, CAO Dimitry Dirienzo sold 550 shares of the firm’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 sale, the chief accounting officer now directly owns 3,152 shares in the company, valued at $593,962.88. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Martin Jenns sold 1,500 shares of the firm’s stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $178.13, for a total transaction 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 insiders.

Assurant Company Profile

(Get Free Report)

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.

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