Assurant (NYSE:AIZ) Announces Quarterly Earnings Results, Beats Estimates By $1.24 EPS

Assurant (NYSE:AIZ) announced its quarterly earnings results on Tuesday. The financial services provider reported $6.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $5.17 by $1.24, Zacks reports. Assurant had a net margin of 7.60% and a return on equity of 20.32%.

Assurant Trading Down 0.3%

AIZ traded down $0.75 on Tuesday, hitting $281.64. The company had a trading volume of 425,488 shares, compared to its average volume of 401,832. The business’s fifty day simple moving average is $267.43 and its 200 day simple moving average is $243.00. The company has a quick ratio of 0.39, a current ratio of 0.39 and a debt-to-equity ratio of 0.38. Assurant has a 12-month low of $188.00 and a 12-month high of $284.64. The company has a market cap of $13.95 billion, a PE ratio of 14.41 and a beta of 0.55.

Assurant Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, June 29th. Investors of record on Monday, June 8th were given a $0.88 dividend. The ex-dividend date was Monday, June 8th. This represents a $3.52 annualized dividend and a yield of 1.2%. Assurant’s dividend payout ratio (DPR) is currently 18.01%.

Insider Buying and Selling

In other news, EVP Robert Lonergan sold 7,000 shares of the firm’s stock in a transaction that occurred on Monday, June 22nd. The stock was sold at an average price of $262.71, for a total value of $1,838,970.00. Following the completion of the sale, the executive vice president directly owned 27,374 shares of the company’s stock, valued at $7,191,423.54. This trade represents a 20.36% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Dimitry Dirienzo sold 2,000 shares of Assurant stock in a transaction that occurred on Tuesday, May 26th. The stock was sold at an average price of $255.68, for a total value of $511,360.00. Following the completion of the transaction, the chief accounting officer owned 2,741 shares of the company’s stock, valued at approximately $700,818.88. This trade represents a 42.19% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders have sold 36,000 shares of company stock valued at $9,211,620. 0.54% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently bought and sold shares of AIZ. Atlas Capital Advisors Inc. bought a new stake in shares of Assurant during the fourth quarter worth $111,000. Kestra Advisory Services LLC bought a new position in shares of Assurant in the fourth quarter worth about $163,000. Great Lakes Advisors LLC purchased a new position in Assurant in the 4th quarter worth about $201,000. Advisory Services Network LLC purchased a new position in Assurant in the 3rd quarter worth about $172,000. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in Assurant by 113.1% during the 3rd quarter. Northwestern Mutual Wealth Management Co. now owns 714 shares of the financial services provider’s stock valued at $155,000 after buying an additional 379 shares in the last quarter. 92.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms have commented on AIZ. Truist Financial increased their price objective on shares of Assurant from $290.00 to $310.00 and gave the company a “buy” rating in a report on Wednesday, June 17th. Weiss Ratings downgraded Assurant from a “buy (a-)” rating to a “buy (b+)” rating in a research report on Tuesday, June 23rd. Royal Bank Of Canada set a $310.00 price target on Assurant in a research note on Wednesday, June 17th. Morgan Stanley raised their price target on Assurant from $285.00 to $300.00 and gave the company an “overweight” rating in a report on Monday, July 6th. Finally, UBS Group lifted their price objective on Assurant from $270.00 to $274.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Nine analysts have rated the stock with a Buy rating and one has issued a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $291.43.

About Assurant

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.