Assurant (NYSE:AIZ) Issues Quarterly Earnings Results, Beats Expectations By $0.66 EPS

Assurant (NYSE:AIZ) announced its earnings results on Tuesday. The financial services provider reported $5.95 earnings per share (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 Stock Performance

NYSE AIZ traded up $5.93 on Tuesday, reaching $235.05. The stock had a trading volume of 183,940 shares, compared to its average volume of 390,623. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.39 and a quick ratio of 0.39. The firm has a fifty day moving average of $222.74 and a two-hundred day moving average of $226.30. Assurant has a 1-year low of $183.39 and a 1-year high of $246.31. The company has a market cap of $11.68 billion, a P/E ratio of 13.70 and a beta of 0.56.

Analyst Ratings Changes

A number of research firms have weighed in on AIZ. Weiss Ratings raised shares of Assurant from a “buy (b)” rating to a “buy (b+)” rating in a report on Monday, April 27th. Truist Financial boosted their price objective on shares of Assurant from $265.00 to $280.00 and gave the company a “buy” rating in a research note on Thursday, February 12th. Wall Street Zen lowered Assurant from a “buy” rating to a “hold” rating in a research note on Saturday, February 14th. BMO Capital Markets dropped their price objective on Assurant from $255.00 to $246.00 and set an “outperform” rating on the stock in a report on Thursday, February 12th. Finally, Morgan Stanley reduced their target price on Assurant from $248.00 to $240.00 and set an “equal weight” rating on the stock in a report on Monday, April 6th. Eight analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to MarketBeat.com, Assurant has an average rating of “Moderate Buy” and a consensus target price of $256.83.

Insider Activity

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

Institutional Investors Weigh In On Assurant

Several hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP grew its position in Assurant by 6.6% in the 4th quarter. Dimensional Fund Advisors LP now owns 919,639 shares of the financial services provider’s stock valued at $221,500,000 after purchasing an additional 57,139 shares during the period. Fuller & Thaler Asset Management Inc. grew its position in Assurant by 7.7% in the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 697,555 shares of the financial services provider’s stock worth $168,006,000 after purchasing an additional 49,698 shares in the last quarter. Morgan Stanley increased its position in shares of Assurant by 5.2% during the fourth quarter. Morgan Stanley now owns 640,431 shares of the financial services provider’s stock valued at $154,248,000 after acquiring an additional 31,432 shares during the last quarter. Schroder Investment Management Group grew its stake in Assurant by 3.5% in the 4th quarter. Schroder Investment Management Group now owns 443,875 shares of the financial services provider’s stock valued at $106,907,000 after purchasing an additional 15,198 shares during the period. Finally, Wellington Management Group LLP raised its stake in shares of Assurant by 5.5% during the 4th quarter. Wellington Management Group LLP now owns 418,146 shares of the financial services provider’s stock worth $100,710,000 after purchasing an additional 21,945 shares during the period. Institutional investors own 92.65% of the company’s stock.

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.