Assurant (NYSE:AIZ) Issues Quarterly Earnings Results, Beats Estimates By $1.40 EPS
by Renee Jackson · The Cerbat GemAssurant (NYSE:AIZ – Get Free Report) announced its earnings results on Tuesday. The financial services provider reported $6.15 earnings per share for the quarter, beating the consensus estimate of $4.75 by $1.40, FiscalAI reports. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.48 billion. Assurant had a net margin of 7.90% and a return on equity of 20.40%.
Assurant Stock Performance
NYSE AIZ traded down $1.68 during trading on Tuesday, reaching $295.55. The company’s stock had a trading volume of 359,493 shares, compared to its average volume of 391,379. The business’s fifty day moving average price is $278.97 and its 200-day moving average price is $254.89. Assurant has a twelve month low of $209.86 and a twelve month high of $303.94. The company has a debt-to-equity ratio of 0.36, a quick ratio of 0.38 and a current ratio of 0.38. The firm has a market cap of $14.58 billion, a price-to-earnings ratio of 14.11 and a beta of 0.52.
Assurant Dividend Announcement
The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 28th. Shareholders of record on Monday, August 31st were paid a $0.88 dividend. The ex-dividend date was Monday, August 31st. This represents a $3.52 dividend on an annualized basis and a yield of 1.2%. Assurant’s payout ratio is currently 16.81%.
Wall Street Analysts Forecast Growth
A number of research firms have issued reports on AIZ. Morgan Stanley decreased their price target on shares of Assurant from $320.00 to $300.00 and set an “overweight” rating for the company in a report on Tuesday, October 6th. Truist Financial lifted their target price on shares of Assurant from $310.00 to $355.00 and gave the stock a “buy” rating in a research note on Thursday, August 6th. Zacks Research raised Assurant from a “hold” rating to a “strong-buy” rating in a report on Wednesday, September 16th. Weiss Ratings upgraded shares of Assurant from a “buy (a-)” rating to a “buy (a)” rating in a report on Thursday, October 8th. Finally, Piper Sandler boosted their price objective on shares of Assurant from $290.00 to $329.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Two analysts have rated the stock with a Strong Buy rating and six have given a Buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Buy” and a consensus price target of $324.29.
View Our Latest Analysis on AIZ
Insider Buying and Selling at Assurant
In related news, EVP Biju Nair sold 3,931 shares of the firm’s stock in a transaction dated Thursday, August 6th. The stock was sold at an average price of $302.46, for a total transaction of $1,188,970.26. Following the transaction, the executive vice president owned 24,247 shares of the company’s stock, valued at $7,333,747.62. This trade represents a 13.95% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this link. Company insiders own 0.54% of the company’s stock.
About Assurant
Assurant, Inc (NYSE:AIZ) is a global business services company that provides insurance products and related services. Its offerings are designed to help consumers protect mobile devices, household belongings, vehicles, homes and other significant purchases, while supporting businesses in managing risk and customer relationships.
Assurant operates through three primary business segments: Global Lifestyle, Global Housing and Global Preneed. Global Lifestyle provides mobile device protection, extended service contracts and related services for consumer electronics, appliances and vehicles.
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