Assurant (NYSE:AIZ) Sets New 12-Month High After Better-Than-Expected Earnings

Assurant, Inc. (NYSE:AIZ) shares hit a new 52-week high on Wednesday following a stronger than expected earnings report. The company traded as high as $202.86 and last traded at $201.31, with a volume of 69128 shares. The stock had previously closed at $193.09.

The financial services provider reported $3.00 EPS for the quarter, beating the consensus estimate of $2.52 by $0.48. Assurant had a net margin of 6.90% and a return on equity of 19.63%. The firm had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.94 billion. During the same quarter last year, the firm posted $4.29 earnings per share. Assurant’s revenue for the quarter was up 7.0% compared to the same quarter last year.

Assurant Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were given a $0.72 dividend. This represents a $2.88 annualized dividend and a yield of 1.41%. The ex-dividend date was Tuesday, September 3rd. Assurant’s dividend payout ratio (DPR) is presently 19.19%.

Analysts Set New Price Targets

AIZ has been the topic of several analyst reports. Keefe, Bruyette & Woods raised their target price on Assurant from $186.00 to $194.00 and gave the company a “market perform” rating in a report on Wednesday, August 14th. StockNews.com downgraded shares of Assurant from a “buy” rating to a “hold” rating in a research note on Thursday, October 17th. Bank of America lifted their price target on shares of Assurant from $228.00 to $233.00 and gave the stock a “buy” rating in a research note on Thursday, October 10th. UBS Group upped their price objective on shares of Assurant from $217.00 to $224.00 and gave the company a “buy” rating in a research report on Monday, September 23rd. Finally, Piper Sandler lifted their target price on Assurant from $200.00 to $217.00 and gave the stock a “neutral” rating in a research report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $217.00.

Insider Activity

In related news, EVP Martin Jenns sold 1,500 shares of the business’s stock in a transaction dated Monday, August 12th. The stock was sold at an average price of $178.13, for a total value of $267,195.00. Following the completion of the sale, the executive vice president now directly owns 4,027 shares of the company’s stock, valued at $717,329.51. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In related news, CAO Dimitry Dirienzo sold 550 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $188.44, for a total value of $103,642.00. Following the sale, the chief accounting officer now 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 SEC, which is accessible through this hyperlink. Also, EVP Martin Jenns sold 1,500 shares of the company’s stock in a transaction on Monday, August 12th. The stock was sold at an average price of $178.13, for a total value of $267,195.00. Following the transaction, the executive vice president now owns 4,027 shares of the company’s stock, valued at approximately $717,329.51. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.53% of the company’s stock.

Institutional Trading of Assurant

Large investors have recently modified their holdings of the company. US Bancorp DE lifted its position in Assurant by 7.2% in the third quarter. US Bancorp DE now owns 829 shares of the financial services provider’s stock worth $165,000 after purchasing an additional 56 shares during the period. Catalyst Financial Partners LLC boosted its position in Assurant by 4.2% during the second quarter. Catalyst Financial Partners LLC now owns 1,466 shares of the financial services provider’s stock valued at $244,000 after purchasing an additional 59 shares during the last quarter. Empirical Finance LLC lifted its stake in shares of Assurant by 3.3% in the 1st quarter. Empirical Finance LLC now owns 1,980 shares of the financial services provider’s stock valued at $373,000 after purchasing an additional 64 shares during the last quarter. Richardson Financial Services Inc. raised its stake in shares of Assurant by 62.1% in the 2nd quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider’s stock valued at $33,000 after acquiring an additional 77 shares in the last quarter. Finally, Sumitomo Mitsui DS Asset Management Company Ltd boosted its position in Assurant by 1.1% during the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 6,919 shares of the financial services provider’s stock worth $1,376,000 after purchasing an additional 78 shares during the period. Institutional investors and hedge funds own 92.65% of the company’s stock.

Assurant Stock Performance

The stock’s 50-day moving average price is $194.45 and its 200 day moving average price is $180.77. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.42. The company has a market cap of $10.55 billion, a P/E ratio of 12.87, a price-to-earnings-growth ratio of 2.04 and a beta of 0.57.

About Assurant

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.