Assurant (NYSE:AIZ) Issues Earnings Results, Beats Expectations By $0.50 EPS

Assurant (NYSE:AIZ) posted its quarterly earnings data on Tuesday. The financial services provider reported $4.08 EPS for the quarter, topping analysts’ consensus estimates of $3.58 by $0.50, Yahoo Finance reports. The firm had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.89 billion. Assurant had a return on equity of 20.08% and a net margin of 6.73%. The firm’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same quarter last year, the business posted $3.89 EPS. Assurant updated its FY24 guidance to ~18.84-19.01 EPS.

Assurant Trading Up 0.0 %

Shares of NYSE:AIZ traded up $0.08 during trading on Thursday, reaching $170.27. 316,927 shares of the stock were exchanged, compared to its average volume of 349,208. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.39 and a current ratio of 0.39. Assurant has a 12-month low of $136.15 and a 12-month high of $189.48. The firm has a market cap of $8.85 billion, a price-to-earnings ratio of 11.86, a price-to-earnings-growth ratio of 1.73 and a beta of 0.54. The firm’s 50-day moving average price is $169.28 and its 200 day moving average price is $173.59.

Assurant Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Monday, June 24th. Stockholders of record on Monday, June 10th were issued a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.69%. The ex-dividend date was Monday, June 10th. Assurant’s payout ratio is currently 20.10%.

Insider Transactions at Assurant

In other news, COO Francesca Luthi sold 6,700 shares of the business’s stock in a transaction dated Thursday, May 16th. The stock was sold at an average price of $176.36, for a total transaction of $1,181,612.00. Following the completion of the sale, the chief operating officer now owns 10,748 shares in the company, valued at approximately $1,895,517.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Assurant news, insider Robert Lonergan sold 2,700 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $176.12, for a total value of $475,524.00. Following the completion of the transaction, the insider now owns 19,786 shares in the company, valued at approximately $3,484,710.32. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, COO Francesca Luthi sold 6,700 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $176.36, for a total value of $1,181,612.00. Following the completion of the transaction, the chief operating officer now owns 10,748 shares of the company’s stock, valued at approximately $1,895,517.28. The disclosure for this sale can be found here. In the last quarter, insiders sold 12,788 shares of company stock worth $2,248,489. 0.53% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of research analysts have recently commented on AIZ shares. Keefe, Bruyette & Woods upped their price objective on shares of Assurant from $182.00 to $186.00 and gave the company a “market perform” rating in a research note on Wednesday, May 15th. Bank of America dropped their price objective on shares of Assurant from $223.00 to $222.00 and set a “buy” rating for the company in a research note on Thursday, July 11th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $205.00 price objective on shares of Assurant in a research note on Friday, June 28th. One investment analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $204.60.

Assurant Company Profile

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.