Assurant (NYSE:AIZ) Posts Earnings Results

Assurant (NYSE:AIZ) issued its quarterly earnings results on Tuesday. The financial services provider reported $5.61 earnings per share for the quarter, topping analysts’ consensus estimates of $5.55 by $0.06, FiscalAI reports. The company had revenue of $3.35 billion during the quarter, compared to analyst estimates of $3.28 billion. Assurant had a net margin of 6.81% and a return on equity of 18.96%. The business’s revenue for the quarter was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business posted $4.79 EPS.

Assurant Stock Performance

AIZ opened at $216.71 on Thursday. The company has a quick ratio of 0.40, a current ratio of 0.40 and a debt-to-equity ratio of 0.38. The firm has a market cap of $10.85 billion, a PE ratio of 12.77 and a beta of 0.56. The business has a fifty day simple moving average of $235.82 and a 200-day simple moving average of $221.47. Assurant has a fifty-two week low of $174.97 and a fifty-two week high of $246.31.

Assurant Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 30th. Stockholders of record on Tuesday, February 17th will be given a dividend of $0.88 per share. This represents a $3.52 dividend on an annualized basis and a dividend yield of 1.6%. The ex-dividend date is Tuesday, February 17th. Assurant’s dividend payout ratio is 21.42%.

Institutional Investors Weigh In On Assurant

Hedge funds have recently modified their holdings of the stock. Focus Partners Wealth lifted its holdings in shares of Assurant by 66.6% in the first quarter. Focus Partners Wealth now owns 2,648 shares of the financial services provider’s stock valued at $556,000 after purchasing an additional 1,059 shares in the last quarter. Jones Financial Companies Lllp grew its holdings in shares of Assurant by 606.7% during the first quarter. Jones Financial Companies Lllp now owns 1,060 shares of the financial services provider’s stock valued at $222,000 after buying an additional 910 shares in the last quarter. Cresset Asset Management LLC grew its holdings in shares of Assurant by 5.4% during the second quarter. Cresset Asset Management LLC now owns 1,075 shares of the financial services provider’s stock valued at $212,000 after buying an additional 55 shares in the last quarter. United Services Automobile Association acquired a new position in Assurant during the first quarter valued at $203,000. Finally, Great Lakes Advisors LLC purchased a new stake in Assurant in the 4th quarter worth about $201,000. 92.65% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

AIZ has been the topic of several recent analyst reports. Weiss Ratings restated a “buy (b)” rating on shares of Assurant in a research report on Monday, December 29th. Zacks Research cut Assurant from a “strong-buy” rating to a “hold” rating in a research report on Friday, October 17th. Keefe, Bruyette & Woods boosted their price objective on Assurant from $248.00 to $254.00 and gave the stock an “outperform” rating in a research note on Thursday, November 20th. Truist Financial set a $255.00 target price on Assurant in a research note on Wednesday, October 29th. Finally, Morgan Stanley lifted their target price on Assurant from $232.00 to $248.00 and gave the stock an “equal weight” rating in a report on Monday, November 17th. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $252.67.

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.