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

Assurant (NYSE:AIZ) released 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 firm had revenue of $3.42 billion for the quarter, compared to analysts’ expectations of $3.29 billion. Assurant had a return on equity of 20.46% and a net margin of 7.60%.The business’s revenue for the quarter was up 11.3% on a year-over-year basis. During the same quarter in the previous year, the business posted $5.79 earnings per share.

Assurant Trading Down 0.4%

NYSE AIZ traded down $0.91 during trading hours on Thursday, reaching $235.70. The company’s stock had a trading volume of 93,377 shares, compared to its average volume of 395,960. The firm has a fifty day simple moving average of $223.37 and a 200-day simple moving average of $226.66. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.39 and a quick ratio of 0.39. Assurant has a 52 week low of $183.39 and a 52 week high of $246.31. The stock has a market cap of $11.72 billion, a P/E ratio of 12.04 and a beta of 0.56.

Insider Buying and Selling

In other Assurant news, CAO Dimitry Dirienzo sold 750 shares of the company’s stock in a transaction that occurred on Friday, March 20th. The shares were sold at an average price of $210.98, for a total value of $158,235.00. Following the completion of the transaction, the chief accounting officer directly owned 4,741 shares in the company, valued at approximately $1,000,256.18. This represents a 13.66% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 transaction of $395,796.40. Following the transaction, the executive vice president directly owned 2,895 shares of the company’s stock, valued at $609,484.35. The trade was a 39.37% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 2,650 shares of company stock worth $558,331 over the last three months. Insiders own 0.54% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of AIZ. Atlas Capital Advisors Inc. acquired a new position in shares of Assurant during the 4th quarter valued at $111,000. Kestra Advisory Services LLC bought a new stake in Assurant in the fourth quarter valued at $163,000. Great Lakes Advisors LLC bought a new stake in Assurant in the fourth quarter valued at $201,000. Advisory Services Network LLC acquired a new position in shares of Assurant during the third quarter valued at about $172,000. Finally, Northwestern Mutual Wealth Management Co. raised its holdings in shares of Assurant by 113.1% during the third quarter. Northwestern Mutual Wealth Management Co. now owns 714 shares of the financial services provider’s stock valued at $155,000 after purchasing an additional 379 shares during the period. 92.65% of the stock is owned by institutional investors.

Analysts Set New Price Targets

AIZ has been the topic of several research reports. Truist Financial lifted their price target on shares of Assurant from $265.00 to $280.00 and gave the company a “buy” rating in a report on Thursday, February 12th. Wall Street Zen lowered shares of Assurant from a “buy” rating to a “hold” rating in a research report on Saturday, February 14th. Morgan Stanley decreased their target price on shares of Assurant from $248.00 to $240.00 and set an “equal weight” rating on the stock in a research note on Monday, April 6th. BMO Capital Markets lowered their price target on shares of Assurant from $255.00 to $246.00 and set an “outperform” rating for the company in a report on Thursday, February 12th. Finally, Weiss Ratings upgraded Assurant from a “buy (b)” rating to a “buy (b+)” rating in a research note on Monday, April 27th. Eight analysts have rated the stock with a Buy rating and two have issued a Hold rating to the stock. Based on data from MarketBeat.com, Assurant currently has a consensus rating of “Moderate Buy” and an average target price of $256.83.

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.