Assurant (NYSE:AIZ) Reaches New 12-Month High on Strong Earnings

Assurant, Inc. (NYSE:AIZ)’s share price hit a new 52-week high during trading 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 changing hands. The stock had previously closed at $193.09.

The financial services provider reported $3.00 EPS for the quarter, beating analysts’ consensus estimates 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 the consensus estimate of $2.94 billion. During the same period last year, the firm posted $4.29 EPS. The company’s revenue was up 7.0% on a year-over-year basis.

Assurant Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 30th. Stockholders of record on Tuesday, September 3rd were given a dividend of $0.72 per share. This represents a $2.88 dividend on an annualized basis and a dividend yield of 1.40%. The ex-dividend date was Tuesday, September 3rd. Assurant’s dividend payout ratio (DPR) is currently 19.19%.

Wall Street Analysts Forecast Growth

A number of research analysts recently issued reports on the company. Keefe, Bruyette & Woods raised their price target on Assurant from $186.00 to $194.00 and gave the stock a “market perform” rating in a research note on Wednesday, August 14th. UBS Group increased their price objective on Assurant from $217.00 to $224.00 and gave the company a “buy” rating in a report on Monday, September 23rd. StockNews.com cut shares of Assurant from a “buy” rating to a “hold” rating in a report on Thursday, October 17th. Truist Financial increased their price target on shares of Assurant from $220.00 to $240.00 and gave the stock a “buy” rating in a research note on Thursday. Finally, Bank of America lifted their price objective on shares of Assurant from $228.00 to $233.00 and gave the company a “buy” rating in a research note on Thursday, October 10th. Three research analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $221.60.

Insider Activity

In related news, CAO Dimitry Dirienzo sold 550 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $188.44, for a total transaction of $103,642.00. Following the completion of the sale, the chief accounting officer now directly owns 3,152 shares of the company’s stock, valued at $593,962.88. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other Assurant news, EVP Martin Jenns sold 1,500 shares of Assurant stock in a transaction that occurred 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 sale, 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 position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Dimitry Dirienzo sold 550 shares of the 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 transaction, the chief accounting officer now directly owns 3,152 shares of the company’s stock, valued at approximately $593,962.88. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.53% of the company’s stock.

Institutional Trading of Assurant

Institutional investors have recently modified their holdings of the business. Mizuho Securities USA LLC raised its position in Assurant by 11,480.4% in the third quarter. Mizuho Securities USA LLC now owns 464,952 shares of the financial services provider’s stock worth $92,460,000 after acquiring an additional 460,937 shares in the last quarter. AQR Capital Management LLC increased its holdings in shares of Assurant by 32.5% in the 2nd quarter. AQR Capital Management LLC now owns 1,041,678 shares of the financial services provider’s stock valued at $173,179,000 after purchasing an additional 255,471 shares in the last quarter. International Assets Investment Management LLC acquired a new stake in shares of Assurant in the third quarter valued at about $284,730,000. TD Asset Management Inc boosted its holdings in Assurant by 20.4% during the second quarter. TD Asset Management Inc now owns 566,123 shares of the financial services provider’s stock worth $94,118,000 after buying an additional 96,021 shares in the last quarter. Finally, BNP PARIBAS ASSET MANAGEMENT Holding S.A. grew its position in Assurant by 151.7% during the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 143,425 shares of the financial services provider’s stock worth $26,998,000 after buying an additional 86,448 shares during the period. 92.65% of the stock is currently owned by hedge funds and other institutional investors.

Assurant Stock Performance

The stock’s fifty day simple moving average is $194.91 and its 200-day simple moving average is $181.12. 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 capitalization of $10.66 billion, a PE ratio of 13.71, a PEG ratio of 2.03 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.