Assurant (NYSE:AIZ) Reaches New 52-Week High Following Strong Earnings

Shares of Assurant, Inc. (NYSE:AIZ) reached a new 52-week high during trading on Wednesday following a stronger than expected earnings report. The stock 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, topping analysts’ consensus estimates of $2.52 by $0.48. Assurant had a return on equity of 19.63% and a net margin of 6.90%. The company had revenue of $2.97 billion for the quarter, compared to the consensus estimate of $2.94 billion. During the same period in the previous year, the business earned $4.29 earnings per share. Assurant’s quarterly revenue was up 7.0% compared to the same quarter last year.

Assurant Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Tuesday, September 3rd were issued a dividend of $0.72 per share. The ex-dividend date of this dividend was Tuesday, September 3rd. This represents a $2.88 annualized dividend and a yield of 1.39%. Assurant’s dividend payout ratio (DPR) is currently 19.19%.

Wall Street Analysts Forecast Growth

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

Insider Buying and Selling

In other news, EVP Martin Jenns sold 1,500 shares of Assurant 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 completion of the sale, the executive vice president now 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Martin Jenns sold 1,500 shares of the stock in a transaction dated Monday, August 12th. The shares were sold at an average price of $178.13, for a total transaction of $267,195.00. Following the transaction, the executive vice president now directly owns 4,027 shares in the company, valued at $717,329.51. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, 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 transaction of $103,642.00. Following the completion of the sale, the chief accounting officer now directly owns 3,152 shares in the company, valued at $593,962.88. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.53% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in AIZ. Innealta Capital LLC acquired a new position in Assurant during the second quarter valued at approximately $31,000. Huntington National Bank lifted its holdings in shares of Assurant by 509.4% during the 3rd quarter. Huntington National Bank now owns 195 shares of the financial services provider’s stock valued at $39,000 after acquiring an additional 163 shares in the last quarter. Richardson Financial Services Inc. boosted its position in Assurant by 62.1% during the 2nd quarter. Richardson Financial Services Inc. now owns 201 shares of the financial services provider’s stock worth $33,000 after purchasing an additional 77 shares during the period. Capital Performance Advisors LLP purchased a new stake in Assurant during the 3rd quarter worth $56,000. Finally, Family Firm Inc. acquired a new stake in Assurant in the 2nd quarter valued at $51,000. Institutional investors and hedge funds own 92.65% of the company’s stock.

Assurant Stock Up 6.9 %

The firm has a 50-day simple moving average of $194.70 and a 200 day simple moving average of $180.94. The company has a market capitalization of $10.69 billion, a PE ratio of 13.75, a price-to-earnings-growth ratio of 2.04 and a beta of 0.57. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.40 and a quick ratio of 0.40.

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.