Assurant (NYSE:AIZ) Trading Up 9.6% Following Strong Earnings

Key Points

• Assurant's stock price surged 9.6% after the company reported better-than-expected quarterly earnings of $5.56 per share, exceeding analysts' estimates of $4.43.
• Assurant also declared a quarterly dividend of $0.80, representing a **1.6% dividend yield** and a payout ratio of 24.94%.
• Analysts have updated their price targets for Assurant, with the consensus rating being "Moderate Buy" and an average target price of **$228.83**.

Assurant, Inc. (NYSE:AIZ - Get Free Report) was up 9.6% during mid-day trading on Wednesday following a better than expected earnings announcement. The company traded as high as $205.20 and last traded at $207.03. Approximately 223,982 shares changed hands during trading, a decline of 54% from the average daily volume of 485,979 shares. The stock had previously closed at $188.83.

The financial services provider reported $5.56 EPS for the quarter, beating the consensus estimate of $4.43 by $1.13. Assurant had a net margin of 5.83% and a return on equity of 16.47%. The company had revenue of $3.16 billion for the quarter, compared to analyst estimates of $3.13 billion. During the same period in the prior year, the firm posted $4.77 earnings per share. The firm's revenue was up 8.0% on a year-over-year basis.

Assurant Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 9th were paid a dividend of $0.80 per share. This represents a $3.20 dividend on an annualized basis and a yield of 1.6%. The ex-dividend date was Monday, June 9th. Assurant's dividend payout ratio (DPR) is currently 23.17%.

Analysts Set New Price Targets

AIZ has been the topic of several research analyst reports. Piper Sandler upgraded Assurant from a "neutral" rating to an "overweight" rating and set a $223.00 price objective for the company in a research note on Thursday, April 10th. Morgan Stanley increased their target price on shares of Assurant from $217.00 to $218.00 and gave the stock an "equal weight" rating in a research note on Monday, July 14th. Wall Street Zen cut shares of Assurant from a "buy" rating to a "hold" rating in a research note on Saturday, July 5th. Finally, Keefe, Bruyette & Woods raised their price target on Assurant from $224.00 to $225.00 and gave the company an "outperform" rating in a report on Monday, May 19th. Two analysts have rated the stock with a hold rating and five have given a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and an average target price of $228.83.

Insider Buying and Selling at Assurant

In other Assurant news, EVP Jay Rosenblum sold 1,000 shares of the company's stock in a transaction that occurred on Friday, May 16th. The stock was sold at an average price of $201.93, for a total transaction of $201,930.00. Following the sale, the executive vice president owned 11,775 shares in the company, valued at $2,377,725.75. This represents a 7.83% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Insiders own 0.51% of the company's stock.

Hedge Funds Weigh In On Assurant

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. GAMMA Investing LLC boosted its stake in shares of Assurant by 3.9% during the 2nd quarter. GAMMA Investing LLC now owns 1,527 shares of the financial services provider's stock worth $302,000 after acquiring an additional 58 shares in the last quarter. Hartford Investment Management Co. boosted its position in shares of Assurant by 1.3% in the 2nd quarter. Hartford Investment Management Co. now owns 4,556 shares of the financial services provider's stock valued at $900,000 after purchasing an additional 60 shares during the period. Migdal Insurance & Financial Holdings Ltd. increased its stake in Assurant by 47.3% in the 1st quarter. Migdal Insurance & Financial Holdings Ltd. now owns 190 shares of the financial services provider's stock worth $40,000 after purchasing an additional 61 shares in the last quarter. Geneos Wealth Management Inc. raised its holdings in Assurant by 57.8% during the 1st quarter. Geneos Wealth Management Inc. now owns 183 shares of the financial services provider's stock worth $38,000 after buying an additional 67 shares during the period. Finally, LRI Investments LLC raised its holdings in Assurant by 14.0% during the 4th quarter. LRI Investments LLC now owns 553 shares of the financial services provider's stock worth $118,000 after buying an additional 68 shares during the period. 92.65% of the stock is owned by institutional investors.

Assurant Stock Up 1.5%

The business's 50 day simple moving average is $193.85 and its 200 day simple moving average is $199.28. The company has a market capitalization of $10.42 billion, a PE ratio of 14.83 and a beta of 0.58. The company has a quick ratio of 0.41, a current ratio of 0.66 and a debt-to-equity ratio of 0.38.

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.