Assurant (AIZ) Releases Quarterly Earnings Results, Beats Expectations By $0.06 EPS

Assurant (NYSE:AIZ) announced its earnings results on Tuesday. The financial services provider reported $1.06 earnings per share for the quarter, beating the consensus estimate of $1.00 by $0.06, Briefing.com reports. The company had revenue of $2.27 billion during the quarter, compared to the consensus estimate of $2.05 billion. Assurant had a return on equity of 5.62% and a net margin of 6.37%. The company’s revenue was up 43.1% on a year-over-year basis. During the same period last year, the firm earned ($1.40) earnings per share.

NYSE:AIZ traded up $3.42 during mid-day trading on Wednesday, reaching $101.56. The stock had a trading volume of 17,679 shares, compared to its average volume of 534,995. The company has a market capitalization of $6.04 billion, a price-to-earnings ratio of 25.45 and a beta of 0.56. Assurant has a 1-year low of $84.34 and a 1-year high of $111.43. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.49 and a current ratio of 0.49.

Assurant announced that its Board of Directors has authorized a stock repurchase plan on Monday, November 5th that allows the company to buyback $600.00 million in shares. This buyback authorization allows the financial services provider to purchase up to 9.9% of its stock through open market purchases. Stock buyback plans are typically a sign that the company’s board of directors believes its shares are undervalued.

Several analysts have recently weighed in on AIZ shares. Morgan Stanley started coverage on Assurant in a research note on Tuesday, July 10th. They set an “overweight” rating and a $125.00 target price for the company. SunTrust Banks raised their target price on Assurant to $129.00 and gave the company an “outperform” rating in a research note on Wednesday, July 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods started coverage on Assurant in a research note on Monday, July 16th. They set an “outperform” rating and a $121.00 target price for the company. Finally, UBS Group raised their target price on Assurant from $118.00 to $136.00 and gave the company a “buy” rating in a research note on Friday, September 7th. One investment analyst has rated the stock with a hold rating and four have issued a buy rating to the company’s stock. Assurant has a consensus rating of “Buy” and a consensus target price of $128.75.

In related news, major shareholder Tpg Advisors Vi-Aiv, Inc. sold 1,000,000 shares of Assurant stock in a transaction dated Tuesday, September 18th. The stock was sold at an average price of $105.14, for a total value of $105,140,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, COO Gene Mergelmeyer sold 14,144 shares of Assurant stock in a transaction dated Tuesday, August 14th. The stock was sold at an average price of $109.41, for a total value of $1,547,495.04. The disclosure for this sale can be found here. Insiders sold 2,215,394 shares of company stock valued at $228,135,608 over the last quarter. Insiders own 0.93% of the company’s stock.

A number of large investors have recently bought and sold shares of AIZ. TPG Group Holdings SBS Advisors Inc. acquired a new position in Assurant in the second quarter worth about $1,042,065,000. ING Groep NV grew its stake in Assurant by 11,916.0% in the second quarter. ING Groep NV now owns 644,178 shares of the financial services provider’s stock worth $66,666,000 after purchasing an additional 638,817 shares in the last quarter. Bank of New York Mellon Corp grew its stake in Assurant by 56.9% in the second quarter. Bank of New York Mellon Corp now owns 1,611,053 shares of the financial services provider’s stock worth $166,729,000 after purchasing an additional 584,393 shares in the last quarter. Hennessy Advisors Inc. acquired a new position in Assurant in the third quarter worth about $29,416,000. Finally, Bessemer Group Inc. grew its stake in Assurant by 119.9% in the third quarter. Bessemer Group Inc. now owns 274,918 shares of the financial services provider’s stock worth $29,678,000 after purchasing an additional 149,925 shares in the last quarter. Institutional investors and hedge funds own 94.15% of the company’s stock.

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About Assurant

Assurant, Inc, through its subsidiaries, provides risk management solutions for housing and lifestyle markets in North America, Latin America, Europe, and the Asia Pacific. The company operates through three segments: Global Housing, Global Lifestyle, and Global Preneed. Its Global Housing segment provides lender-placed homeowners, manufactured housing, and flood insurance; renters insurance and related products; and mortgage solutions comprising property inspection and preservation, valuation and title, and other property risk management services.

See Also: Intrinsic Value

Earnings History for Assurant (NYSE:AIZ)

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