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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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
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