Assurant (NYSE:AIZ) Issues FY24 Earnings Guidance

Assurant (NYSE:AIZ) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of ~18.84-19.01 for the period, compared to the consensus EPS estimate of $16.30.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the company. Bank of America cut their price objective on Assurant from $223.00 to $222.00 and set a buy rating on the stock in a report on Thursday, July 11th. Keefe, Bruyette & Woods boosted their target price on Assurant from $182.00 to $186.00 and gave the company a market perform rating in a research note on Wednesday, May 15th. Finally, Piper Sandler restated an overweight rating and issued a $205.00 target price on shares of Assurant in a research note on Friday, June 28th. One investment analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of Moderate Buy and an average target price of $204.60.

Assurant Trading Up 0.1 %

Shares of AIZ stock traded up $0.16 on Wednesday, hitting $170.33. The company had a trading volume of 547,241 shares, compared to its average volume of 349,422. The firm has a market cap of $8.85 billion, a P/E ratio of 11.88, a P/E/G ratio of 1.73 and a beta of 0.54. The stock’s 50-day moving average is $169.25 and its two-hundred day moving average is $173.61. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.39 and a current ratio of 0.39. Assurant has a twelve month low of $136.15 and a twelve month high of $189.48.

Assurant (NYSE:AIZ) last issued its quarterly earnings results on Tuesday, August 6th. The financial services provider reported $4.08 earnings per share for the quarter, beating the consensus estimate of $3.58 by $0.50. Assurant had a return on equity of 20.08% and a net margin of 6.73%. The company had revenue of $2.92 billion during the quarter, compared to analysts’ expectations of $2.89 billion. During the same quarter in the prior year, the firm posted $3.89 earnings per share. The business’s quarterly revenue was up 7.1% on a year-over-year basis. On average, equities research analysts anticipate that Assurant will post 16.04 earnings per share for the current fiscal year.

Assurant Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, June 24th. Shareholders of record on Monday, June 10th were issued a $0.72 dividend. The ex-dividend date of this dividend was Monday, June 10th. This represents a $2.88 annualized dividend and a yield of 1.69%. Assurant’s payout ratio is currently 20.10%.

Insider Activity

In related news, COO Francesca Luthi sold 6,700 shares of the stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $176.36, for a total transaction of $1,181,612.00. Following the completion of the sale, the chief operating officer now directly owns 10,748 shares of the company’s stock, valued at $1,895,517.28. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Assurant news, COO Francesca Luthi sold 6,700 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $176.36, for a total value of $1,181,612.00. Following the completion of the sale, the chief operating officer now directly owns 10,748 shares of the company’s stock, valued at $1,895,517.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, insider Robert Lonergan sold 2,700 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $176.12, for a total value of $475,524.00. Following the completion of the sale, the insider now directly owns 19,786 shares of the company’s stock, valued at $3,484,710.32. The disclosure for this sale can be found here. Insiders have sold 12,788 shares of company stock worth $2,248,489 over the last 90 days. 0.53% of the stock is currently owned by corporate insiders.

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.