Assurant (NYSE:AIZ) Issues Earnings Results, Beats Estimates By $0.51 EPS

Assurant (NYSE:AIZ) announced its quarterly earnings results on Tuesday. The financial services provider reported $2.47 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.51, MarketWatch Earnings reports. Assurant had a net margin of 4.24% and a return on equity of 9.86%. The company had revenue of $2.43 billion during the quarter, compared to the consensus estimate of $2.18 billion. During the same period in the prior year, the business earned $2.43 earnings per share. The company’s revenue for the quarter was down .7% compared to the same quarter last year. Assurant updated its FY 2021 guidance to 10.868-11.263 EPS.

Shares of AIZ stock opened at $157.61 on Wednesday. The company has a market cap of $9.13 billion, a price-to-earnings ratio of 23.74 and a beta of 0.61. Assurant has a 52 week low of $83.89 and a 52 week high of $159.10. The firm has a 50 day moving average of $147.82 and a 200-day moving average of $135.79. The company has a quick ratio of 0.42, a current ratio of 0.42 and a debt-to-equity ratio of 0.34.

Assurant declared that its board has initiated a share repurchase program on Tuesday, January 12th that allows the company to buyback $600.00 million in outstanding shares. This buyback authorization allows the financial services provider to repurchase up to 7.3% of its stock through open market purchases. Stock buyback programs are generally a sign that the company’s board believes its shares are undervalued.

Several brokerages have issued reports on AIZ. Truist Financial upped their price target on shares of Assurant from $170.00 to $185.00 in a research report on Monday, April 19th. Truist Securities lifted their target price on Assurant from $170.00 to $185.00 and gave the stock a “buy” rating in a report on Monday, April 26th. Morgan Stanley upped their price target on Assurant from $155.00 to $172.00 and gave the company an “overweight” rating in a research report on Tuesday, January 12th. Finally, Truist raised their price objective on Assurant from $150.00 to $170.00 in a research report on Tuesday, January 19th.

Assurant Company Profile

Assurant, Inc, together with its subsidiaries, provides lifestyle and housing solutions that support, protect, and connect consumer purchases in North America, Latin America, Europe, and the Asia Pacific. The company operates through three segments: Global Lifestyle, Global Housing, and Global Preneed.

Further Reading: Price-Sales Ratio

Earnings History for Assurant (NYSE:AIZ)

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