SunTrust Banks Weighs in on Assurant, Inc.’s FY2017 Earnings (AIZ)
Assurant, Inc. (NYSE:AIZ) – Equities researchers at SunTrust Banks raised their FY2017 earnings estimates for Assurant in a research note issued on Wednesday. SunTrust Banks analyst M. Hughes now expects that the financial services provider will post earnings per share of $6.69 for the year, up from their prior forecast of $6.63. SunTrust Banks also issued estimates for Assurant’s Q1 2018 earnings at $1.89 EPS, Q2 2018 earnings at $1.91 EPS, Q3 2018 earnings at $1.52 EPS and Q4 2018 earnings at $1.94 EPS.
Separately, BidaskClub downgraded shares of Assurant from a “buy” rating to a “hold” rating in a research note on Saturday, June 24th.
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Shares of Assurant (NYSE AIZ) opened at 91.07 on Thursday. The company has a 50 day moving average price of $101.44 and a 200-day moving average price of $100.12. Assurant has a 12 month low of $78.50 and a 12 month high of $106.99. The firm has a market capitalization of $4.91 billion, a PE ratio of 11.97 and a beta of 0.80.
Assurant (NYSE:AIZ) last released its quarterly earnings data on Tuesday, August 1st. The financial services provider reported $1.63 EPS for the quarter, beating analysts’ consensus estimates of $1.58 by $0.05. The business had revenue of $1.60 billion for the quarter, compared to the consensus estimate of $1.57 billion. Assurant had a return on equity of 6.70% and a net margin of 6.53%. The business’s revenue for the quarter was down 11.0% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.42 EPS.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, September 19th. Stockholders of record on Monday, August 28th will be paid a $0.53 dividend. This represents a $2.12 dividend on an annualized basis and a dividend yield of 2.33%. The ex-dividend date is Thursday, August 24th. Assurant’s dividend payout ratio (DPR) is presently 27.89%.
In other news, EVP Christopher J. Pagano sold 7,000 shares of the company’s stock in a transaction on Thursday, June 15th. The shares were sold at an average price of $102.94, for a total value of $720,580.00. Following the transaction, the executive vice president now directly owns 55,978 shares of the company’s stock, valued at $5,762,375.32. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Corporate insiders own 0.83% of the company’s stock.
Several hedge funds and other institutional investors have recently bought and sold shares of AIZ. Ameritas Investment Partners Inc. acquired a new position in shares of Assurant in the first quarter worth $122,000. State of Alaska Department of Revenue increased its stake in shares of Assurant by 5.2% in the first quarter. State of Alaska Department of Revenue now owns 1,836 shares of the financial services provider’s stock worth $175,000 after acquiring an additional 91 shares during the last quarter. Chicago Equity Partners LLC acquired a new position in shares of Assurant in the first quarter worth $213,000. Atria Investments LLC acquired a new position in shares of Assurant in the second quarter worth $214,000. Finally, Thrivent Financial For Lutherans acquired a new position in shares of Assurant in the second quarter worth $216,000. 90.76% of the stock is currently owned by institutional investors and hedge funds.
Assurant, Inc is a provider of risk management solutions in the housing and lifestyle markets. The Company operates in North America, Latin America, Europe and Asia. The Company’s segments include Global Housing, Global Lifestyle and Global Preneed. Through its Global Housing segment, it provides lender-placed homeowners, manufactured housing and flood insurance; renters insurance and related products (multi-family housing business), and field services, valuation services and other property risk management services (mortgage solutions business).
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