Assurant (NYSE:AIZ) declared that its Board of Directors has initiated a share repurchase program, which allows the company to repurchase $600.00 million in shares on Monday, November 5th. This repurchase authorization allows the financial services provider to repurchase up to 9.9% of its shares through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.

Shares of AIZ stock opened at $102.37 on Thursday. Assurant has a 12-month low of $84.34 and a 12-month high of $111.43. The company has a market capitalization of $6.04 billion, a P/E ratio of 25.72 and a beta of 0.56. The company has a debt-to-equity ratio of 0.38, a current ratio of 0.49 and a quick ratio of 0.49.

Assurant (NYSE:AIZ) last issued its quarterly earnings data on Tuesday, November 6th. The financial services provider reported $1.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.00 by $0.06. Assurant had a return on equity of 5.62% and a net margin of 6.37%. The business had revenue of $2.27 billion during the quarter, compared to analyst estimates of $2.05 billion. During the same period in the prior year, the company posted ($1.40) EPS. The business’s revenue for the quarter was up 43.1% compared to the same quarter last year. Equities research analysts forecast that Assurant will post 6.3 EPS for the current fiscal year.

AIZ has been the subject of a number of recent analyst reports. SunTrust Banks increased their price objective on Assurant to $129.00 and gave the stock an “outperform” rating in a report on Wednesday, July 11th. They noted that the move was a valuation call. Keefe, Bruyette & Woods initiated coverage on Assurant in a report on Monday, July 16th. They issued an “outperform” rating and a $121.00 price objective for the company. Finally, UBS Group increased their price objective on Assurant from $118.00 to $136.00 and gave the stock a “buy” rating in a report on Friday, September 7th. One equities research analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $128.75.

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

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