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Based in Atlanta, Georgia, Assurant, Inc. (AIZ) is a leading global provider of risk management solutions. Valued at $8.8 billion by market cap, it specializes in insurance services for housing and lifestyle markets. The company is expected to announce its fiscal Q2 earnings results after the market closes on Tuesday, Aug. 6.
Ahead of this event, analysts expect AIZ to report a profit of $3.86 per share, down marginally from $3.89 per share in the previous year's quarter. The company has surpassed Wall Street's bottom-line estimates in each of the past four quarters. In the most recent quarter, the company reported an EPS of $4.78, exceeding the consensus estimate by an impressive margin of 23.5%.
For fiscal 2024, analysts expect AIZ to report EPS of $16.14, up 4.2% from $15.49 in fiscal 2023.
AIZ stock soared 32% over the past 52 weeks, outpacing both the S&P 500 Index's ($SPX) 22.7% rise and the S&P 500 Financials Sector SPDR's (XLF) 22.2% gain over the same period.
On May 7, Assurant reported Q1 earnings results, with adjusted earnings of $4.78 per share, surpassing Wall Street expectations of $3.87 per share. In addition, the company's adjusted revenue of $2.89 billion also blew past Wall Street’s forecasts of $2.82 billion. Moreover, on May 30, the company reported that its mobile trade-in programs provided U.S. consumers with an estimated $874 million in Q1 2024. The average age of devices at trade-in reached an all-time high of 3.64 years, driven by upgrades from older models like the iPhone 12.
Analysts' consensus rating on Assurant stock is bullish, with a "Strong Buy" rating overall. Out of seven analysts covering the stock, opinions include five "Strong Buys" and two "Holds."
The above configuration has remained steady over the past three months. The average analyst price target for AIZ is $207.60, suggesting a modest potential upside of 22.5% from current levels.
On the date of publication, Sohini Mondal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
