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AIZ

Assurant

$84.30

-7 (-7.67%)

14:50
10/19/16
10/19
14:50
10/19/16
14:50

Assurant falls after Q3 preannouncement shows profit cut in half

Specialty insurance and protection provider Assurant (AIZ) slumped after reporting preliminary third quarter results Tuesday evening. ASSURANT WARNS OF EARNINGS MISS: In a regulatory filing submitted shortly after Tuesday's market close, Assurant reported preliminary Q3 operating income of $54M-$66M as compared to $104M in last year's Q3. Results declined primarily due to $32M-$34M of after-tax catastrophe losses related to flooding in Louisiana and the "ongoing normalization" of lender-placed insurance in the company's Specialty Property business, it said. The company noted it had no reportable catastrophe losses in last year's Q3, making year-over-year comparisons challenging. Given the likely Q3 miss once books are finalized, Assurant also warned it now expects income in its Solutions business to "decline modestly" for the full year, commenting that "growth from new and existing mobile programs in 2016 is not expected to offset declines in legacy extended service contracts, credit insurance and the loss of the tablet program." The company also noted that it still expects Specialty Property income to "decrease" relative to 2015. PRICE ACTION: Shares of Assurant are down 7.8% to $84.20. The company is slated to report final Q3 results after the market close on October 25.

  • 26

    Oct

AIZ Assurant
$84.30

-7 (-7.67%)

10/07/16
10/07/16
INITIATION

On The Fly: Top five analyst initiations
Catch up on today's top five analyst initiations with this list compiled by The Fly: 1. Zillow (ZG, Z) initiated with a Buy at Needham. 2. AMD (AMD) initiated with an Equal Weight at Barclays. 3. Aflac (AFL) was initiated with an Underperform at Credit Suisse while the firm also initiated Prudential (PRU) and Assurant (AIZ) with a Neutral. 4. Fifth Third (FITB) initiated with a Neutral at Wedbush. 5. GW Pharmaceuticals (GWPH) initiated with a Buy at Goldman. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
10/07/16
FBCO
10/07/16
INITIATION
Target $93
FBCO
Neutral
Assurant initiated with a Neutral at Credit Suisse
Credit Suisse analyst John Nadel initiated Assurant with a Neutral and a $93 price target.
06/01/16
BOFA
06/01/16
NO CHANGE
BOFA
21st Century, Fox MetLife added to US 1 List, Assurant removed at BofA/Merril
01/07/16
RHCO
01/07/16
NO CHANGE
Target $105
RHCO
Buy
Assurant called a Top Pick at SunTrust
SunTrust analyst Mark Hughes established Assurant as a Top Pick saying the multiple should expand as the company transitions from a value stock into the growth category. He has a Buy rating on the name with a $105 price target.

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AEP

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HBHC

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TSLA

Tesla

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LMT

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BA

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WBA

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SIX

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LMT

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SBBP

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MRUS

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