Assurant Inc (NYSE:AIZ), a leading provider in property-casualty and health insurance, has announced a forthcoming dividend payment of $0.72 per share, scheduled for disbursement on December 18. The announcement comes ahead of its ex-dividend date on Friday, November 24, with the company's current trailing dividend yield at 1.69% and an anticipated forward yield of 1.74%.
The insurer, known for its lender-placed insurance products as well as mobile device and vehicle protection services, has a history of increasing its dividends annually since its inception, earning it the status of a dividend achiever. This consistent approach to shareholder returns is underpinned by a sustainable payout ratio of just under one-third (0.29), signaling a cautious yet rewarding strategy for distributing profits.
Assurant's financial robustness is further reflected in its profitability and growth ranks, both strong at 7 out of 10. This is supported by more than a decade of positive net income, alongside steady revenue growth averaging approximately 6.80% annually. Moreover, earnings per share (EPS) have been rising at an average rate of about 1.80% each year.
InvestingPro Insights
As Assurant Inc (NYSE:AIZ) positions itself for continued growth, recent data and analysis from InvestingPro provide valuable insights for investors. InvestingPro Data indicates a robust revenue growth of 6.78% over the last twelve months as of Q3 2023, surpassing the company's average annual growth and reflecting its dynamic market positioning. Additionally, Assurant has demonstrated a strong return over the last three months, with a total return of 18.39%, showcasing the company's positive market performance.
InvestingPro Tips reveal that Assurant not only yields a high return on invested capital but also has raised its dividend for 20 consecutive years, reinforcing its reputation as a dividend achiever. With a current P/E ratio of 16.61 and an adjusted P/E ratio of 14.98 for the last twelve months as of Q3 2023, the company is trading at a low price-to-earnings ratio relative to near-term earnings growth, suggesting potential value for investors.
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