Bank of New York Mellon Corp Has $110.80 Million Stock Holdings in Unum Group (NYSE:UNM)

Bank of New York Mellon Corp lowered its holdings in Unum Group (NYSE:UNM) by 0.5% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 2,167,783 shares of the financial services provider’s stock after selling 11,177 shares during the quarter. Bank of New York Mellon Corp owned 1.14% of Unum Group worth $110,795,000 at the end of the most recent quarter.

Other institutional investors also recently added to or reduced their stakes in the company. Versant Capital Management Inc grew its stake in shares of Unum Group by 361.5% in the second quarter. Versant Capital Management Inc now owns 503 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 394 shares during the last quarter. V Square Quantitative Management LLC acquired a new stake in Unum Group in the 2nd quarter worth $26,000. Salomon & Ludwin LLC bought a new position in shares of Unum Group during the 1st quarter worth about $28,000. 1620 Investment Advisors Inc. acquired a new position in shares of Unum Group during the second quarter valued at about $29,000. Finally, MCF Advisors LLC bought a new stake in shares of Unum Group in the first quarter valued at about $35,000. 86.57% of the stock is owned by institutional investors.

Insider Buying and Selling at Unum Group

In other news, EVP Timothy Gerald Arnold sold 10,000 shares of the stock in a transaction that occurred on Wednesday, August 14th. The shares were sold at an average price of $54.11, for a total transaction of $541,100.00. Following the sale, the executive vice president now directly owns 64,821 shares of the company’s stock, valued at $3,507,464.31. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities analysts recently issued reports on the company. Piper Sandler began coverage on Unum Group in a research note on Thursday, July 11th. They set an “overweight” rating and a $57.00 price target on the stock. Truist Financial upped their target price on Unum Group from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Jefferies Financial Group lifted their price target on shares of Unum Group from $63.00 to $64.00 and gave the stock a “buy” rating in a research note on Wednesday, July 10th. Citigroup increased their price objective on shares of Unum Group from $62.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Finally, JPMorgan Chase & Co. lifted their target price on shares of Unum Group from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Three research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $61.78.

Unum Group Stock Performance

NYSE:UNM opened at $54.79 on Wednesday. The stock has a market capitalization of $10.18 billion, a P/E ratio of 8.14, a price-to-earnings-growth ratio of 0.74 and a beta of 0.81. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.33. Unum Group has a 1 year low of $41.75 and a 1 year high of $58.17. The firm has a 50 day moving average of $52.82 and a 200-day moving average of $51.91.

Unum Group (NYSE:UNM) last issued its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $2.16 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.02 by $0.14. The firm had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.23 billion. Unum Group had a return on equity of 15.55% and a net margin of 10.40%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same quarter in the previous year, the company posted $2.06 EPS. As a group, sell-side analysts anticipate that Unum Group will post 8.52 EPS for the current fiscal year.

Unum Group announced that its Board of Directors has approved a share buyback program on Tuesday, July 30th that permits the company to repurchase $1.00 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 10% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s leadership believes its shares are undervalued.

Unum Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, July 26th were issued a dividend of $0.42 per share. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.68 dividend on an annualized basis and a yield of 3.07%. This is a positive change from Unum Group’s previous quarterly dividend of $0.37. Unum Group’s dividend payout ratio is currently 24.96%.

Unum Group Profile

Unum Group, together with its subsidiaries, provides financial protection benefit solutions primarily in the United States, the United Kingdom, Poland, and internationally. It operates through Unum US, Unum International, Colonial Life, and Closed Block segment. The company offers group long-term and short-term disability, group life, and accidental death and dismemberment products; supplemental and voluntary products, such as individual disability, voluntary benefits, and dental and vision products; and accident, sickness, disability, life, and cancer and critical illness products.