Envestnet Portfolio Solutions Inc. Takes Position in Unum Group (NYSE:UNM)

Envestnet Portfolio Solutions Inc. acquired a new position in Unum Group (NYSE:UNM) in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 4,279 shares of the financial services provider’s stock, valued at approximately $219,000.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in UNM. Quadrature Capital Ltd purchased a new position in shares of Unum Group in the first quarter worth $1,130,000. Boone Capital Management LLC lifted its stake in Unum Group by 10.8% during the 4th quarter. Boone Capital Management LLC now owns 961,661 shares of the financial services provider’s stock valued at $43,486,000 after acquiring an additional 94,096 shares during the period. Allianz Asset Management GmbH grew its stake in shares of Unum Group by 3.6% in the fourth quarter. Allianz Asset Management GmbH now owns 950,914 shares of the financial services provider’s stock worth $43,000,000 after acquiring an additional 33,454 shares during the period. First Trust Advisors LP raised its holdings in shares of Unum Group by 43.0% during the fourth quarter. First Trust Advisors LP now owns 973,480 shares of the financial services provider’s stock valued at $44,021,000 after purchasing an additional 292,917 shares during the last quarter. Finally, Norges Bank purchased a new stake in Unum Group in the fourth quarter worth approximately $590,489,000. 86.57% of the stock is owned by institutional investors.

Unum Group Price Performance

UNM stock opened at $54.24 on Friday. The company has a market capitalization of $10.08 billion, a PE ratio of 8.06, a price-to-earnings-growth ratio of 0.76 and a beta of 0.81. The company’s fifty day moving average price is $52.61 and its 200-day moving average price is $51.75. Unum Group has a one year low of $41.75 and a one year high of $58.17. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.28 and a current ratio of 0.28.

Unum Group (NYSE:UNM) last released its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $2.16 EPS for the quarter, beating the consensus estimate of $2.02 by $0.14. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.23 billion. Unum Group had a net margin of 10.40% and a return on equity of 15.55%. The business’s revenue was up 3.9% on a year-over-year basis. During the same quarter in the prior year, the firm earned $2.06 EPS. On average, equities analysts anticipate that Unum Group will post 8.51 EPS for the current fiscal year.

Unum Group declared that its board has approved a stock repurchase program on Tuesday, July 30th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to repurchase up to 10% of its shares through open market purchases. Shares buyback programs are typically a sign that the company’s leadership believes its shares are undervalued.

Unum Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, July 26th were given a dividend of $0.42 per share. This is an increase from Unum Group’s previous quarterly dividend of $0.37. This represents a $1.68 dividend on an annualized basis and a dividend yield of 3.10%. The ex-dividend date of this dividend was Friday, July 26th. Unum Group’s dividend payout ratio is currently 24.96%.

Insider Activity at Unum Group

In other news, EVP Timothy Gerald Arnold sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $54.11, for a total value of $541,100.00. Following the sale, the executive vice president now directly owns 64,821 shares in the company, valued at approximately $3,507,464.31. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 0.93% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

UNM has been the topic of several research analyst reports. Piper Sandler began coverage on Unum Group in a report on Thursday, July 11th. They set an “overweight” rating and a $57.00 price target on the stock. Citigroup boosted their price target on Unum Group from $62.00 to $69.00 and gave the company a “buy” rating in a research note on Tuesday, July 23rd. Wells Fargo & Company boosted their target price on shares of Unum Group from $66.00 to $69.00 and gave the company an “overweight” rating in a research report on Monday, August 12th. Jefferies Financial Group boosted their price objective on shares of Unum Group from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Finally, Truist Financial lifted their target price on Unum Group from $62.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, August 1st. Three investment analysts have rated the stock with a hold rating and seven have given a buy rating to the stock. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $61.78.

About Unum Group

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.