Unum Group (NYSE:UNM) Reaches New 1-Year High at $58.32

Unum Group (NYSE:UNM) hit a new 52-week high on Monday . The company traded as high as $58.32 and last traded at $58.25, with a volume of 107122 shares. The stock had previously closed at $57.35.

Wall Street Analyst Weigh In

A number of analysts recently commented on UNM shares. JPMorgan Chase & Co. increased their price target on Unum Group from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Barclays assumed coverage on shares of Unum Group in a report on Wednesday, September 4th. They issued an “overweight” rating and a $73.00 price target on the stock. Jefferies Financial Group raised their price objective on shares of Unum Group from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Truist Financial boosted their target price on shares of Unum Group from $62.00 to $70.00 and gave the company a “buy” rating in a research note on Thursday, August 1st. Finally, Piper Sandler initiated coverage on shares of Unum Group in a research note on Thursday, July 11th. They set an “overweight” rating and a $57.00 price target for the company. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Unum Group currently has an average rating of “Moderate Buy” and an average price target of $62.90.

Unum Group Price Performance

The business’s 50 day moving average is $54.46 and its two-hundred day moving average is $52.68. The company has a debt-to-equity ratio of 0.33, a quick ratio of 0.28 and a current ratio of 0.28. The firm has a market capitalization of $10.98 billion, a PE ratio of 8.52, a price-to-earnings-growth ratio of 0.83 and a beta of 0.77.

Unum Group (NYSE:UNM) last announced its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $2.16 earnings per share for the quarter, beating the consensus estimate of $2.02 by $0.14. Unum Group had a return on equity of 15.55% and a net margin of 10.40%. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.23 billion. During the same period in the previous year, the business earned $2.06 earnings per share. The firm’s quarterly revenue was up 3.9% compared to the same quarter last year. Equities research analysts anticipate that Unum Group will post 8.5 earnings per share for the current fiscal year.

Unum Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, August 16th. Investors of record on Friday, July 26th were issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.90%. The ex-dividend date was Friday, July 26th. This is a positive change from Unum Group’s previous quarterly dividend of $0.37. Unum Group’s dividend payout ratio is 24.96%.

Unum Group declared that its board has authorized a stock repurchase program on Tuesday, July 30th that permits the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization permits the financial services provider to buy up to 10% of its shares through open market purchases. Shares repurchase programs are usually an indication that the company’s board believes its stock is undervalued.

Insider Buying and Selling

In related news, EVP Timothy Gerald Arnold sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $54.11, for a total transaction of $541,100.00. Following the completion of the transaction, the executive vice president now directly owns 64,821 shares in the company, valued at $3,507,464.31. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CEO Richard P. Mckenney sold 67,795 shares of the stock in a transaction on Thursday, September 5th. The stock was sold at an average price of $54.98, for a total value of $3,727,369.10. Following the transaction, the chief executive officer now owns 1,065,868 shares of the company’s stock, valued at $58,601,422.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Timothy Gerald Arnold sold 10,000 shares of the firm’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 owns 64,821 shares in the company, valued at approximately $3,507,464.31. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Unum Group

A number of large investors have recently modified their holdings of the company. Nordea Investment Management AB boosted its stake in Unum Group by 51.7% in the first quarter. Nordea Investment Management AB now owns 2,961,539 shares of the financial services provider’s stock worth $158,590,000 after buying an additional 1,008,776 shares in the last quarter. ProShare Advisors LLC boosted its stake in shares of Unum Group by 6,498.1% in the 1st quarter. ProShare Advisors LLC now owns 636,320 shares of the financial services provider’s stock valued at $34,145,000 after purchasing an additional 626,676 shares in the last quarter. Victory Capital Management Inc. grew its holdings in shares of Unum Group by 62.9% during the 2nd quarter. Victory Capital Management Inc. now owns 1,119,870 shares of the financial services provider’s stock valued at $57,237,000 after purchasing an additional 432,240 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Unum Group by 1.5% during the 4th quarter. Vanguard Group Inc. now owns 20,590,655 shares of the financial services provider’s stock valued at $931,109,000 after purchasing an additional 300,840 shares during the last quarter. Finally, First Trust Advisors LP lifted its stake in Unum Group by 43.0% in the fourth quarter. First Trust Advisors LP now owns 973,480 shares of the financial services provider’s stock worth $44,021,000 after purchasing an additional 292,917 shares during the last quarter. 86.57% of the stock is owned by hedge funds and other institutional investors.

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.