JPMorgan Chase & Co. Cuts Unum Group (NYSE:UNM) Price Target to $63.00

Unum Group (NYSE:UNM) had its target price decreased by analysts at JPMorgan Chase & Co. from $65.00 to $63.00 in a note issued to investors on Thursday, Benzinga reports. The firm currently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s target price would indicate a potential upside of 6.51% from the company’s current price.

Other research analysts also recently issued research reports about the stock. Citigroup upped 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. Truist Financial lifted their target price on Unum Group from $62.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Barclays started coverage on Unum Group in a research note on Wednesday, September 4th. They set an “overweight” rating and a $73.00 price target for the company. Evercore ISI lifted their price objective on Unum Group from $56.00 to $58.00 and gave the company an “in-line” rating in a research note on Wednesday, June 26th. Finally, Jefferies Financial Group boosted their target price on Unum Group from $63.00 to $64.00 and gave the stock a “buy” rating in a report on Wednesday, July 10th. Three analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $63.60.

Unum Group Trading Down 0.7 %

Shares of NYSE UNM traded down $0.39 during midday trading on Thursday, reaching $59.15. 162,541 shares of the stock were exchanged, compared to its average volume of 1,239,484. The stock has a 50 day moving average price of $55.23 and a 200-day moving average price of $53.08. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.33. The company has a market capitalization of $11.20 billion, a P/E ratio of 8.79, a P/E/G ratio of 0.86 and a beta of 0.77. Unum Group has a 52-week low of $41.75 and a 52-week high of $59.83.

Unum Group (NYSE:UNM) last posted its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $2.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $2.02 by $0.14. The business had revenue of $3.23 billion for the quarter, compared to analysts’ expectations 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 was up 3.9% on a year-over-year basis. During the same quarter last year, the firm earned $2.06 earnings per share. Equities research analysts expect that Unum Group will post 8.48 earnings per share for the current fiscal year.

Unum Group declared that its board has approved a share repurchase program on Tuesday, July 30th that permits the company to buyback $1.00 billion in outstanding 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 usually an indication that the company’s management believes its stock is undervalued.

Insider Transactions at Unum Group

In related news, CEO Richard P. Mckenney sold 67,795 shares of Unum Group stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $54.98, for a total transaction of $3,727,369.10. Following the sale, the chief executive officer now owns 1,065,868 shares of the company’s stock, valued at approximately $58,601,422.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Timothy Gerald Arnold sold 10,000 shares of Unum Group stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $54.11, for a total transaction of $541,100.00. Following the sale, the executive vice president now owns 64,821 shares of the company’s stock, valued at $3,507,464.31. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Also, CEO Richard P. Mckenney sold 67,795 shares of Unum Group stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $54.98, for a total value of $3,727,369.10. Following the sale, the chief executive officer now directly owns 1,065,868 shares in the company, valued at approximately $58,601,422.64. The disclosure for this sale can be found here. Corporate insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Unum Group

Several hedge funds and other institutional investors have recently added to or reduced their stakes in UNM. Quadrature Capital Ltd bought a new position in Unum Group during the first quarter valued at about $1,130,000. Boone Capital Management LLC lifted its stake in Unum Group by 10.8% during the fourth quarter. Boone Capital Management LLC now owns 961,661 shares of the financial services provider’s stock valued at $43,486,000 after purchasing an additional 94,096 shares during the last quarter. First Trust Advisors LP boosted its holdings in 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 worth $44,021,000 after buying an additional 292,917 shares in the last quarter. Tidal Investments LLC grew its position in Unum Group by 80.7% in the first quarter. Tidal Investments LLC now owns 64,008 shares of the financial services provider’s stock worth $3,436,000 after buying an additional 28,580 shares during the last quarter. Finally, Wedge Capital Management L L P NC increased its holdings in shares of Unum Group by 8.0% in the second quarter. Wedge Capital Management L L P NC now owns 872,808 shares of the financial services provider’s stock valued at $44,609,000 after buying an additional 64,661 shares in the last quarter. Institutional investors own 86.57% of the company’s stock.

Unum Group Company 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.