Wells Fargo & Company Boosts Unum Group (NYSE:UNM) Price Target to $71.00

Unum Group (NYSE:UNM) had its price objective raised by Wells Fargo & Company from $69.00 to $71.00 in a research note issued to investors on Thursday morning, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Several other analysts also recently weighed in on UNM. Barclays lowered their target price on shares of Unum Group from $73.00 to $72.00 and set an overweight rating on the stock in a report on Tuesday, October 8th. Piper Sandler reiterated an overweight rating and set a $66.00 target price (up previously from $64.00) on shares of Unum Group in a research report on Friday, September 27th. Evercore ISI raised their price target on Unum Group from $56.00 to $58.00 and gave the company an in-line rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. dropped their price objective on Unum Group from $65.00 to $63.00 and set an overweight rating on the stock in a report on Thursday, October 3rd. Finally, Jefferies Financial Group raised their target price on Unum Group from $63.00 to $64.00 and gave the company a buy rating in a report on Wednesday, July 10th. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of Moderate Buy and a consensus price target of $63.64.

Unum Group Stock Performance

Shares of UNM stock opened at $62.73 on Thursday. The stock’s 50-day moving average price is $56.15 and its 200 day moving average price is $53.50. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.33. The stock has a market capitalization of $11.65 billion, a PE ratio of 9.23, a price-to-earnings-growth ratio of 0.91 and a beta of 0.77. Unum Group has a 52-week low of $41.75 and a 52-week high of $63.25.

Unum Group (NYSE:UNM) last released its earnings results on Tuesday, July 30th. The financial services provider reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.14. Unum Group had a return on equity of 15.55% and a net margin of 10.40%. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.23 billion. During the same quarter in the previous year, the company posted $2.06 earnings per share. The company’s revenue for the quarter was up 3.9% compared to the same quarter last year. As a group, equities research analysts forecast that Unum Group will post 8.49 EPS for the current year.

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

Unum Group Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 25th will be issued a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.68%. Unum Group’s dividend payout ratio (DPR) is presently 24.71%.

Insider Activity

In related news, EVP Timothy Gerald Arnold sold 10,000 shares of Unum Group 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 sale, the executive vice president now owns 64,821 shares in the company, valued at approximately $3,507,464.31. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Unum Group news, CEO Richard P. Mckenney sold 67,795 shares of the business’s 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 completion of the transaction, the chief executive officer now directly owns 1,065,868 shares in the company, valued at approximately $58,601,422.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, EVP Timothy Gerald Arnold sold 10,000 shares of the firm’s stock in a transaction on Wednesday, August 14th. The stock was 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 $3,507,464.31. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Company insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Unum Group

Several large investors have recently added to or reduced their stakes in the business. Nordea Investment Management AB lifted its holdings in shares of Unum Group by 51.7% during the 1st quarter. Nordea Investment Management AB now owns 2,961,539 shares of the financial services provider’s stock worth $158,590,000 after acquiring an additional 1,008,776 shares during the period. ProShare Advisors LLC raised its stake in Unum Group by 6,498.1% during the first quarter. ProShare Advisors LLC now owns 636,320 shares of the financial services provider’s stock worth $34,145,000 after purchasing an additional 626,676 shares during the period. Victory Capital Management Inc. boosted its holdings in shares of Unum Group by 62.9% in 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 stake 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 buying an additional 300,840 shares during the period. Finally, Goldman Sachs Group Inc. increased its holdings in shares of Unum Group by 16.9% during the 4th quarter. Goldman Sachs Group Inc. now owns 2,017,367 shares of the financial services provider’s stock worth $91,225,000 after buying an additional 291,757 shares during the last quarter. 86.57% of the stock is currently 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.