Unum Group (NYSE:UNM) Price Target Raised to $69.00

Unum Group (NYSE:UNM) had its price target boosted by Wells Fargo & Company from $66.00 to $69.00 in a report released on Monday, Benzinga reports. The brokerage currently has an overweight rating on the financial services provider’s stock.

Other equities research analysts have also recently issued reports about the stock. JPMorgan Chase & Co. boosted their price objective 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. Piper Sandler began coverage on Unum Group in a report on Thursday, July 11th. They issued an overweight rating and a $57.00 price target for the company. Citigroup increased their price objective on Unum Group from $62.00 to $69.00 and gave the stock 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 research report on Thursday, August 1st. Finally, Morgan Stanley increased their price target on Unum Group from $50.00 to $52.00 and gave the stock an equal weight rating in a research report on Monday, April 15th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to MarketBeat, Unum Group has an average rating of Moderate Buy and an average target price of $61.78.

Unum Group Trading Up 0.4 %

UNM opened at $54.40 on Monday. 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 stock’s 50 day moving average price is $52.06 and its 200-day moving average price is $51.44. Unum Group has a one year low of $41.75 and a one year high of $58.17. The stock has a market cap of $10.30 billion, a price-to-earnings ratio of 8.08, a P/E/G ratio of 0.73 and a beta of 0.81.

Unum Group (NYSE:UNM) last announced 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. 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 for the quarter, compared to the consensus estimate of $3.23 billion. During the same quarter in the prior year, the company posted $2.06 EPS. Unum Group’s quarterly revenue was up 3.9% on a year-over-year basis. On average, equities analysts forecast that Unum Group will post 8.53 EPS for the current year.

Unum Group Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, July 26th will be paid a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 3.09%. This is an increase from Unum Group’s previous quarterly dividend of $0.37. The ex-dividend date is Friday, July 26th. Unum Group’s dividend payout ratio (DPR) is 24.96%.

Unum Group announced that its Board of Directors has approved a stock repurchase plan on Tuesday, July 30th that allows the company to buyback $1.00 billion in shares. This buyback authorization allows the financial services provider to buy up to 10% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Mirae Asset Global Investments Co. Ltd. raised its stake in Unum Group by 154.5% in the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 50,915 shares of the financial services provider’s stock valued at $2,302,000 after buying an additional 30,908 shares during the last quarter. Cerity Partners LLC boosted its stake in Unum Group by 40.7% in the 4th quarter. Cerity Partners LLC now owns 21,924 shares of the financial services provider’s stock worth $991,000 after purchasing an additional 6,338 shares in the last quarter. Louisiana State Employees Retirement System purchased a new stake in Unum Group during the 4th quarter worth approximately $2,329,000. Sumitomo Mitsui Trust Holdings Inc. increased its stake in Unum Group by 499.8% during the 4th quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 44,384 shares of the financial services provider’s stock valued at $2,007,000 after purchasing an additional 36,984 shares in the last quarter. Finally, Strs Ohio raised its holdings in shares of Unum Group by 21.3% in the fourth quarter. Strs Ohio now owns 46,870 shares of the financial services provider’s stock worth $2,119,000 after buying an additional 8,244 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.