Barclays Forecasts Strong Price Appreciation for Unum Group (NYSE:UNM) Stock

Unum Group (NYSE:UNM) had its target price boosted by Barclays from $72.00 to $74.00 in a report published on Wednesday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

A number of other brokerages also recently issued reports on UNM. JPMorgan Chase & Co. reduced their price target on Unum Group from $65.00 to $63.00 and set an “overweight” rating on the stock in a research report on Thursday, October 3rd. Wells Fargo & Company increased their price target on Unum Group from $69.00 to $71.00 and gave the company an “overweight” rating in a research note on Thursday, October 10th. Piper Sandler restated an “overweight” rating and set a $66.00 price target (up previously from $64.00) on shares of Unum Group in a research note on Friday, September 27th. Bank of America increased their price objective on shares of Unum Group from $54.00 to $63.00 and gave the company a “neutral” rating in a research report on Thursday, October 10th. Finally, UBS Group raised shares of Unum Group to a “hold” rating in a research report on Wednesday, October 9th. Five equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $65.64.

Unum Group Price Performance

Shares of UNM stock opened at $64.37 on Wednesday. The company has a market cap of $12.19 billion, a P/E ratio of 9.56, a PEG ratio of 0.91 and a beta of 0.77. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.28 and a quick ratio of 0.28. The stock’s 50-day moving average is $58.40 and its 200 day moving average is $54.37. Unum Group has a 1-year low of $41.75 and a 1-year high of $64.91.

Unum Group (NYSE:UNM) last released its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $2.09 by $0.04. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.26 billion. Unum Group had a net margin of 10.40% and a return on equity of 15.55%. The company’s revenue was up 4.0% compared to the same quarter last year. During the same period last year, the business earned $1.94 EPS. Research analysts predict that Unum Group will post 8.49 earnings per share for the current fiscal year.

Unum Group Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 25th will be issued a $0.42 dividend. This represents a $1.68 annualized dividend and a yield of 2.61%. The ex-dividend date is Friday, October 25th. Unum Group’s payout ratio is 24.96%.

Unum Group declared that its board has authorized a share buyback plan on Tuesday, July 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to buy up to 10% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s board believes its stock is undervalued.

Insider Activity

In related news, CEO Richard P. Mckenney sold 67,795 shares of the firm’s stock in a transaction dated Thursday, September 5th. The stock was 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 directly owns 1,065,868 shares of the company’s stock, valued at $58,601,422.64. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Unum Group news, EVP Timothy Gerald Arnold sold 10,000 shares of the company’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 completion of the transaction, the executive vice president now owns 64,821 shares in the company, valued at approximately $3,507,464.31. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, CEO Richard P. Mckenney sold 67,795 shares of the firm’s stock in a transaction dated 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 owns 1,065,868 shares in the company, valued at $58,601,422.64. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.93% of the company’s stock.

Hedge Funds Weigh In On Unum Group

A number of hedge funds have recently bought and sold shares of the business. Versant Capital Management Inc lifted its position in shares of Unum Group by 361.5% during the 2nd quarter. Versant Capital Management Inc now owns 503 shares of the financial services provider’s stock valued at $26,000 after buying an additional 394 shares in the last quarter. V Square Quantitative Management LLC purchased a new position in Unum Group during the second quarter valued at $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Unum Group in the first quarter valued at about $28,000. 1620 Investment Advisors Inc. purchased a new stake in shares of Unum Group during the second quarter worth about $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new position in shares of Unum Group during the 3rd quarter worth about $37,000. Hedge funds and other 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.