Unum Group (NYSE:UNM) Given New $64.00 Price Target at Morgan Stanley

Unum Group (NYSE:UNM) had its target price hoisted by investment analysts at Morgan Stanley from $62.00 to $64.00 in a research report issued on Wednesday, Benzinga reports. The firm currently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price target indicates a potential downside of 0.30% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. Piper Sandler reissued an “overweight” rating and set a $66.00 price objective (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 stock a “neutral” rating in a research report on Thursday, October 10th. Truist Financial increased their price objective on shares of Unum Group from $62.00 to $70.00 and gave the stock a “buy” rating in a research report on Thursday, August 1st. Barclays raised their price target on shares of Unum Group from $72.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday. Finally, JPMorgan Chase & Co. lowered their price target on shares of Unum Group from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Five research analysts have rated the stock with a hold rating and eight have given a buy rating to the company. According to MarketBeat, Unum Group currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.64.

Unum Group Trading Up 4.2 %

Shares of UNM traded up $2.56 on Wednesday, hitting $64.19. 1,702,973 shares of the stock traded hands, compared to its average volume of 1,233,588. 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 firm has a market capitalization of $12.16 billion, a P/E ratio of 9.55, a P/E/G ratio of 0.91 and a beta of 0.77. The stock’s 50 day moving average is $58.40 and its two-hundred 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 announced its quarterly earnings data on Tuesday, October 29th. The financial services provider reported $2.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.09 by $0.04. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.26 billion. Unum Group had a net margin of 10.40% and a return on equity of 15.55%. The company’s quarterly revenue was up 4.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.94 earnings per share. As a group, sell-side analysts predict that Unum Group will post 8.49 earnings per share for the current year.

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

Insiders Place Their Bets

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

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of UNM. Versant Capital Management Inc boosted its stake in 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 purchasing an additional 394 shares during the period. V Square Quantitative Management LLC acquired a new stake in shares of Unum Group in the 2nd quarter worth approximately $26,000. Salomon & Ludwin LLC acquired a new stake in shares of Unum Group in the 1st quarter worth approximately $28,000. 1620 Investment Advisors Inc. acquired a new stake in shares of Unum Group in the 2nd quarter worth approximately $29,000. Finally, Thurston Springer Miller Herd & Titak Inc. acquired a new stake in shares of Unum Group in the 3rd quarter worth approximately $37,000. 86.57% of the stock is owned by institutional investors and hedge funds.

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.