Unum Group (NYSE:UNM) Reaches New 52-Week High After Earnings Beat

Unum Group (NYSE:UNM) hit a new 52-week high on Wednesday after the company announced better than expected quarterly earnings. The company traded as high as $64.89 and last traded at $63.92, with a volume of 375898 shares. The stock had previously closed at $61.63.

The financial services provider reported $2.13 EPS for the quarter, topping the consensus estimate of $2.09 by $0.04. Unum Group had a return on equity of 15.55% and a net margin of 10.40%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.26 billion. During the same period last year, the business posted $1.94 earnings per share. The company’s quarterly revenue was up 4.0% on a year-over-year basis.

Unum Group Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 25th will be issued a $0.42 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.68 dividend on an annualized basis and a yield of 2.61%. Unum Group’s dividend payout ratio (DPR) is presently 24.96%.

Unum Group declared that its board has initiated a share buyback plan 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 stock through open market purchases. Stock repurchase plans are typically an indication that the company’s management believes its stock is undervalued.

Analysts Set New Price Targets

A number of research analysts recently issued reports on UNM shares. Piper Sandler reiterated an “overweight” rating and issued a $66.00 target price (up from $64.00) on shares of Unum Group in a report on Friday, September 27th. 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. UBS Group upgraded Unum Group to a “hold” rating in a report on Wednesday, October 9th. JPMorgan Chase & Co. decreased their target price on Unum Group from $65.00 to $63.00 and set an “overweight” rating for the company in a report on Thursday, October 3rd. Finally, Wells Fargo & Company lifted their target price on Unum Group from $69.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, Unum Group presently has an average rating of “Moderate Buy” and an average price target of $65.64.

Insider Transactions at Unum Group

In other news, CEO Richard P. Mckenney sold 67,795 shares of Unum Group 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 owns 1,065,868 shares in the company, valued at approximately $58,601,422.64. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, EVP Timothy Gerald Arnold sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was sold at an average price of $54.11, for a total value of $541,100.00. Following the transaction, the executive vice president now owns 64,821 shares in the company, valued at $3,507,464.31. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CEO Richard P. Mckenney sold 67,795 shares of the business’s stock in a transaction that occurred 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 transaction, the chief executive officer now owns 1,065,868 shares in the company, valued at $58,601,422.64. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders own 0.93% of the company’s stock.

Institutional Investors Weigh In On Unum Group

Several institutional investors have recently modified their holdings of UNM. Allspring Global Investments Holdings LLC boosted its stake in shares of Unum Group by 55.8% during the 1st quarter. Allspring Global Investments Holdings LLC now owns 328,063 shares of the financial services provider’s stock worth $17,604,000 after acquiring an additional 117,497 shares in the last quarter. State of Michigan Retirement System boosted its stake in shares of Unum Group by 1.4% during the 1st quarter. State of Michigan Retirement System now owns 44,600 shares of the financial services provider’s stock worth $2,393,000 after acquiring an additional 600 shares in the last quarter. Norden Group LLC purchased a new stake in Unum Group in the 1st quarter valued at approximately $1,450,000. Hartline Investment Corp purchased a new stake in Unum Group in the 1st quarter valued at approximately $266,000. Finally, Mirae Asset Global Investments Co. Ltd. lifted its stake in Unum Group by 54.2% in the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 78,514 shares of the financial services provider’s stock valued at $4,150,000 after buying an additional 27,599 shares in the last quarter. Hedge funds and other institutional investors own 86.57% of the company’s stock.

Unum Group Trading Up 4.4 %

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 business has a 50 day moving average of $58.40 and a 200-day moving average of $54.37. The stock has a market cap of $12.19 billion, a PE ratio of 9.55, a price-to-earnings-growth ratio of 0.91 and a beta of 0.77.

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.