Commerce Bank Cuts Holdings in Unum Group (NYSE:UNM)

Commerce Bank decreased its position in shares of Unum Group (NYSE:UNM) by 4.2% in the third quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 16,572 shares of the financial services provider’s stock after selling 730 shares during the period. Commerce Bank’s holdings in Unum Group were worth $985,000 at the end of the most recent reporting period.

A number of other institutional investors have also recently made changes to their positions in the company. CIBC Asset Management Inc grew its position in shares of Unum Group by 3.4% during the third quarter. CIBC Asset Management Inc now owns 5,551 shares of the financial services provider’s stock valued at $330,000 after purchasing an additional 180 shares in the last quarter. V Square Quantitative Management LLC lifted its holdings in shares of Unum Group by 38.2% in the 3rd quarter. V Square Quantitative Management LLC now owns 702 shares of the financial services provider’s stock valued at $42,000 after acquiring an additional 194 shares during the last quarter. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Unum Group by 2.2% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 10,126 shares of the financial services provider’s stock valued at $518,000 after acquiring an additional 217 shares during the last quarter. Caprock Group LLC lifted its holdings in shares of Unum Group by 1.8% in the 3rd quarter. Caprock Group LLC now owns 12,308 shares of the financial services provider’s stock valued at $732,000 after acquiring an additional 221 shares during the last quarter. Finally, Global Retirement Partners LLC lifted its holdings in shares of Unum Group by 2.8% in the 3rd quarter. Global Retirement Partners LLC now owns 8,292 shares of the financial services provider’s stock valued at $493,000 after acquiring an additional 224 shares during the last quarter. Hedge funds and other institutional investors own 86.57% of the company’s stock.

Unum Group Stock Performance

Unum Group stock opened at $75.84 on Monday. The company has a 50 day moving average price of $63.86 and a 200-day moving average price of $56.71. The company has a debt-to-equity ratio of 0.32, a quick ratio of 0.28 and a current ratio of 0.28. Unum Group has a fifty-two week low of $41.97 and a fifty-two week high of $76.31. The company has a market capitalization of $13.85 billion, a PE ratio of 8.21, a P/E/G ratio of 1.11 and a beta of 0.76.

Unum Group (NYSE:UNM) last posted its quarterly earnings results on Tuesday, October 29th. The financial services provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.10 by $0.03. Unum Group had a net margin of 13.76% and a return on equity of 15.21%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the firm posted $1.94 earnings per share. The company’s revenue was up 4.0% on a year-over-year basis. As a group, equities analysts forecast that Unum Group will post 8.53 earnings per share for the current year.

Unum Group declared that its Board of Directors has initiated a stock buyback plan on Tuesday, July 30th that allows the company to buyback $1.00 billion in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 10% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s leadership believes its stock is undervalued.

Unum Group Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, November 15th. Stockholders of record on Friday, October 25th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.22%. The ex-dividend date was Friday, October 25th. Unum Group’s dividend payout ratio is presently 18.18%.

Insider Activity

In related news, CAO Walter Lynn Rice, Jr. sold 1,500 shares of Unum Group stock in a transaction that occurred on Thursday, November 7th. The shares were sold at an average price of $69.56, for a total transaction of $104,340.00. Following the transaction, the chief accounting officer now directly owns 8,361 shares of the company’s stock, valued at $581,591.16. This trade represents a 15.21 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Christopher W. Pyne sold 3,250 shares of Unum Group stock in a transaction that occurred on Wednesday, November 6th. The shares were sold at an average price of $70.02, for a total transaction of $227,565.00. Following the transaction, the executive vice president now directly owns 50,762 shares in the company, valued at approximately $3,554,355.24. The trade was a 6.02 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 165,709 shares of company stock valued at $10,956,914. Corporate insiders own 0.93% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages recently commented on UNM. UBS Group raised shares of Unum Group to a “hold” rating in a report on Wednesday, October 9th. Piper Sandler reaffirmed an “overweight” rating and issued a $66.00 price target (up previously from $64.00) on shares of Unum Group in a report on Friday, September 27th. Morgan Stanley increased their price target on shares of Unum Group from $62.00 to $64.00 and gave the company an “equal weight” rating in a report on Wednesday, October 30th. Wells Fargo & Company increased their price target on shares of Unum Group from $69.00 to $71.00 and gave the company an “overweight” rating in a report on Thursday, October 10th. Finally, Bank of America raised their price objective on shares of Unum Group from $54.00 to $63.00 and gave the stock a “neutral” rating in a research note on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating and nine have issued a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $67.73.

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.