Renaissance Technologies LLC Cuts Stake in Unum Group (NYSE:UNM)

Renaissance Technologies LLC lessened its holdings in shares of Unum Group (NYSE:UNM) by 52.4% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 393,700 shares of the financial services provider’s stock after selling 433,700 shares during the quarter. Renaissance Technologies LLC owned about 0.21% of Unum Group worth $20,122,000 at the end of the most recent quarter.

A number of other large investors also recently added to or reduced their stakes in UNM. Quadrature Capital Ltd purchased a new position in shares of Unum Group in the first quarter worth $1,130,000. Boone Capital Management LLC lifted its stake in Unum Group by 10.8% in the 4th quarter. Boone Capital Management LLC now owns 961,661 shares of the financial services provider’s stock worth $43,486,000 after purchasing an additional 94,096 shares in the last quarter. Allianz Asset Management GmbH boosted its holdings in shares of Unum Group by 3.6% during the 4th quarter. Allianz Asset Management GmbH now owns 950,914 shares of the financial services provider’s stock valued at $43,000,000 after purchasing an additional 33,454 shares during the last quarter. First Trust Advisors LP grew its position in shares of Unum Group by 43.0% during the fourth quarter. First Trust Advisors LP now owns 973,480 shares of the financial services provider’s stock valued at $44,021,000 after purchasing an additional 292,917 shares in the last quarter. Finally, Tidal Investments LLC increased its holdings in shares of Unum Group by 80.7% in the first quarter. Tidal Investments LLC now owns 64,008 shares of the financial services provider’s stock worth $3,436,000 after purchasing an additional 28,580 shares during the last quarter. 86.57% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the company. Wells Fargo & Company increased their price target on Unum Group from $66.00 to $69.00 and gave the company an “overweight” rating in a research note on Monday, August 12th. Truist Financial raised their target price on shares of Unum Group from $62.00 to $70.00 and gave the company a “buy” rating in a report on Thursday, August 1st. Barclays initiated coverage on shares of Unum Group in a research note on Wednesday, September 4th. They set an “overweight” rating and a $73.00 price target on the stock. Evercore ISI lifted their price objective on shares of Unum Group from $56.00 to $58.00 and gave the stock an “in-line” rating in a research note on Wednesday, June 26th. Finally, Jefferies Financial Group upped their target price on shares of Unum Group from $63.00 to $64.00 and gave the company a “buy” rating in a research report on Wednesday, July 10th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $62.90.

Unum Group Trading Up 0.8 %

UNM opened at $57.34 on Friday. The stock’s 50 day moving average price is $54.46 and its 200-day moving average price is $52.65. Unum Group has a one year low of $41.75 and a one year high of $58.17. 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 has a market cap of $10.65 billion, a price-to-earnings ratio of 8.52, a P/E/G ratio of 0.83 and a beta of 0.77.

Unum Group (NYSE:UNM) last issued its earnings results on Tuesday, July 30th. The financial services provider reported $2.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $2.02 by $0.14. The firm had revenue of $3.23 billion during the quarter, compared to analyst estimates of $3.23 billion. Unum Group had a net margin of 10.40% and a return on equity of 15.55%. The business’s revenue was up 3.9% on a year-over-year basis. During the same period in the previous year, the firm earned $2.06 earnings per share. On average, equities analysts forecast that Unum Group will post 8.5 EPS for the current year.

Unum Group Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, July 26th were given a dividend of $0.42 per share. The ex-dividend date was Friday, July 26th. This is a positive change from Unum Group’s previous quarterly dividend of $0.37. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.93%. Unum Group’s dividend payout ratio (DPR) is 24.96%.

Unum Group declared that its Board of Directors has initiated a share buyback plan on Tuesday, July 30th that authorizes the company to repurchase $1.00 billion in outstanding 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 generally a sign that the company’s management believes its stock is undervalued.

Insider Activity

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

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.