Unum Group (NYSE:UNM) Reaches New 52-Week High at $58.32

Unum Group (NYSE:UNM)’s stock price hit a new 52-week high during mid-day trading on Monday . The company traded as high as $58.32 and last traded at $58.25, with a volume of 107122 shares traded. The stock had previously closed at $57.35.

Wall Street Analyst Weigh In

Several equities analysts have recently commented on UNM shares. Wells Fargo & Company increased their target price on Unum Group from $66.00 to $69.00 and gave the stock an “overweight” rating in a research note on Monday, August 12th. Truist Financial increased their target price 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. JPMorgan Chase & Co. lifted their price target on shares of Unum Group from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Piper Sandler initiated coverage on Unum Group in a research report on Thursday, July 11th. They set an “overweight” rating and a $57.00 price target on the stock. Finally, Citigroup lifted their price objective on Unum Group from $62.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus price target of $62.90.

Unum Group Stock Performance

The firm has a market capitalization of $10.98 billion, a P/E ratio of 8.52, a price-to-earnings-growth ratio of 0.83 and a beta of 0.77. The company has a 50-day moving average of $54.46 and a 200-day moving average of $52.68. The company has a current ratio of 0.28, a quick ratio of 0.28 and a debt-to-equity ratio of 0.33.

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

Unum Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Stockholders of record on Friday, July 26th were given a $0.42 dividend. The ex-dividend date of this dividend was Friday, July 26th. This represents a $1.68 dividend on an annualized basis and a dividend yield of 2.90%. This is an increase from Unum Group’s previous quarterly dividend of $0.37. Unum Group’s payout ratio is 24.96%.

Unum Group declared that its Board of Directors has initiated a share repurchase plan on Tuesday, July 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 10% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.

Insiders Place Their Bets

In related news, EVP Timothy Gerald Arnold sold 10,000 shares of the business’s stock in a transaction 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 owns 64,821 shares in the company, valued at approximately $3,507,464.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Richard P. Mckenney sold 67,795 shares of the company’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 transaction of $3,727,369.10. Following 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 transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, 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 completion of the transaction, the executive vice president now owns 64,821 shares in the company, valued at approximately $3,507,464.31. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Unum Group

Institutional investors have recently modified their holdings of the company. Vanguard Group Inc. lifted its position in Unum Group by 1.5% in the 4th quarter. Vanguard Group Inc. now owns 20,590,655 shares of the financial services provider’s stock valued at $931,109,000 after acquiring an additional 300,840 shares in the last quarter. Nordea Investment Management AB boosted its position in shares of Unum Group by 51.7% during the first quarter. Nordea Investment Management AB now owns 2,961,539 shares of the financial services provider’s stock valued at $158,590,000 after buying an additional 1,008,776 shares during the last quarter. Goldman Sachs Group Inc. grew its holdings in Unum Group by 16.9% during the fourth quarter. Goldman Sachs Group Inc. now owns 2,017,367 shares of the financial services provider’s stock worth $91,225,000 after buying an additional 291,757 shares in the last quarter. ProShare Advisors LLC raised its position in Unum Group by 89.8% in the 2nd quarter. ProShare Advisors LLC now owns 1,207,756 shares of the financial services provider’s stock valued at $61,728,000 after buying an additional 571,436 shares during the last quarter. Finally, Victory Capital Management Inc. lifted its stake in Unum Group by 62.9% during the 2nd quarter. Victory Capital Management Inc. now owns 1,119,870 shares of the financial services provider’s stock valued at $57,237,000 after acquiring an additional 432,240 shares in the last quarter. 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.