Unum Group (NYSE:UNM) Price Target Raised to $83.00

Unum Group (NYSE:UNM) had its target price upped by investment analysts at Morgan Stanley from $76.00 to $83.00 in a research note issued to investors on Monday,Benzinga reports. The firm presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s target price points to a potential upside of 0.92% from the stock’s current price.

Several other equities analysts have also commented on UNM. JPMorgan Chase & Co. raised their price objective on Unum Group from $81.00 to $87.00 and gave the company a “neutral” rating in a research report on Wednesday, April 2nd. Piper Sandler upped their price target on shares of Unum Group from $87.00 to $92.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 2nd. Wells Fargo & Company increased their price target on Unum Group from $95.00 to $97.00 and gave the company an “overweight” rating in a research note on Thursday, May 1st. StockNews.com lowered shares of Unum Group from a “buy” rating to a “hold” rating in a report on Friday, March 7th. Finally, BMO Capital Markets lifted their price objective on shares of Unum Group from $95.00 to $102.00 and gave the company an “outperform” rating in a report on Monday, March 3rd. Five equities research analysts have rated the stock with a hold rating, nine have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $88.43.

Unum Group Trading Up 0.1%

NYSE:UNM traded up $0.09 during mid-day trading on Monday, hitting $82.24. 305,303 shares of the company’s stock were exchanged, compared to its average volume of 1,476,876. The firm has a market capitalization of $14.34 billion, a P/E ratio of 8.69, a PEG ratio of 1.14 and a beta of 0.38. Unum Group has a fifty-two week low of $48.38 and a fifty-two week high of $84.48. The company has a current ratio of 0.29, a quick ratio of 0.28 and a debt-to-equity ratio of 0.32. The company has a 50 day simple moving average of $78.56 and a 200-day simple moving average of $75.86.

Unum Group (NYSE:UNM) last released its earnings results on Tuesday, April 29th. The financial services provider reported $2.04 earnings per share (EPS) for the quarter, missing the consensus estimate of $2.19 by ($0.15). Unum Group had a net margin of 13.81% and a return on equity of 14.91%. The business had revenue of $3.09 billion during the quarter, compared to the consensus estimate of $3.34 billion. During the same period in the prior year, the company earned $2.12 earnings per share. The business’s revenue was down 3.4% on a year-over-year basis. As a group, research analysts expect that Unum Group will post 9.14 earnings per share for the current year.

Unum Group declared that its Board of Directors has authorized a share buyback plan on Tuesday, February 18th that authorizes the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization authorizes the financial services provider to purchase up to 7.4% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board believes its shares are undervalued.

Insider Activity

In related news, EVP Elizabeth Claire Ahmed sold 10,000 shares of Unum Group stock in a transaction dated Wednesday, May 7th. The stock was sold at an average price of $80.00, for a total value of $800,000.00. Following the completion of the sale, the executive vice president now directly owns 51,170 shares in the company, valued at $4,093,600. This trade represents a 16.35% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Lisa G. Iglesias sold 7,000 shares of the business’s stock in a transaction dated Monday, March 3rd. The shares were sold at an average price of $82.75, for a total value of $579,250.00. Following the completion of the transaction, the executive vice president now directly owns 31,284 shares of the company’s stock, valued at approximately $2,588,751. The trade was a 18.28% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 67,000 shares of company stock valued at $5,478,750 over the last 90 days. 0.92% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Unum Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the business. Fifth Third Bancorp grew its holdings in shares of Unum Group by 4.0% during the first quarter. Fifth Third Bancorp now owns 3,558 shares of the financial services provider’s stock valued at $290,000 after buying an additional 136 shares during the last quarter. Bessemer Group Inc. raised its position in shares of Unum Group by 2.2% in the fourth quarter. Bessemer Group Inc. now owns 6,536 shares of the financial services provider’s stock worth $478,000 after buying an additional 143 shares in the last quarter. Kovitz Investment Group Partners LLC raised its stake in Unum Group by 0.8% in the fourth quarter. Kovitz Investment Group Partners LLC now owns 18,211 shares of the financial services provider’s stock valued at $1,330,000 after purchasing an additional 147 shares in the last quarter. Private Trust Co. NA raised its position in shares of Unum Group by 7.3% during the 1st quarter. Private Trust Co. NA now owns 2,757 shares of the financial services provider’s stock valued at $225,000 after buying an additional 187 shares in the last quarter. Finally, QRG Capital Management Inc. raised its position in Unum Group by 1.4% in the 4th quarter. QRG Capital Management Inc. now owns 13,336 shares of the financial services provider’s stock worth $974,000 after purchasing an additional 189 shares during the period. 86.57% of the stock is currently owned by institutional investors and hedge funds.

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.