Unum Group (NYSE:UNM) Price Target Cut to $63.00

Unum Group (NYSE:UNM) had its price objective reduced by equities researchers at JPMorgan Chase & Co. from $65.00 to $63.00 in a note issued to investors on Thursday, Benzinga reports. The firm presently has an “overweight” rating on the financial services provider’s stock. JPMorgan Chase & Co.‘s price objective points to a potential upside of 2.34% from the stock’s previous close.

UNM has been the topic of several other reports. Piper Sandler restated an “overweight” rating and issued a $66.00 price objective (up from $64.00) on shares of Unum Group in a research report on Friday, September 27th. Barclays assumed 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. Citigroup boosted their price objective on shares of Unum Group from $62.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Truist Financial raised 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. Finally, Jefferies Financial Group boosted their price target on Unum Group from $63.00 to $64.00 and gave the company a “buy” rating in a report on Wednesday, July 10th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $63.60.

Unum Group Price Performance

Shares of NYSE UNM opened at $61.56 on Thursday. 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 company’s 50-day moving average price is $55.52 and its 200 day moving average price is $53.19. Unum Group has a 52 week low of $41.75 and a 52 week high of $61.70. The stock has a market cap of $11.66 billion, a price-to-earnings ratio of 9.15, a PEG ratio of 0.88 and a beta of 0.77.

Unum Group (NYSE:UNM) last released its quarterly earnings results on Tuesday, July 30th. The financial services provider reported $2.16 EPS for the quarter, beating the consensus estimate of $2.02 by $0.14. Unum Group had a net margin of 10.40% and a return on equity of 15.55%. The business had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.23 billion. During the same period in the prior year, the business earned $2.06 earnings per share. The company’s quarterly revenue was up 3.9% on a year-over-year basis. As a group, research analysts forecast that Unum Group will post 8.48 earnings per share for the current fiscal year.

Unum Group announced that its board has initiated a share buyback plan on Tuesday, July 30th that permits the company to buyback $1.00 billion in shares. This buyback authorization permits the financial services provider to reacquire up to 10% of its shares through open market purchases. Shares buyback plans are usually an indication that the company’s management believes its shares are undervalued.

Insiders Place Their Bets

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 value 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 $58,601,422.64. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this link. In other news, CEO Richard P. Mckenney sold 67,795 shares of the stock in a transaction 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 $58,601,422.64. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Timothy Gerald Arnold sold 10,000 shares of Unum Group 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 $3,507,464.31. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Unum Group

A number of large investors have recently modified their holdings of the stock. Versant Capital Management Inc boosted its holdings in Unum Group by 361.5% in the 2nd quarter. Versant Capital Management Inc now owns 503 shares of the financial services provider’s stock worth $26,000 after acquiring an additional 394 shares during the period. V Square Quantitative Management LLC acquired a new stake in Unum Group during the 2nd quarter valued at $26,000. Salomon & Ludwin LLC purchased a new stake in Unum Group during the 1st quarter worth $28,000. 1620 Investment Advisors Inc. acquired a new position in Unum Group in the 2nd quarter worth $29,000. Finally, MCF Advisors LLC acquired a new position in Unum Group in the 1st quarter worth $35,000. Institutional investors and hedge funds own 86.57% 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.