Unum Group (NYSE:UNM) Stock Price Target Cut by Truist Financial

Unum Group (NYSE:UNM) had its price target dropped by stock analysts at Truist Financial from $96.00 to $85.00 in a research report issued on Thursday, Benzinga reports. The firm presently has a “buy” rating on the financial services provider’s stock. Truist Financial‘s price objective would suggest a potential upside of 14.86% from the company’s current price.

Other equities analysts have also recently issued reports about the company. Keefe, Bruyette & Woods decreased their price objective on Unum Group from $110.00 to $108.00 and set an “outperform” rating on the stock in a report on Thursday, July 30th. Wells Fargo & Company boosted their price objective on shares of Unum Group from $100.00 to $102.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. Barclays reduced their target price on shares of Unum Group from $109.00 to $101.00 and set an “overweight” rating on the stock in a report on Wednesday. JPMorgan Chase & Co. reduced their price target on Unum Group from $101.00 to $98.00 and set a “neutral” rating on the stock in a research report on Monday, August 3rd. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of Unum Group in a research note on Monday, October 26th. Eight analysts have rated the stock with a Buy rating and six have assigned a Hold rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $97.83.

Unum Group Stock Performance

Shares of NYSE UNM traded down $0.79 during mid-day trading on Thursday, hitting $74.00. The company had a trading volume of 1,478,905 shares, compared to its average volume of 1,594,086. The company has a current ratio of 0.34, a quick ratio of 0.34 and a debt-to-equity ratio of 0.35. Unum Group has a 1 year low of $69.02 and a 1 year high of $96.77. The company has a market capitalization of $11.71 billion, a price-to-earnings ratio of 52.52, a P/E/G ratio of 0.88 and a beta of 0.25. The stock’s 50-day moving average price is $92.00 and its 200-day moving average price is $84.05.

Unum Group (NYSE:UNM) last issued its quarterly earnings data on Tuesday, November 3rd. The financial services provider reported $2.20 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.04. Unum Group had a return on equity of 12.52% and a net margin of 1.94%. The business had revenue of $3.40 billion for the quarter, compared to analysts’ expectations of $2.91 billion. During the same quarter in the prior year, the firm posted $2.09 EPS. On average, sell-side analysts forecast that Unum Group will post 8.64 earnings per share for the current year.

Unum Group declared that its Board of Directors has initiated a stock repurchase program on Wednesday, August 26th that permits the company to repurchase $1 billion in shares. This repurchase authorization permits the financial services provider to repurchase up to 7% of its shares through open market purchases. Share repurchase programs are generally a sign that the company’s board believes its stock is undervalued.

Insider Transactions at Unum Group

In related news, EVP Lisa Iglesias sold 4,000 shares of the stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $94.44, for a total transaction of $377,760.00. Following the transaction, the executive vice president owned 25,453 shares in the company, valued at $2,403,781.32. This represents a 13.58% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Timothy F. Keaney sold 4,300 shares of the company’s stock in a transaction that occurred on Thursday, September 10th. The shares were sold at an average price of $94.02, for a total transaction of $404,286.00. Following the sale, the director directly owned 36,502 shares of the company’s stock, valued at approximately $3,431,918.04. This represents a 10.54% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold 10,488 shares of company stock worth $988,396 over the last three months. 1.00% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the company. Csenge Advisory Group raised its holdings in Unum Group by 20.9% during the third quarter. Csenge Advisory Group now owns 6,305 shares of the financial services provider’s stock worth $553,000 after purchasing an additional 1,091 shares in the last quarter. New York Life Investment Management LLC grew its stake in shares of Unum Group by 6.3% in the 3rd quarter. New York Life Investment Management LLC now owns 21,049 shares of the financial services provider’s stock valued at $1,847,000 after purchasing an additional 1,244 shares during the last quarter. AlphaCore Capital LLC lifted its stake in shares of Unum Group by 0.5% in the 3rd quarter. AlphaCore Capital LLC now owns 97,955 shares of the financial services provider’s stock worth $8,594,000 after acquiring an additional 449 shares during the period. Retirement Systems of Alabama boosted its holdings in Unum Group by 3.5% in the 3rd quarter. Retirement Systems of Alabama now owns 284,930 shares of the financial services provider’s stock valued at $24,997,000 after purchasing an additional 9,596 shares in the last quarter. Finally, Fulcrum Asset Management LLP acquired a new stake in Unum Group in the third quarter valued at $626,000. Hedge funds and other institutional investors own 86.57% of the company’s stock.

Unum Group News Roundup

Here are the key news stories impacting Unum Group this week:

• Positive Sentiment: Unum completed a $3.8 billion long-term-care reinsurance agreement with Fortitude Re, a transaction that may reduce exposure to long-term-care risks. Fortitude Re deal announcement
• Positive Sentiment: Adjusted Q3 earnings of $2.20 per share topped analyst estimates, with premium growth and Colonial Life strength helping offset elevated disability claims. Zacks Q3 earnings analysis
• Neutral Sentiment: Barclays lowered its price target from $109 to $101 but maintained an Overweight rating, signaling continued optimism despite a more cautious valuation. Barclays rating information
• Negative Sentiment: Unum reported a $419.7 million GAAP net loss for Q3, versus net income a year earlier. The loss included $853 million in investment losses, primarily impairment charges; reports also flagged revenue below estimates. This overshadows the adjusted EPS beat and helps explain the negative market reaction. Unum Q3 results
• Negative Sentiment: Reports of an SEC comment-letter process and a reserve-methodology change have prompted a shareholder investigation, adding uncertainty about the company’s reporting and reserve practices. Shareholder investigation notice

Unum Group Company Profile

Unum Group is an insurance company that provides employee benefits and related protection products through employers, as well as selected individual policies. Its offerings are designed to help people manage the financial impact of illness, injury, death and other unexpected events.

The company’s products include short-term and long-term disability insurance, group and individual life insurance, accidental death and dismemberment coverage, and supplemental health benefits such as accident, critical illness and hospital indemnity insurance.