Unum Group (NYSE:UNM) Announces Quarterly Earnings Results

Unum Group (NYSE:UNM) released its quarterly earnings data on Tuesday. The financial services provider reported $2.13 EPS for the quarter, topping analysts’ consensus estimates of $2.09 by $0.04, Briefing.com reports. Unum Group had a net margin of 10.40% and a return on equity of 15.55%. The firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter in the previous year, the firm earned $1.94 earnings per share. The firm’s revenue was up 4.0% on a year-over-year basis. Unum Group updated its FY 2024 guidance to 8.426-8.809 EPS.

Unum Group Price Performance

Shares of UNM traded up $1.97 during trading hours on Wednesday, hitting $63.60. 501,517 shares of the company were exchanged, compared to its average volume of 1,227,866. The firm has a fifty day simple moving average of $58.40 and a 200-day simple moving average of $54.37. The company has a market capitalization of $12.04 billion, a PE ratio of 9.64, a PEG ratio of 0.91 and a beta of 0.77. The company has a debt-to-equity ratio of 0.33, a current ratio of 0.28 and a quick ratio of 0.28. Unum Group has a one year low of $41.75 and a one year high of $64.89.

Unum Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Shareholders of record on Friday, October 25th will be given a $0.42 dividend. The ex-dividend date is Friday, October 25th. This represents a $1.68 annualized dividend and a yield of 2.64%. Unum Group’s dividend payout ratio (DPR) is 24.96%.

Analysts Set New Price Targets

Several analysts have issued reports on UNM shares. Citigroup upped their price target on shares of Unum Group from $62.00 to $69.00 and gave the company a “buy” rating in a report on Tuesday, July 23rd. Barclays dropped their price target on shares of Unum Group from $73.00 to $72.00 and set an “overweight” rating for the company in a research report on Tuesday, October 8th. Truist Financial raised their price objective on Unum Group from $62.00 to $70.00 and gave the stock a “buy” rating in a report on Thursday, August 1st. Wells Fargo & Company boosted their target price on Unum Group from $69.00 to $71.00 and gave the stock an “overweight” rating in a report on Thursday, October 10th. Finally, Piper Sandler reaffirmed an “overweight” rating and set a $66.00 price target (up from $64.00) on shares of Unum Group in a research report on Friday, September 27th. Five investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.64.

Unum Group announced that its Board of Directors has approved a share repurchase plan on Tuesday, July 30th that authorizes the company to buyback $1.00 billion in shares. This buyback authorization authorizes the financial services provider to reacquire up to 10% of its stock through open market purchases. Stock buyback plans are often a sign that the company’s board believes its shares are undervalued.

Insider Activity

In other Unum Group news, EVP Timothy Gerald Arnold sold 10,000 shares of the company’s stock in a transaction dated Wednesday, August 14th. The shares were sold at an average price of $54.11, for a total transaction of $541,100.00. Following the completion of the sale, the executive vice president now directly owns 64,821 shares of the company’s stock, valued at approximately $3,507,464.31. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, CEO Richard P. Mckenney sold 67,795 shares of Unum Group stock in a transaction 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 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. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Timothy Gerald Arnold sold 10,000 shares of the company’s stock in a transaction dated 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 directly owns 64,821 shares in the company, valued at approximately $3,507,464.31. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.93% of the stock is currently owned by company insiders.

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.