Unum Group (NYSE:UNM) Issues Earnings Results

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

Unum Group Stock Up 4.6 %

NYSE:UNM traded up $2.85 during trading hours on Wednesday, hitting $64.48. 606,235 shares of the company traded hands, compared to its average volume of 1,228,365. Unum Group has a one year low of $41.75 and a one year high of $64.89. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.33. The company has a market cap of $12.21 billion, a PE ratio of 9.64, a PEG ratio of 0.91 and a beta of 0.77. The firm’s 50-day simple moving average is $58.40 and its 200-day simple moving average is $54.37.

Unum Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 15th. Investors of record on Friday, October 25th will be given a $0.42 dividend. The ex-dividend date of this dividend is Friday, October 25th. This represents a $1.68 annualized dividend and a yield of 2.61%. Unum Group’s payout ratio is 24.96%.

Insider Activity at Unum Group

In related news, CEO Richard P. Mckenney sold 67,795 shares of the stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $54.98, for a total transaction of $3,727,369.10. Following the completion of the transaction, the chief executive officer now owns 1,065,868 shares in the company, valued at approximately $58,601,422.64. 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 can be accessed through this link. In other news, CEO Richard P. Mckenney sold 67,795 shares of the business’s stock in a transaction that occurred 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 directly owns 1,065,868 shares in the company, valued at approximately $58,601,422.64. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, EVP Timothy Gerald Arnold sold 10,000 shares of the firm’s stock in a transaction that occurred on Wednesday, August 14th. The stock was sold at an average price of $54.11, for a total transaction of $541,100.00. Following the completion of the transaction, the executive vice president now owns 64,821 shares in the company, valued at $3,507,464.31. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.93% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several research firms have issued reports on UNM. UBS Group upgraded Unum Group to a “hold” rating in a research note on Wednesday, October 9th. Jefferies Financial Group raised 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. JPMorgan Chase & Co. reduced their price objective on Unum Group from $65.00 to $63.00 and set an “overweight” rating on the stock in a research note on Thursday, October 3rd. Bank of America raised their target price on Unum Group from $54.00 to $63.00 and gave the company a “neutral” rating in a research note on Thursday, October 10th. Finally, Wells Fargo & Company boosted their target price on shares of Unum Group from $69.00 to $71.00 and gave the stock an “overweight” rating in a research note on Thursday, October 10th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. According to data from MarketBeat.com, Unum Group currently has an average rating of “Moderate Buy” and a consensus target price of $63.64.

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

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.