Unum Group (NYSE:UNM) Stock Gets Price Target Reduction from Morgan Stanley

Unum Group (NYSE:UNM) had its price objective cut by Morgan Stanley from $92.00 to $85.00 in a report released on Tuesday,Benzinga reports. They currently have an equal weight rating on the financial services provider’s stock.

Several other research analysts have also recently commented on UNM. Barclays reduced their price target on Unum Group from $109.00 to $101.00 and set an “overweight” rating for the company in a research report on Wednesday, November 4th. Keefe, Bruyette & Woods lowered their price target on Unum Group from $108.00 to $97.00 and set an “outperform” rating on the stock in a research report on Thursday, November 5th. JPMorgan Chase & Co. upgraded Unum Group from a “neutral” rating to an “overweight” rating and dropped their price objective for the stock from $98.00 to $90.00 in a research note on Monday. Truist Financial dropped their price objective on Unum Group from $96.00 to $85.00 and set a “buy” rating on the stock in a research note on Thursday, November 5th. Finally, Wells Fargo & Company increased their price objective on Unum Group from $100.00 to $102.00 and gave the company an “overweight” rating in a report on Monday, October 12th. Eight research analysts have rated the stock with a Buy rating and six have issued a Hold rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $94.75.

Unum Group Stock Down 2.8%

Unum Group stock opened at $79.11 on Tuesday. The company has a market cap of $12.26 billion, a P/E ratio of 9.66, a price-to-earnings-growth ratio of 0.88 and a beta of 0.25. Unum Group has a 1-year low of $69.02 and a 1-year high of $96.77. The company has a fifty day simple moving average of $90.34 and a 200 day simple moving average of $84.13. 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 (NYSE:UNM) last issued its quarterly earnings results on Tuesday, November 3rd. The financial services provider reported $2.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.16 by $0.04. Unum Group had a net margin of 1.94% and a return on equity of 12.57%. The firm had revenue of $3.40 billion for the quarter, compared to analyst estimates of $2.97 billion. During the same period in the previous year, the business earned $2.09 EPS. Research analysts anticipate that Unum Group will post 8.37 earnings per share for the current fiscal year.

Unum Group Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Friday, November 20th. Shareholders of record on Friday, October 30th will be paid a dividend of $0.5050 per share. This represents a $2.02 dividend on an annualized basis and a yield of 2.6%. The ex-dividend date is Friday, October 30th. Unum Group’s dividend payout ratio (DPR) is 143.26%.

Unum Group declared that its Board of Directors has authorized a stock buyback plan on Wednesday, August 26th that authorizes the company to repurchase $1 billion in shares. This repurchase authorization authorizes the financial services provider to repurchase up to 7% of its stock through open market purchases. Share repurchase plans are usually a sign that the company’s management believes its stock is undervalued.

Insider Activity

In other news, EVP Lisa Iglesias sold 4,000 shares of the company’s stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $94.44, for a total transaction of $377,760.00. Following the completion of the sale, the executive vice president directly owned 25,453 shares in the company, valued at approximately $2,403,781.32. This represents a 13.58% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CAO Lynn Jr sold 2,188 shares of the stock in a transaction on Thursday, September 10th. The stock was sold at an average price of $94.31, for a total value of $206,350.28. Following the sale, the chief accounting officer directly owned 8,154 shares in the company, valued at approximately $769,003.74. This trade represents a 21.16% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders sold 10,488 shares of company stock worth $988,396. 1.00% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Unum Group

A number of large investors have recently bought and sold shares of the company. GWN Securities Inc. bought a new position in Unum Group in the second quarter valued at approximately $708,000. Amundi lifted its stake in Unum Group by 1,140.5% during the second quarter. Amundi now owns 340,443 shares of the financial services provider’s stock worth $30,436,000 after purchasing an additional 312,999 shares during the last quarter. Canada Pension Plan Investment Board bought a new stake in Unum Group during the second quarter worth $84,097,000. Landscape Capital Management L.L.C. acquired a new stake in shares of Unum Group in the 2nd quarter valued at $1,482,000. Finally, AXQ Capital LP boosted its holdings in shares of Unum Group by 266.3% in the 2nd quarter. AXQ Capital LP now owns 27,924 shares of the financial services provider’s stock valued at $2,496,000 after purchasing an additional 20,300 shares in the last quarter. 86.57% of the stock is currently owned by institutional investors and hedge funds.

About Unum Group

Unum Group is an insurance holding company that provides employee benefits and related services, primarily to employers and their workers. Its offerings include group disability and life insurance, accident and critical illness coverage, and services that help employers manage employee leave and workplace absence. Through its Unum and Colonial Life businesses, the company also provides voluntary benefits that employees can elect through their workplaces. In the United Kingdom, Unum offers workplace benefits including income protection, life insurance and critical illness coverage.