Unum Group (NYSE:UNM) Given New $64.00 Price Target at Morgan Stanley

Unum Group (NYSE:UNM) had its price objective upped by research analysts at Morgan Stanley from $62.00 to $64.00 in a research report issued on Wednesday, Benzinga reports. The brokerage presently has an “equal weight” rating on the financial services provider’s stock. Morgan Stanley’s price objective suggests a potential downside of 0.30% from the stock’s current price.

UNM has been the subject of several other research reports. UBS Group upgraded shares of Unum Group to a “hold” rating in a research note on Wednesday, October 9th. Barclays boosted their price target on shares of Unum Group from $72.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday. Citigroup boosted their price target on shares of Unum Group from $62.00 to $69.00 and gave the stock a “buy” rating in a research note on Tuesday, July 23rd. Piper Sandler restated an “overweight” rating and issued a $66.00 price target (up previously from $64.00) on shares of Unum Group in a research note on Friday, September 27th. Finally, Wells Fargo & Company boosted their price target 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 investment analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $65.64.

Unum Group Trading Up 4.2 %

Unum Group stock traded up $2.56 during trading on Wednesday, hitting $64.19. The company had a trading volume of 1,702,973 shares, compared to its average volume of 1,233,588. Unum Group has a 1-year low of $41.75 and a 1-year high of $64.91. 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 simple moving average is $58.40 and its 200-day simple moving average is $54.37. The stock has a market cap of $12.16 billion, a price-to-earnings ratio of 9.55, a price-to-earnings-growth ratio of 0.91 and a beta of 0.77.

Unum Group (NYSE:UNM) last posted its earnings results on Tuesday, October 29th. The financial services provider reported $2.13 earnings per share for the quarter, beating the consensus estimate of $2.09 by $0.04. 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 during the quarter, compared to the consensus estimate of $3.26 billion. During the same quarter last year, the firm earned $1.94 EPS. The firm’s revenue for the quarter was up 4.0% on a year-over-year basis. As a group, analysts expect that Unum Group will post 8.49 EPS for the current fiscal year.

Unum Group announced that its Board of Directors has authorized a share repurchase plan on Tuesday, July 30th that authorizes the company to repurchase $1.00 billion in shares. This repurchase authorization authorizes the financial services provider to purchase up to 10% of its shares through open market purchases. Shares repurchase plans are typically an indication that the company’s board of directors believes its shares are undervalued.

Insider Activity

In other 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 value 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 sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, CEO Richard P. Mckenney sold 67,795 shares of the business’s 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 transaction, the chief executive officer now directly owns 1,065,868 shares in the company, valued at $58,601,422.64. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Timothy Gerald Arnold sold 10,000 shares of the business’s stock in a transaction dated Wednesday, August 14th. The stock was 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 approximately $3,507,464.31. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.93% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. QRG Capital Management Inc. grew its position in Unum Group by 2.8% during the third quarter. QRG Capital Management Inc. now owns 13,147 shares of the financial services provider’s stock worth $781,000 after buying an additional 361 shares during the period. Old North State Wealth Management LLC acquired a new position in Unum Group during the third quarter worth about $221,000. Robeco Institutional Asset Management B.V. grew its position in Unum Group by 24.0% during the third quarter. Robeco Institutional Asset Management B.V. now owns 226,478 shares of the financial services provider’s stock worth $13,462,000 after buying an additional 43,773 shares during the period. Van ECK Associates Corp grew its position in Unum Group by 40.0% during the third quarter. Van ECK Associates Corp now owns 108,076 shares of the financial services provider’s stock worth $6,855,000 after buying an additional 30,881 shares during the period. Finally, Chicago Partners Investment Group LLC grew its position in Unum Group by 23.5% during the third quarter. Chicago Partners Investment Group LLC now owns 4,941 shares of the financial services provider’s stock worth $313,000 after buying an additional 940 shares during the period. 86.57% of the stock is currently owned by institutional investors and hedge funds.

Unum Group Company Profile

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.