Unum Group (NYSE:UNM) Price Target Increased to $69.00 by Analysts at Wells Fargo & Company

Unum Group (NYSE:UNM) had its target price raised by Wells Fargo & Company from $66.00 to $69.00 in a report released on Monday morning, Benzinga reports. They currently have an overweight rating on the financial services provider’s stock.

Other equities research analysts have also issued research reports about the stock. Piper Sandler started coverage on shares of Unum Group in a research note on Thursday, July 11th. They issued an overweight rating and a $57.00 price objective for the company. Evercore ISI increased their price target on Unum Group from $56.00 to $58.00 and gave the company an in-line rating in a research report on Wednesday, June 26th. Citigroup boosted their price objective on Unum Group from $62.00 to $69.00 and gave the stock a buy rating in a research report on Tuesday, July 23rd. Jefferies Financial Group raised their target price on Unum Group from $63.00 to $64.00 and gave the company a buy rating in a research report on Wednesday, July 10th. Finally, Morgan Stanley boosted their price target on shares of Unum Group from $50.00 to $52.00 and gave the stock an equal weight rating in a report on Monday, April 15th. Three analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of Moderate Buy and an average target price of $61.78.

Unum Group Stock Up 0.4 %

Shares of NYSE:UNM opened at $54.40 on Monday. The business’s 50 day moving average is $52.06 and its 200 day moving average is $51.44. Unum Group has a 12-month low of $41.75 and a 12-month high of $58.17. The stock has a market cap of $10.30 billion, a price-to-earnings ratio of 8.08, a PEG ratio of 0.73 and a beta of 0.81. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.33.

Unum Group (NYSE:UNM) last posted its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $2.16 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.02 by $0.14. The firm had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.23 billion. Unum Group had a net margin of 10.40% and a return on equity of 15.55%. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. During the same period in the previous year, the firm earned $2.06 EPS. On average, sell-side analysts forecast that Unum Group will post 8.53 earnings per share for the current fiscal year.

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

Unum Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 16th. Shareholders of record on Friday, July 26th will be issued a dividend of $0.42 per share. The ex-dividend date is Friday, July 26th. This is an increase from Unum Group’s previous quarterly dividend of $0.37. This represents a $1.68 annualized dividend and a yield of 3.09%. Unum Group’s dividend payout ratio is 24.96%.

Institutional Trading of Unum Group

Several hedge funds and other institutional investors have recently modified their holdings of UNM. Mackenzie Financial Corp grew its stake in Unum Group by 347.7% in the 2nd quarter. Mackenzie Financial Corp now owns 101,462 shares of the financial services provider’s stock valued at $5,186,000 after buying an additional 78,801 shares in the last quarter. Deerfield Management Company L.P. Series C bought a new position in shares of Unum Group in the second quarter worth $565,000. Abich Financial Wealth Management LLC purchased a new position in shares of Unum Group in the second quarter valued at $67,000. Caxton Associates LP lifted its holdings in Unum Group by 280.0% during the 2nd quarter. Caxton Associates LP now owns 18,382 shares of the financial services provider’s stock worth $940,000 after purchasing an additional 13,544 shares in the last quarter. Finally, Point72 Asia Singapore Pte. Ltd. lifted its holdings in Unum Group by 496.6% during the 2nd quarter. Point72 Asia Singapore Pte. Ltd. now owns 12,403 shares of the financial services provider’s stock worth $634,000 after purchasing an additional 10,324 shares in the last quarter. Institutional investors own 86.57% of the company’s stock.

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.