May 16, 2023 – Unum Group (NYSE:UNM) has been making headlines yet again, with its recent first-quarter earnings report pleasing shareholders and analysts alike. According to reports, the company’s financial services division exceeded analysts’ forecasts when it posted a revenue of $3.04 billion for the quarter compared to expectations of $3.05 billion.
Following this news, several equity research analysts recently weighed in on the stocks of Unum Group. The increase in share price was undoubtedly music to the ears of investors everywhere, no doubt providing them with welcome relief amidst economic uncertainty globally.
Barclays reportedly raised their target price on shares from $41.00 to $46.00 following the first-quarter reports while Citigroup upgraded shares of Unum Group from a “neutral” rating to a “buy” rating and boosted their previous price target for the stock from $49.00 to $53.00.
Wells Fargo & Company expressed similarly bullish sentiment toward UNM when it initiated coverage on Unum Group back in April giving it an “overweight” rating and a PT of $57 per share while StockNews.com also initiated its coverage in March this year at buy recommendation.
The story doesn’t end here; Envestnet Asset Management Inc.’s holdings were at one point around 103,889 shares before selling those 8,175 earlier this year during the final quarter ending December 31st. Their current stake now stands at roughly 95,714 shares worth around $3,927,000 going by the last update filed with Securities & Exchange Commission.
Despite industry experts identifying that seven equities research analysts have rated UNM stock as “hold”, there is seemingly enough confidence generated by various supportive recommendations from other quarters with many feeling strongly that the share price will continue its upward trajectory over time.
It is yet unclear how or whether these ratings coupled with what certainly appears healthy performance indicators for Unum Group will influence its next moves, but this much is clear – the UNM stock is certainly one to watch right now.
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Hedge Funds Increase Holdings in Unum Group Despite Ups and Downs
Unum Group, a top-tier provider of financial services, has seen numerous hedge funds buy and sell shares in the company over recent quarters. Institutional investors and hedge funds currently own 79.64% of Unum Group’s stock. Aviance Capital Partners LLC, NewSquare Capital LLC, Robeco Institutional Asset Management B.V., Arete Wealth Advisors LLC, and Pacer Advisors Inc. are among the notable names that have increased their holdings in the company or purchased new stakes altogether during Q4 2022. These moves come as NYSE UNM opened at $44.63 on Tuesday with a market capitalization of $8.80 billion.
Although Unum Group has seen its share of ups and downs over the past year, with a 52-week low of $31.11 and a high of $46.64, several analysts remain optimistic about its future prospects. Seven equities research analysts have issued a hold rating for the stock while six have given it an enthusiastic buy rating based on various factors such as dividends and quick ratio. The firm recently announced a quarterly dividend to be paid out on May 19th to shareholders who were registered by April 28th.
In terms of insider trading activity within Unum Group, COO Michael Q Simonds sold off around $1 million worth of shares to execute gains on May 5th while EVP Christopher W Pyne also sold off roughly $250k worth of company shares.
Overall whilst there has been some noise surrounding sales by insiders ultimately they represent small percentages overall – less than one-percent to-date – amongst very bullish buying behavior from institutional investors as well as being rated positively by many research houses is making for an extremely positive sentiment surrounding Unum Group moving into H2 2023.
