Ensign Peak Advisors Inc significantly increased its stake in Unum Group (NYSE: UNM) by an impressive 762.9% during the second quarter of 2023. According to a recent filing with the Securities and Exchange Commission (SEC), the fund acquired an additional 629,665 shares, bringing its total holdings to 712,206 shares. This acquisition positions Ensign Peak Advisors as owning 0.42% of Unum Group, valued at approximately $57,518,000 by the end of the quarter.
Other institutional investors have also adjusted their holdings in Unum Group. Notably, Quintet Private Bank Europe S.A. acquired a new stake worth about $28,000 during the same period. Similarly, Vermillion & White Wealth Management Group LLC and Legacy Investment Solutions LLC each purchased new positions valued at $30,000. Atwood & Palmer Inc. doubled its holdings, now owning 400 shares after acquiring 200 additional shares, worth $32,000. Overall, institutional investors and hedge funds control 86.57% of Unum Group’s stock.
Insider Transactions and Stock Performance
In other developments, Unum Group’s Executive Vice President, Christopher W. Pyne, sold 4,000 shares of the company on November 7, 2023. The shares were sold at an average price of $78.04, totaling $312,160. Following this transaction, Pyne now holds 51,372 shares, valued at approximately $4,009,070.88, reflecting a 7.22% decrease in his position. This transaction was disclosed in a filing with the SEC, which is publicly accessible.
Unum Group recently announced its quarterly earnings on November 3, 2023, reporting earnings per share (EPS) of $2.09, falling short of the consensus estimate of $2.15 by $0.06. The company reported a net margin of 11.77% and a return on equity of 13.44%, with revenues totaling $3.25 billion. This figure was below analyst expectations of $3.31 billion, although it represented a year-over-year increase of 5.0% from the same quarter last year.
Dividends and Analyst Ratings
Unum Group declared a quarterly dividend of $0.46 per share, which was paid on November 14, 2023. This dividend is equivalent to an annualized rate of $1.84, yielding approximately 2.4%. The ex-dividend date was set for October 24, 2023, and the company’s dividend payout ratio currently stands at 35.87%.
Analysts have also weighed in on Unum Group’s stock, with several recent reports highlighting its performance. Keefe, Bruyette & Woods reiterated an “outperform” rating while adjusting the target price to $95.00, down from $100.00. Wolfe Research upgraded the stock to a “strong-buy” rating, while UBS Group set a target price of $87.00 and maintained a “neutral” rating. Overall, two analysts rated the stock as a Strong Buy, eight as Buy, and three as Hold. The consensus rating is classified as a “Moderate Buy,” with an average target price of $94.67.
Unum Group, along with its subsidiaries, provides financial protection benefit solutions, primarily in the United States, the United Kingdom, Poland, and other regions. Its services include group long-term and short-term disability, group life insurance, and various supplemental products, thereby positioning itself as a key player in the financial services sector.
