Citigroup Inc. Grows Stake in Unum Group (NYSE:UNM)

Posted by Defense World Staff on Sep 5th, 2023

Citigroup Inc. lifted its holdings in shares of Unum Group (NYSE:UNM – Free Report) by 22.2% in the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 70,142 shares of the financial services provider’s stock after acquiring an additional 12,730 shares during the quarter. Citigroup Inc.’s holdings in Unum Group were worth $2,775,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in UNM. ExodusPoint Capital Management LP purchased a new stake in shares of Unum Group in the 4th quarter worth about $2,908,000. Tower Research Capital LLC TRC lifted its holdings in Unum Group by 271.0% in the first quarter. Tower Research Capital LLC TRC now owns 28,110 shares of the financial services provider’s stock worth $1,112,000 after buying an additional 20,534 shares during the period. Teacher Retirement System of Texas boosted its position in Unum Group by 3.2% during the 4th quarter. Teacher Retirement System of Texas now owns 90,952 shares of the financial services provider’s stock valued at $3,732,000 after acquiring an additional 2,862 shares in the last quarter. Arizona State Retirement System raised its position in shares of Unum Group by 2.1% in the 1st quarter. Arizona State Retirement System now owns 57,644 shares of the financial services provider’s stock worth $2,280,000 after acquiring an additional 1,209 shares in the last quarter. Finally, California Public Employees Retirement System raised its position in shares of Unum Group by 3.4% in the 4th quarter. California Public Employees Retirement System now owns 498,094 shares of the financial services provider’s stock worth $20,437,000 after acquiring an additional 16,165 shares in the last quarter. Hedge funds and other institutional investors own 79.37% of the company’s stock.

Insider Activity

In related news, EVP Christopher W. Pyne sold 3,750 shares of the firm’s stock in a transaction on Tuesday, August 15th. The stock was sold at an average price of $49.02, for a total value of $183,825.00. Following the transaction, the executive vice president now directly owns 46,334 shares of the company’s stock, valued at approximately $2,271,292.68. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In other news, EVP Timothy Gerald Arnold sold 20,000 shares of the stock in a transaction on Thursday, August 3rd. The shares were sold at an average price of $50.00, for a total value of $1,000,000.00. Following the completion of the sale, the executive vice president now directly owns 72,061 shares of the company’s stock, valued at $3,603,050. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Christopher W. Pyne sold 3,750 shares of the firm’s stock in a transaction on Tuesday, August 15th. The shares were sold at an average price of $49.02, for a total transaction of $183,825.00. Following the sale, the executive vice president now owns 46,334 shares in the company, valued at $2,271,292.68. The disclosure for this sale can be found here. Insiders own 0.77% of the company’s stock.

Analysts Set New Price Targets

UNM has been the subject of several research reports. StockNews.com initiated coverage on shares of Unum Group in a research note on Thursday, August 17th. They issued a “buy” rating for the company. Morgan Stanley raised their price objective on Unum Group from $52.00 to $54.00 and gave the company an “equal weight” rating in a research report on Friday, August 18th. Wells Fargo & Company lifted their price objective on Unum Group from $62.00 to $63.00 and gave the company an “overweight” rating in a research note on Tuesday, August 15th. Citigroup increased their target price on Unum Group from $56.00 to $58.00 and gave the stock a “buy” rating in a research note on Wednesday, August 9th. Finally, Barclays upped their price target on shares of Unum Group from $46.00 to $52.00 in a research note on Tuesday, July 11th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.78.

View Our Latest Report on Unum Group

Unum Group Trading Up 0.6 %

Shares of UNM stock opened at $49.48 on Tuesday. The firm’s 50 day moving average is $48.71 and its 200 day moving average is $44.78. The stock has a market capitalization of $9.68 billion, a P/E ratio of 6.86, a P/E/G ratio of 0.87 and a beta of 1.09. The company has a current ratio of 0.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.37. Unum Group has a 12-month low of $36.27 and a 12-month high of $51.15.

Unum Group (NYSE:UNM – Get Free Report) last posted its quarterly earnings data on Tuesday, August 1st. The financial services provider reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $1.87 by $0.19. Unum Group had a return on equity of 15.10% and a net margin of 11.90%. The company had revenue of $3.11 billion during the quarter, compared to analysts’ expectations of $3.07 billion. Research analysts expect that Unum Group will post 7.73 earnings per share for the current year.

Unum Group Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, August 18th. Shareholders of record on Friday, July 28th were issued a dividend of $0.365 per share. This is a boost from Unum Group’s previous quarterly dividend of $0.33. This represents a $1.46 dividend on an annualized basis and a yield of 2.95%. The ex-dividend date was Thursday, July 27th. Unum Group’s dividend payout ratio is currently 20.25%.

About Unum Group

(Free Report)

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 and Corporate segments. 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.