Principal Financial Group Inc. Sells 91,806 Shares of Unum Group (NYSE:UNM)

Principal Financial Group Inc. cut its position in shares of Unum Group (NYSE:UNM) by 13.4% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 594,348 shares of the financial services provider’s stock after selling 91,806 shares during the period. Principal Financial Group Inc. owned about 0.31% of Unum Group worth $30,377,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also made changes to their positions in the company. Quadrature Capital Ltd bought a new stake in shares of Unum Group in the first quarter valued at about $1,130,000. Boone Capital Management LLC raised its holdings in shares of Unum Group by 10.8% in the 4th quarter. Boone Capital Management LLC now owns 961,661 shares of the financial services provider’s stock valued at $43,486,000 after purchasing an additional 94,096 shares in the last quarter. Allianz Asset Management GmbH lifted its position in shares of Unum Group by 3.6% in the 4th quarter. Allianz Asset Management GmbH now owns 950,914 shares of the financial services provider’s stock worth $43,000,000 after purchasing an additional 33,454 shares during the period. First Trust Advisors LP boosted its stake in shares of Unum Group by 43.0% during the fourth quarter. First Trust Advisors LP now owns 973,480 shares of the financial services provider’s stock valued at $44,021,000 after purchasing an additional 292,917 shares in the last quarter. Finally, Norges Bank bought a new position in shares of Unum Group during the fourth quarter valued at approximately $590,489,000. 86.57% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, EVP Timothy Gerald Arnold sold 10,000 shares of Unum Group 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 completion of the sale, the executive vice president now owns 64,821 shares of the company’s stock, valued at $3,507,464.31. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.93% of the company’s stock.

Unum Group Stock Up 0.4 %

UNM stock opened at $55.49 on Monday. The stock has a market capitalization of $10.31 billion, a PE ratio of 8.25, a price-to-earnings-growth ratio of 0.82 and a beta of 0.81. Unum Group has a 52 week low of $41.75 and a 52 week high of $58.17. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.33. The firm has a 50 day moving average of $53.13 and a 200 day moving average of $52.06.

Unum Group (NYSE:UNM) last posted its quarterly earnings data on Tuesday, July 30th. The financial services provider reported $2.16 EPS for the quarter, topping the consensus estimate of $2.02 by $0.14. Unum Group had a net margin of 10.40% and a return on equity of 15.55%. The business had revenue of $3.23 billion during the quarter, compared to the consensus estimate of $3.23 billion. During the same period in the previous year, the firm posted $2.06 earnings per share. The business’s revenue for the quarter was up 3.9% compared to the same quarter last year. Sell-side analysts forecast that Unum Group will post 8.5 earnings per share for the current year.

Unum Group announced that its board has approved a stock repurchase plan on Tuesday, July 30th that allows the company to repurchase $1.00 billion in outstanding shares. This repurchase authorization allows the financial services provider to repurchase up to 10% of its shares through open market purchases. Shares repurchase plans are usually an indication that the company’s board believes its shares are undervalued.

Unum Group Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, August 16th. Shareholders of record on Friday, July 26th were paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a yield of 3.03%. The ex-dividend date was Friday, July 26th. This is an increase from Unum Group’s previous quarterly dividend of $0.37. Unum Group’s payout ratio is presently 24.96%.

Analysts Set New Price Targets

A number of analysts have weighed in on the company. Wells Fargo & Company upped their target price on Unum Group from $66.00 to $69.00 and gave the stock an “overweight” rating in a report on Monday, August 12th. Citigroup raised their price objective on Unum Group from $62.00 to $69.00 and gave the company a “buy” rating in a research report on Tuesday, July 23rd. Evercore ISI boosted their target price on shares of Unum Group from $56.00 to $58.00 and gave the stock an “in-line” rating in a report on Wednesday, June 26th. JPMorgan Chase & Co. increased their price target on shares of Unum Group from $64.00 to $65.00 and gave the company an “overweight” rating in a research report on Wednesday, July 31st. Finally, Piper Sandler began coverage on shares of Unum Group in a research report on Thursday, July 11th. They issued an “overweight” rating and a $57.00 price objective on the stock. 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, Unum Group presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.78.

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.