Unum Group (UNM) Stake Boosted by Renaissance Technologies LLC
Renaissance Technologies LLC increased its holdings in Unum Group (NYSE:UNM) by 82.9% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 881,816 shares of the financial services provider’s stock after acquiring an additional 399,716 shares during the period. Renaissance Technologies LLC owned about 0.40% of Unum Group worth $32,618,000 at the end of the most recent quarter.
Other hedge funds have also added to or reduced their stakes in the company. Cerebellum GP LLC bought a new position in shares of Unum Group in the second quarter valued at approximately $176,000. Quadrature Capital Ltd purchased a new position in Unum Group in the first quarter valued at approximately $222,000. IBM Retirement Fund purchased a new position in Unum Group in the first quarter valued at approximately $234,000. Investors Asset Management of Georgia Inc. GA ADV purchased a new position in Unum Group in the second quarter valued at approximately $270,000. Finally, Point72 Asia Hong Kong Ltd purchased a new position in Unum Group in the first quarter valued at approximately $287,000. 91.15% of the stock is owned by institutional investors.
Several equities analysts recently commented on UNM shares. Zacks Investment Research downgraded Unum Group from a “hold” rating to a “sell” rating in a research note on Monday, June 4th. Wells Fargo & Co set a $53.00 price objective on Unum Group and gave the company a “hold” rating in a research note on Thursday, May 24th. ValuEngine downgraded Unum Group from a “sell” rating to a “strong sell” rating in a research note on Tuesday, May 22nd. Citigroup set a $44.00 price objective on Unum Group and gave the company a “hold” rating in a research note on Tuesday, June 12th. Finally, Barclays dropped their price objective on Unum Group from $65.00 to $55.00 and set an “overweight” rating on the stock in a research note on Monday, July 9th. Three equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have given a buy rating to the stock. Unum Group currently has a consensus rating of “Hold” and an average price target of $53.31.
NYSE:UNM opened at $38.49 on Wednesday. The firm has a market cap of $8.07 billion, a price-to-earnings ratio of 8.97, a P/E/G ratio of 0.80 and a beta of 1.38. Unum Group has a 1 year low of $34.57 and a 1 year high of $58.73. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.32.
Unum Group (NYSE:UNM) last posted its earnings results on Monday, July 30th. The financial services provider reported $1.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.27 by $0.03. The firm had revenue of $2.89 billion for the quarter, compared to the consensus estimate of $2.90 billion. Unum Group had a return on equity of 11.19% and a net margin of 9.42%. The business’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.05 earnings per share. analysts predict that Unum Group will post 5.1 earnings per share for the current fiscal year.
Unum Group announced that its board has initiated a stock repurchase program on Thursday, May 24th that authorizes the company to buyback $750.00 million in outstanding shares. This buyback authorization authorizes the financial services provider to reacquire up to 8.7% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s board of directors believes its stock is undervalued.
Unum Group Company Profile
Unum Group, together with its subsidiaries, provides financial protection benefit solutions in the United States, the United Kingdom, and internationally. It operates through Unum US, Unum UK, Colonial Life, and Closed Block 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.
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