Steven Andrew Zabel, Executive Vice President and Chief Financial Officer of Unum Group (NYSE:UNM), recently sold 7,300 shares of the company's common stock. The shares were sold at a price of $69.32 each, amounting to a total transaction value of $506,035. Following this sale, Zabel holds 115,024 shares directly, which includes various stock units and shares acquired through the company's employee stock purchase plan.
In other recent news, Unum Group reported robust financial results for Q3 2024, with adjusted earnings per share (EPS) reaching $2.13 and statutory earnings surpassing $300 million for the quarter, resulting in a total exceeding $1 billion year-to-date. The company announced a share repurchase plan set at approximately $1 billion for 2024. Despite a decrease in sales, particularly in Group Disability, Unum Group is projected to achieve an EPS growth between 10% and 15% for the year, exceeding initial expectations.
Piper Sandler reaffirmed its Overweight rating on Unum Group, citing long-term care assumptions, favorable claims trends, and the company's technological advancements. The firm also highlighted Unum's increased stability in earnings and the higher base of premiums, leading to more significant buybacks.
These recent developments emphasize Unum Group's strong balance sheet with $1.4 billion in liquidity and a 12.5% return on equity. The company's management expressed optimism for operational strategies and the positive trajectory of their business, emphasizing their commitment to maintaining pricing stability and enhancing customer relationships. The company anticipates an improvement in sales momentum in the fourth quarter, traditionally the largest sales period.
InvestingPro Insights
As Steven Andrew Zabel reduces his stake in Unum Group (NYSE:UNM), the company's financial metrics and market performance paint an intriguing picture for investors. According to InvestingPro data, Unum Group boasts a market capitalization of $12.99 billion and trades at a relatively low P/E ratio of 7.72, suggesting potential undervaluation relative to its earnings.
The company's financial health appears robust, with revenue reaching $12.79 billion in the last twelve months as of Q3 2023, representing a 4.49% growth. Unum's profitability is also noteworthy, with a gross profit margin of 37.67% and an operating income margin of 19.13% for the same period.
InvestingPro Tips highlight Unum's strong dividend history, having raised its dividend for 16 consecutive years and maintained payments for 38 years. This commitment to shareholder returns is further emphasized by a current dividend yield of 2.36% and a significant dividend growth of 15.07% over the last twelve months.
The stock's recent performance has been particularly impressive, with a 68.99% total return over the past year and a 62.38% return year-to-date. These figures align with the InvestingPro Tip indicating that Unum is trading near its 52-week high, with the current price at 99.83% of that peak.
Analysts remain optimistic about Unum's prospects, with six analysts revising their earnings estimates upward for the upcoming period. This positive sentiment is reflected in the stock's strong momentum across various timeframes, including a 9.91% return in the past week and a 34.41% return over the last three months.
For investors seeking a deeper understanding of Unum Group's potential, InvestingPro offers 14 additional tips, providing a comprehensive analysis of the company's financial health and market position.
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