Arnold Timothy Gerald, Executive Vice President at Unum Group (NYSE:UNM), has recently sold a significant portion of company stock. According to a recent SEC filing, Arnold sold 10,000 shares of Unum Group's common stock, with the sales executed at a weighted average price ranging from $76.89 to $77.00 per share. This transaction resulted in a total value of approximately $769,199. The sale comes as Unum trades near its 52-week high of $77.63, with the stock delivering an impressive 75% return year-to-date. According to InvestingPro analysis, the stock's RSI suggests it's currently in overbought territory.
Following this sale, Arnold retains ownership of 54,827 shares of Unum Group stock. This includes 19,062 restricted stock units and 5,658 stock success units, which can be settled on a one-for-one basis in common stock, along with 30,107 shares of common stock. Additionally, Arnold holds 758.897 shares indirectly through a 401(k) plan.
The sale was conducted on November 27, 2024, and the transaction details were disclosed in a filing with the Securities and Exchange Commission.
In other recent news, Unum Group announced a robust financial performance for Q3 2024, with adjusted earnings per share (EPS) reaching $2.13 and statutory earnings surpassing $300 million. The company is projected to achieve an EPS growth between 10% and 15% for the year. Unum Group also announced a share repurchase plan set at approximately $1 billion for 2024.
Piper Sandler reaffirmed its Overweight rating on Unum Group shares, citing the affirmation of long-term care assumptions, favorable claims trends, and the company's technological advancements. The firm also noted the increased stability in Unum's earnings and the higher base of premiums, which are leading to significant buybacks.
Despite a decrease in sales, particularly in Group Disability, Unum Group's premium growth in core operations stood at 4.6% for the quarter. The company's strong balance sheet with $1.4 billion in liquidity and a 12.5% return on equity was also highlighted. These recent developments underscore Unum Group's ongoing operational strategies and positive business trajectory.
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