CHATTANOOGA, TN—Lisa G. Iglesias, the Executive Vice President and General Counsel of Unum Group (NYSE:UNM), recently sold 5,000 shares of the company's common stock. The transaction, which took place on November 20, 2024, was executed at a price of $72.61 per share, amounting to a total value of $363,050.
Following the sale, Iglesias retains ownership of 35,840 shares, which includes 22,037 restricted stock units and 6,721 stock success units. These units may be settled on a one-for-one basis in common stock, as detailed in the company's filing.
This transaction was documented in a Form 4 filing with the Securities and Exchange Commission, signed by J. Paul Jullienne, Attorney-in-Fact, on behalf of Iglesias.
In other recent news, Unum Group reported a strong financial performance for Q3 2024, with adjusted earnings per share (EPS) reaching $2.13 and statutory earnings exceeding $300 million for the quarter. This places the company's total earnings over $1 billion year-to-date. The company also announced a share repurchase plan set at approximately $1 billion for 2024.
On the back of these results, Unum Group is projected to achieve an EPS growth between 10% and 15% for the year, surpassing initial expectations. Despite a decrease in sales, particularly in Group Disability, the company's premium growth in core operations stood at 4.6% for the quarter.
Piper Sandler reaffirmed its Overweight rating on Unum Group shares, citing positive factors such as the affirmation of long-term care assumptions, favorable claims trends, and the company's technological advancements. The firm also noted the company's increased stability in earnings and the higher base of premiums, which are leading to more significant buybacks.
These recent developments underscore 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.
InvestingPro Insights
While Lisa G. Iglesias's recent stock sale might raise eyebrows, Unum Group's financial metrics and market performance paint a compelling picture for investors. According to InvestingPro data, Unum's stock has shown remarkable strength, with a 72.71% year-to-date price total return and an impressive 82.78% return over the past year. This robust performance aligns with an InvestingPro Tip indicating that Unum is trading near its 52-week high, suggesting strong market confidence in the company's prospects.
Unum's financial health appears solid, with a P/E ratio of 8.24, significantly lower than many industry peers. This low valuation is further supported by an InvestingPro Tip highlighting that Unum is trading at a low P/E ratio relative to its near-term earnings growth, potentially signaling an undervalued stock. The company's commitment to shareholder returns is evident in its dividend history, with InvestingPro noting that Unum has raised its dividend for 16 consecutive years and maintained payments for 38 years straight.
For investors seeking a deeper understanding of Unum's potential, InvestingPro offers 13 additional tips, providing a comprehensive analysis of the company's financial position and market outlook. These insights could prove invaluable for those looking to make informed investment decisions in the insurance sector.
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