CHATTANOOGA, TN — Walter Lynn Rice Jr., the Senior Vice President and Chief Accounting Officer of Unum Group (NYSE:UNM), recently executed a sale of 1,500 shares of the company's common stock. The shares were sold at an average price of approximately $69.56 each, resulting in total proceeds of $104,345. Following this transaction, Rice owns 8,361 shares directly, which includes 6,316 restricted stock units and 2,045 shares of common stock.
The sale was reported in a filing with the Securities and Exchange Commission, detailing the transaction that took place on November 7, 2024. The filing also noted that the shares were sold in multiple transactions at prices ranging from $69.561 to $69.571 per share.
In other recent news, Unum Group reported a strong Q3 2024 performance with an adjusted earnings per share (EPS) of $2.13 and statutory earnings over $300 million for the quarter. The company is on track for a 10% to 15% EPS growth for the year, exceeding initial expectations, despite a decrease in sales, particularly in Group Disability. Unum Group also plans to repurchase shares worth approximately $1 billion in 2024, a significant increase from $250 million in 2023.
The company's premium growth in core operations was 4.6% for the quarter, and a solid performance was observed in Group Disability and Life insurance, with benefit ratios under 70%. Despite a decrease in sales, the company anticipates an improvement in sales momentum in the fourth quarter. The company's balance sheet remains strong with $1.4 billion in liquidity and a 12.5% return on equity.
In addition to these financial highlights, Unum Group is focusing on organic growth and considering acquisitions. The company increased its dividend by 15% earlier this year and plans to continue its steady pace of share repurchases. Despite challenges, Unum Group's executives remain optimistic about the company's operational strategies and the positive trajectory of their business.
InvestingPro Insights
Unum Group's recent stock performance and financial metrics provide additional context to the insider sale reported. According to InvestingPro data, Unum's stock has shown remarkable strength, with a 65.11% total return over the past year and is currently trading near its 52-week high, at 98.59% of that peak. This strong performance aligns with the timing of the insider sale, potentially indicating that executives view the current price as attractive.
The company's financial health appears robust, with InvestingPro Tips highlighting that Unum has raised its dividend for 16 consecutive years and maintained dividend payments for 38 years. This consistency in shareholder returns is further supported by a current dividend yield of 2.42% and a notable dividend growth of 15.07% over the last twelve months.
Unum's valuation metrics suggest the stock may still be undervalued despite its recent gains. The company is trading at a low P/E ratio of 7.52, which is particularly attractive relative to its near-term earnings growth. This is reinforced by a PEG ratio of 0.15, indicating that the stock's price may not fully reflect its growth potential.
For investors seeking more comprehensive analysis, InvestingPro offers 16 additional tips on Unum Group, providing a deeper dive into the company's prospects and potential risks.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.