B.Riley FBR analyst Randy Binner reiterated a Buy rating on Unum Group (NYSE: UNM) yesterday and set a price target of $52. The company’s shares opened today at $38.68.
Binner commented:
“Before the market open, on September 18, UNM (Buy, $52 PT) announced the result of its 3Q18 long-term care (LTC) reserve review. This news release was earlier than expected. The company announced a GAAP $750M pretax, $590M after-tax charge, compared to the $750M after-tax charge guided to in 2Q18. The company also plans to return to $100M of quarterly buyback in 4Q18, consistent with our forecast. While investors who are bearish on UNM’s LTC reserves will debate some of the forward-looking claim, pricing, and investment yield assumptions embedded in the charge, this announcement should be viewed positively and is likely cause some short covering.”
According to TipRanks.com, Binner is a 5-star analyst with an average return of 16.2% and a 71.6% success rate. Binner covers the Financial sector, focusing on stocks such as Health Insurance Innovations, Brighthouse Financial Inc, and Prudential Financial Inc.
Unum Group has an analyst consensus of Moderate Buy, with a price target consensus of $52.
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Based on Unum Group’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $286 million. In comparison, last year the company had a net profit of $245 million.
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Unum Group engages in the provision of financial protection benefits. It operates through the following segments: Unum U.S., Unum UK, Colonial Life, Closed Block, and Corporate.
