Insurer Unum rises after JPM upgrades to 'overweight'

Unum

03/01/2024 15:48

** Insurer Unum Group's  UNM.N  shares rise 1.3% to $46.28
    ** J.P.Morgan upgrades rating on company's shares to
"overweight" from "neutral"; maintains PT of $55
    ** Brokerage expects group disability insurance margins to
remain robust through 2024
    ** Strong labor market as well as favorable disability
claims trends should benefit company - brokerage
    ** JPM sees increase in UNM's share repurchases to $500 mln
in 2024 from $300 mln in 2023
    ** UNM trades at a sizable discount to the life insurance
sector - brokerage
    ** 7 of 13 brokerages rate the stock "buy" or higher and 6
"hold"; median PT $54 - LSEG
    ** Stock gained 10.2% in 2023

 (Reporting by Arasu Kannagi Basil in Bengaluru)
 ((ArasuKannagi.Basil@thomsonreuters.com))