Shares of Unum Group (UNM) soared 5.26% on Tuesday after the insurance company reported better-than-expected earnings for the third quarter of 2024.
For the quarter ended September 30, Unum posted adjusted earnings per share of $2.13, surpassing the consensus Wall Street estimate of $2.10. However, revenue of $3.22 billion came in slightly below expectations of $3.26 billion. The company reported net income of $645.7 million for the quarter.
The earnings beat appears to have fueled investor optimism in Unum's prospects, driving the stock higher. While revenue fell short of forecasts, the company's ability to exceed profit expectations likely boosted confidence in its operational efficiency and cost management. Analysts have an overall "buy" rating on the stock, with a median 12-month price target of $68.
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