Analyst downgrades and insider selling mark the run-up to Tuesday's print. Short interest sits near historic lows while options sentiment tilts bearish.
Short interest stands at 1.90% of free float as of April 23. The figure has declined 10.6% over the past month. Days to cover sits at 3.11. Cost to borrow remains negligible at 0.46%, up 24% in the past month but still indicating easy shorting conditions. Utilisation is extremely low at 0.64%, far below the 52-week high of 4.35%. Sellers face minimal friction borrowing shares.
The put/call ratio dropped to 0.23 on April 24. That sits 1.4 standard deviations below the 20-day mean of 0.39. The ratio is near the 52-week low of 0.16, recorded last week. Call buyers have dominated ahead of the print. The skew suggests complacency or conviction among bulls.
Analysts target $93.38 on average. Recent weeks brought a string of downgrades. B of A Securities cut its target to $77 from $83 on April 14, maintaining Neutral. Wells Fargo lowered its Overweight target to $99 from $102 on April 10. UBS raised its Neutral target to $85 from $81 on April 9. Keefe Bruyette reinstated coverage with an Outperform rating and $95 target on March 26. Benzinga's bull case notes that benefits from higher interest rates, demographic trends, and a group benefits franchise delivering over 20% ROE with 90%-plus free cash flow conversion. The bear case warns that EPS estimates have been cut due to higher disability benefit ratios projected at 62–63% and rising long-term care incidence rates.
The P/E multiple stands at 8.62, up 0.33 points over the past 30 days. The price-to-book ratio is 1.06, up 0.02 over the month. UNM ranks in the 79th percentile on 12-month forward EPS growth. It scores in the 97th percentile on dividend quality. Momentum and quality scores were unavailable. The value score also returned null.
Insiders sold $5.8 million net over the past 90 days. EVP Christopher Pyne sold $352k in mid-March. General Counsel Lisa Iglesias sold $256k in early March. CFO Steven Zabel sold $396k across two transactions in late February. Vanguard holds 11.3% of shares, up 46k in Q1. BlackRock owns 10.6%, adding 916k shares last quarter. Norges Bank holds 8.9%, up 527k at year-end.
UNM reported on February 5, 2026. The stock has gained 4.9% over the past month and trades at $77.48, down 0.4% on Friday. Prior earnings occurred in November 2025 and February 2025.
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