Horace Mann Educators Corporation $HMN Shares Sold by Invesco Ltd.

Key Points

• Invesco Ltd. reduced its stake in Horace Mann Educators Corporation by 10.6%, owning approximately $23 million worth of shares after selling 63,635 shares in the first quarter.
• Horace Mann Educators reported an earnings per share (EPS) of $1.06, surpassing expectations of $0.61, while quarterly revenue reached $302.60 million, falling short of forecasts.
• The company's Board of Directors initiated a $50 million stock buyback program, indicating a belief that the stock is undervalued.

Invesco Ltd. decreased its stake in shares of Horace Mann Educators Corporation (NYSE:HMN - Free Report) by 10.6% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 538,402 shares of the insurance provider's stock after selling 63,635 shares during the period. Invesco Ltd. owned about 1.32% of Horace Mann Educators worth $23,006,000 as of its most recent filing with the SEC.

Several other large investors have also modified their holdings of the stock. Connor Clark & Lunn Investment Management Ltd. lifted its position in shares of Horace Mann Educators by 107.1% during the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 46,052 shares of the insurance provider's stock worth $1,968,000 after purchasing an additional 23,818 shares during the last quarter. PNC Financial Services Group Inc. lifted its position in shares of Horace Mann Educators by 4.0% during the first quarter. PNC Financial Services Group Inc. now owns 8,478 shares of the insurance provider's stock worth $362,000 after purchasing an additional 325 shares during the last quarter. US Bancorp DE lifted its holdings in Horace Mann Educators by 2,693.3% in the first quarter. US Bancorp DE now owns 4,190 shares of the insurance provider's stock worth $179,000 after acquiring an additional 4,040 shares during the last quarter. Natixis Advisors LLC lifted its holdings in Horace Mann Educators by 1.7% in the first quarter. Natixis Advisors LLC now owns 22,275 shares of the insurance provider's stock worth $952,000 after acquiring an additional 370 shares during the last quarter. Finally, XTX Topco Ltd bought a new position in Horace Mann Educators in the first quarter worth about $371,000. Institutional investors own 99.28% of the company's stock.

Horace Mann Educators Stock Performance

Shares of HMN traded up $0.6060 during mid-day trading on Friday, reaching $46.0160. 188,882 shares of the company's stock traded hands, compared to its average volume of 231,463. The business's 50-day moving average price is $42.50 and its 200-day moving average price is $42.01. The stock has a market capitalization of $1.87 billion, a P/E ratio of 13.61 and a beta of 0.27. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.09 and a current ratio of 0.09. Horace Mann Educators Corporation has a 12 month low of $33.00 and a 12 month high of $46.31.

Horace Mann Educators (NYSE:HMN - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The insurance provider reported $1.06 earnings per share for the quarter, beating analysts' consensus estimates of $0.61 by $0.45. The company had revenue of $302.60 million for the quarter, compared to analysts' expectations of $425.35 million. Horace Mann Educators had a return on equity of 14.23% and a net margin of 8.49%.The business's revenue for the quarter was up 6.1% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.20 earnings per share. Equities analysts predict that Horace Mann Educators Corporation will post 3.87 earnings per share for the current year.

Horace Mann Educators announced that its board has authorized a share repurchase program on Tuesday, May 13th that permits the company to repurchase $50.00 million in shares. This repurchase authorization permits the insurance provider to purchase up to 3% of its stock through open market purchases. Stock repurchase programs are typically a sign that the company's board of directors believes its stock is undervalued.

Analysts Set New Price Targets

A number of equities analysts have issued reports on HMN shares. Piper Sandler raised their target price on shares of Horace Mann Educators from $44.00 to $45.00 and gave the stock a "neutral" rating in a report on Thursday, July 3rd. Wall Street Zen cut shares of Horace Mann Educators from a "strong-buy" rating to a "buy" rating in a report on Saturday, August 2nd. BMO Capital Markets set a $48.00 target price on shares of Horace Mann Educators and gave the stock an "outperform" rating in a report on Monday, July 28th. Finally, Raymond James Financial reissued a "strong-buy" rating on shares of Horace Mann Educators in a report on Thursday, May 15th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating and three have issued a Hold rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average target price of $46.75.

Insider Buying and Selling

In other news, EVP Bret A. Conklin sold 4,760 shares of Horace Mann Educators stock in a transaction that occurred on Thursday, June 5th. The stock was sold at an average price of $42.90, for a total transaction of $204,204.00. Following the sale, the executive vice president owned 58,587 shares of the company's stock, valued at approximately $2,513,382.30. The trade was a 7.51% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Marita Zuraitis sold 5,000 shares of Horace Mann Educators stock in a transaction that occurred on Friday, August 1st. The shares were sold at an average price of $42.28, for a total value of $211,400.00. Following the sale, the chief executive officer directly owned 302,155 shares in the company, valued at approximately $12,775,113.40. This trade represents a 1.63% decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 51,198 shares of company stock worth $2,210,975. Corporate insiders own 4.00% of the company's stock.

About Horace Mann Educators

Horace Mann Educators Corporation, together with its subsidiaries, operates as an insurance holding company in the United States. The company operates through Property & Casualty, Life & Retirement, and Supplemental & Group Benefits segments. Its Property & Casualty segment offers insurance products, including private passenger auto insurance, residential home insurance, and personal umbrella insurance; and provides auto coverages including liability and collision, and property coverage for homeowners and renters.