CNO Financial Group (NYSE:CNO) Sets New 12-Month High – Here’s What Happened
by Michael Walen · The Markets DailyCNO Financial Group, Inc. (NYSE:CNO – Get Free Report) reached a new 52-week high on Wednesday . The company traded as high as $51.22 and last traded at $50.97, with a volume of 545269 shares. The stock had previously closed at $50.41.
Analysts Set New Price Targets
CNO has been the subject of a number of research analyst reports. Keefe, Bruyette & Woods increased their price target on CNO Financial Group from $46.00 to $50.00 and gave the stock a “market perform” rating in a report on Tuesday, May 5th. Weiss Ratings reiterated a “buy (b)” rating on shares of CNO Financial Group in a report on Monday, April 20th. Wall Street Zen cut CNO Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Finally, Evercore set a $48.00 price target on CNO Financial Group and gave the stock an “in-line” rating in a report on Monday, June 1st. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $48.75.
Check Out Our Latest Stock Analysis on CNO
CNO Financial Group Trading Up 1.1%
The business has a fifty day moving average price of $45.78 and a two-hundred day moving average price of $43.22. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 1.61. The firm has a market capitalization of $4.76 billion, a PE ratio of 20.47 and a beta of 0.81.
CNO Financial Group Increases Dividend
The company also recently announced a quarterly dividend, which will be paid on Wednesday, June 24th. Investors of record on Wednesday, June 10th will be paid a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a yield of 1.4%. The ex-dividend date of this dividend is Wednesday, June 10th. This is a positive change from CNO Financial Group’s previous quarterly dividend of $0.17. CNO Financial Group’s dividend payout ratio is currently 28.92%.
Insider Activity
In related news, insider Scott L. Goldberg sold 11,060 shares of the stock in a transaction dated Thursday, March 19th. The stock was sold at an average price of $39.97, for a total transaction of $442,068.20. Following the transaction, the insider owned 214,524 shares of the company’s stock, valued at approximately $8,574,524.28. This represents a 4.90% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CMO Rocco F. Tarasi III sold 5,750 shares of the stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $50.00, for a total value of $287,500.00. Following the transaction, the chief marketing officer directly owned 79,191 shares in the company, valued at approximately $3,959,550. The trade was a 6.77% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 20,118 shares of company stock worth $891,660. 3.44% of the stock is owned by corporate insiders.
Hedge Funds Weigh In On CNO Financial Group
Several hedge funds have recently bought and sold shares of the company. Empowered Funds LLC acquired a new position in CNO Financial Group during the 1st quarter worth about $570,000. Glenmede Trust Co. NA acquired a new position in CNO Financial Group during the 1st quarter worth about $201,000. Cim Investment Management Inc. lifted its stake in CNO Financial Group by 18.8% during the 1st quarter. Cim Investment Management Inc. now owns 13,301 shares of the financial services provider’s stock worth $546,000 after acquiring an additional 2,109 shares in the last quarter. Bank of America Corp DE lifted its stake in CNO Financial Group by 6.2% during the 1st quarter. Bank of America Corp DE now owns 988,063 shares of the financial services provider’s stock worth $40,570,000 after acquiring an additional 57,804 shares in the last quarter. Finally, Amundi lifted its stake in CNO Financial Group by 69.0% during the 1st quarter. Amundi now owns 17,596 shares of the financial services provider’s stock worth $722,000 after acquiring an additional 7,182 shares in the last quarter. Institutional investors and hedge funds own 95.43% of the company’s stock.
About CNO Financial Group
CNO Financial Group is an Indiana‐based holding company that offers a range of insurance and retirement solutions through its operating subsidiaries. Its primary business activities include life insurance, annuities, and supplemental health insurance products designed to help individuals plan for retirement and manage health‐related expenses. The company serves middle‐income Americans, with particular emphasis on senior customers seeking guaranteed coverage and reliable income streams.
Originally founded as Conseco in 1979, the company underwent a financial restructuring and rebranded as CNO Financial Group in 2010.