CNO Financial Group Inc. (CNO) Reaches New 1-Year Low After Analyst Downgrade
Shares of CNO Financial Group Inc. (NYSE:CNO) hit a new 52-week low during trading on Friday after Deutsche Bank AG lowered their price target on the stock from $18.00 to $16.00. Deutsche Bank AG currently has a hold rating on the stock. CNO Financial Group traded as low as $14.30 and last traded at $15.19, with a volume of 5,047,985 shares traded. The stock had previously closed at $15.55.
Other analysts have also recently issued reports about the company. BTIG Research cut CNO Financial Group from a “buy” rating to a “neutral” rating in a research report on Friday. Goldman Sachs Group Inc. cut CNO Financial Group from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $21.00 to $17.00 in a research report on Friday. Evercore ISI began coverage on CNO Financial Group in a research report on Wednesday, July 6th. They issued a “hold” rating and a $19.00 price target on the stock. Citigroup Inc. dropped their price target on CNO Financial Group from $21.00 to $20.00 and set a “buy” rating on the stock in a research report on Thursday, July 7th. Finally, Morgan Stanley reissued a “hold” rating and issued a $19.00 price target on shares of CNO Financial Group in a research report on Thursday, July 28th. Six analysts have rated the stock with a hold rating and five have given a buy rating to the stock. CNO Financial Group currently has an average rating of “Hold” and an average price target of $19.05.
A number of large investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of CNO Financial Group during the fourth quarter worth $38,805,000. Mesirow Financial Investment Management Equity Management bought a new stake in shares of CNO Financial Group during the second quarter worth $20,609,000. Vanguard Group Inc. raised its stake in shares of CNO Financial Group by 7.0% in the second quarter. Vanguard Group Inc. now owns 13,604,993 shares of the company’s stock worth $237,543,000 after buying an additional 893,798 shares in the last quarter. Fuller & Thaler Asset Management Inc. raised its stake in shares of CNO Financial Group by 19.3% in the second quarter. Fuller & Thaler Asset Management Inc. now owns 4,453,154 shares of the company’s stock worth $77,752,000 after buying an additional 720,360 shares in the last quarter. Finally, Prudential Financial Inc. raised its stake in shares of CNO Financial Group by 328.5% in the first quarter. Prudential Financial Inc. now owns 513,414 shares of the company’s stock worth $9,200,000 after buying an additional 393,600 shares in the last quarter. Institutional investors and hedge funds own 97.67% of the company’s stock.
The company has a market capitalization of $2.67 billion, a price-to-earnings ratio of 10.26 and a beta of 1.31. The firm’s 50 day moving average price is $15.70 and its 200 day moving average price is $17.61.
CNO Financial Group (NYSE:CNO) last released its quarterly earnings data on Tuesday, July 26th. The company reported $0.35 earnings per share (EPS) for the quarter, meeting the Zacks’ consensus estimate of $0.35. CNO Financial Group had a net margin of 7.20% and a return on equity of 5.68%. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $961.56 million. During the same period last year, the firm earned $0.34 earnings per share. The company’s quarterly revenue was up 4.6% on a year-over-year basis. Equities research analysts predict that CNO Financial Group Inc. will post $1.35 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 9th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.10%. CNO Financial Group’s dividend payout ratio is presently 21.48%.
CNO Financial Group Company Profile
CNO Financial Group, Inc is a holding company for a group of insurance companies operating across the United States that develop, market and administer health insurance, annuity, individual life insurance and other insurance products. It operates through three operating segments: Bankers Life, Washington National and Colonial Penn.
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