CNO Financial Group Inc. (CNO) Downgraded by Zacks Investment Research to Hold
CNO Financial Group Inc. (NYSE:CNO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Monday.
According to Zacks, “CNO Financial has been largely benefited by the Launch of new units like bankers Life Securities and Bankers Life Advisory Services that are likely to help the company in growing its retirement business. A strong capital position and efficient capital management via share buyback and dividend payout also work as strength. Technological advancement has helped the company to increase productivity, though the pressures of agent recruitment continue. The company is presently engaged in strategizing plans to reduce long-term care exposure via run-off of existing non performing businesses, reinsurance and focus on the growth of other potential business lines. Nevertheless, low market share in some product lines might limit business opportunities and leave an adverse impact on profitability. Also the suspension of sharebuyback plan for this year will affect the botomline.”
Several other research firms have also recently weighed in on CNO. Deutsche Bank AG cut their price objective on CNO Financial Group from $20.00 to $19.00 and set a “hold” rating on the stock in a research report on Thursday, July 7th. Keefe, Bruyette & Woods cut their price objective on CNO Financial Group from $20.00 to $19.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 2nd. BTIG Research reissued a “buy” rating on shares of CNO Financial Group in a research report on Friday, July 15th. Goldman Sachs Group Inc. cut CNO Financial Group from a “buy” rating to a “neutral” rating and cut their price objective for the stock from $21.00 to $17.00 in a research report on Friday. Finally, Wells Fargo & Co. initiated coverage on CNO Financial Group in a research note on Thursday, September 22nd. They issued an “outperform” rating on the stock. Seven analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $18.85.
CNO Financial Group (NYSE:CNO) traded down 2.980% during mid-day trading on Monday, reaching $14.815. The company had a trading volume of 1,241,855 shares. CNO Financial Group has a 12-month low of $14.30 and a 12-month high of $20.88. The stock has a 50 day moving average price of $15.70 and a 200-day moving average price of $17.61. The stock has a market capitalization of $2.59 billion, a P/E ratio of 9.956 and a beta of 1.23.
CNO Financial Group (NYSE:CNO) last posted its quarterly earnings data on Tuesday, July 26th. The company reported $0.35 earnings per share for the quarter, hitting the Thomson Reuters’ consensus estimate of $0.35. CNO Financial Group had a return on equity of 5.68% and a net margin of 7.20%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $961.56 million. During the same quarter in the previous year, the firm earned $0.34 earnings per share. The business’s revenue was up 4.6% on a year-over-year basis. Equities analysts anticipate that CNO Financial Group will post $1.35 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 23rd. Investors of record on Friday, September 9th were paid a dividend of $0.08 per share. The ex-dividend date was Wednesday, September 7th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.13%. CNO Financial Group’s payout ratio is 21.48%.
Several hedge funds have recently added to or reduced their stakes in CNO. Vanguard Group Inc. raised its stake in 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 during the last quarter. BlackRock Fund Advisors boosted its position in CNO Financial Group by 1.1% in the second quarter. BlackRock Fund Advisors now owns 8,866,478 shares of the company’s stock valued at $154,809,000 after buying an additional 93,770 shares during the last quarter. State Street Corp boosted its position in CNO Financial Group by 0.3% in the second quarter. State Street Corp now owns 6,743,610 shares of the company’s stock valued at $117,740,000 after buying an additional 21,233 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in CNO Financial Group by 1.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 5,675,380 shares of the company’s stock valued at $99,092,000 after buying an additional 68,220 shares during the last quarter. Finally, Fuller & Thaler Asset Management Inc. boosted its position in 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 valued at $77,752,000 after buying an additional 720,360 shares during the last quarter. Institutional investors own 97.67% of the company’s stock.
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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