CNO Financial Group, Inc. (NYSE:CNO) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of CNO Financial Group, Inc. (NYSE:CNO) from a buy rating to a hold rating in a research report sent to investors on Friday.
According to Zacks, “CNO Financial's shares have outperformed the industry in last one year. The company’s investments in technological innovations impress. In addition, it is strategizing to reduce long-term care exposure via run-off of existing non-performing businesses and increasing focus on growth of other potential business lines. Strong capital management supports its long-term growth. The company’s second-quarter 2017 earnings surpassed the Zacks Consensus Estimate and grew on higher revenues. However, its low market share in some product lines poses risk of limiting business opportunities going forward. Also, suspension of its share buyback plan might have affected its bottom line. Its margin is heavily affected by its high level of debt that increases the borrowing cost.”
A number of other equities research analysts also recently weighed in on the stock. BidaskClub raised shares of CNO Financial Group from a hold rating to a buy rating in a report on Friday, June 16th. ValuEngine raised shares of CNO Financial Group from a hold rating to a buy rating in a report on Tuesday, June 27th. Wells Fargo & Company reissued a hold rating on shares of CNO Financial Group in a report on Tuesday, June 20th. Finally, FBR & Co reissued an outperform rating and issued a $23.00 price target on shares of CNO Financial Group in a report on Wednesday, May 31st. Seven research analysts have rated the stock with a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. CNO Financial Group has a consensus rating of Hold and a consensus price target of $20.00.
Shares of CNO Financial Group (CNO) traded up 1.66% during trading on Friday, reaching $23.28. 1,039,106 shares of the company’s stock were exchanged. CNO Financial Group has a 52 week low of $14.30 and a 52 week high of $23.67. The company’s 50-day moving average price is $21.13 and its 200 day moving average price is $20.62. The firm has a market capitalization of $3.93 billion, a PE ratio of 10.18 and a beta of 1.22.
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CNO Financial Group announced that its board has approved a share repurchase plan on Wednesday, May 10th that permits the company to buyback $300.00 million in shares. This buyback authorization permits the financial services provider to purchase up to 8.3% of its shares through open market purchases. Shares buyback plans are typically a sign that the company’s management believes its shares are undervalued.
A number of hedge funds have recently bought and sold shares of CNO. Envestnet Asset Management Inc. raised its stake in CNO Financial Group by 1,250.7% in the first quarter. Envestnet Asset Management Inc. now owns 9,036 shares of the financial services provider’s stock worth $185,000 after buying an additional 8,367 shares in the last quarter. Trexquant Investment LP purchased a new stake in CNO Financial Group during the second quarter worth approximately $202,000. Teza Capital Management LLC purchased a new stake in CNO Financial Group during the first quarter worth approximately $219,000. Laurion Capital Management LP purchased a new stake in CNO Financial Group during the first quarter worth approximately $242,000. Finally, New York State Teachers Retirement System raised its stake in CNO Financial Group by 197.6% in the first quarter. New York State Teachers Retirement System now owns 12,200 shares of the financial services provider’s stock worth $250,000 after buying an additional 8,100 shares in the last quarter. 95.34% of the stock is owned by institutional investors.
CNO Financial Group Company Profile
CNO Financial Group, Inc is a holding company for a group of insurance companies operating throughout the United States that develops, markets and administers health insurance, annuity, individual life insurance and other insurance products. The Company’s segments include Bankers Life, Washington National and Colonial Penn.
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