CNO Financial Group, Inc. (CNO) Downgraded to Hold at Zacks Investment Research
Zacks Investment Research lowered shares of CNO Financial Group, Inc. (NYSE:CNO) from a buy rating to a hold rating in a report issued on Monday.
According to Zacks, “CNO Financial's shares have outperformed the industry in last one year. Consistent strong performance from its Washington National segment has been boosting the top line significantly. Soiid liquidity has supported investment in key initiatives like agent productivity, geographic expansion, product launches, worksite platform distribution as well as enhancement of operating efficiencies and customer retention. 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 stock has seen the Zacks Consensus Estimate for 2017 and 2018 earnings being revised upward in the past 60 days. However, the company's Long-term Care business continues to remain under pressure. Also its rising level of debt keeps weighing on the bottom line.”
A number of other research firms have also issued reports on CNO. Wells Fargo & Company reissued a hold rating on shares of CNO Financial Group in a research report on Tuesday, June 20th. BidaskClub raised shares of CNO Financial Group from a hold rating to a buy rating in a research report on Friday, June 16th. ValuEngine raised shares of CNO Financial Group from a hold rating to a buy rating in a research report on Tuesday, June 27th. Finally, Morgan Stanley lowered shares of CNO Financial Group from an equal weight rating to an underweight rating and set a $21.00 price target for the company. in a research report on Monday, August 14th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. CNO Financial Group presently has a consensus rating of Hold and a consensus target price of $22.00.
CNO Financial Group (NYSE:CNO) opened at 24.09 on Monday. CNO Financial Group has a 12 month low of $14.85 and a 12 month high of $24.17. The firm has a market cap of $4.07 billion, a price-to-earnings ratio of 10.53 and a beta of 1.20. The company’s 50-day moving average is $22.72 and its 200 day moving average is $21.55.
The business also recently declared a quarterly dividend, which was paid on Monday, September 25th. Stockholders of record on Monday, September 11th were given a $0.09 dividend. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.49%. The ex-dividend date of this dividend was Friday, September 8th. CNO Financial Group’s dividend payout ratio (DPR) is 15.72%.
Several hedge funds and other institutional investors have recently bought and sold shares of CNO. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of CNO Financial Group by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,976 shares of the financial services provider’s stock worth $146,000 after purchasing an additional 622 shares in the last quarter. Envestnet Asset Management Inc. lifted its position in shares of 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 purchasing an additional 8,367 shares in the last quarter. Riverhead Capital Management LLC lifted its position in shares of CNO Financial Group by 71.3% in the second quarter. Riverhead Capital Management LLC now owns 9,252 shares of the financial services provider’s stock worth $193,000 after purchasing an additional 3,852 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of CNO Financial Group in the second quarter worth approximately $202,000. Finally, Laurion Capital Management LP purchased a new stake in shares of CNO Financial Group in the first quarter worth approximately $242,000. 95.37% of the stock is owned by institutional investors and hedge funds.
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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