CNO Financial Group (CNO) Cut to “Hold” at Zacks Investment Research
Zacks Investment Research lowered shares of CNO Financial Group (NYSE:CNO) from a buy rating to a hold rating in a research report released on Wednesday morning.
According to Zacks, “CNO Financial’s shares have lost in a year’s time, wider than its industry’s decline. Moreover, the company has witnessed its 2019 estimates move upward over the past 60 days. The company’s Bankers Life and Washington National segment is poised for growth as well. Its tie-up with Wilton Reassurance Company will likely boost its growth going forward. The growth initiatives have enhanced agent productivity and improved overall operations. Recently, it has also completed its transformative long-term care risk-reduction transaction with Wilton Reassurance Company, which has helped in reducing its risk profile. However, high level of debt attributed to significant increase in interest expenses.”
CNO has been the subject of several other research reports. Keefe, Bruyette & Woods reissued a hold rating and issued a $24.00 price objective on shares of CNO Financial Group in a research note on Friday, August 17th. ValuEngine raised shares of CNO Financial Group from a strong sell rating to a sell rating in a research note on Friday, August 3rd. Finally, B. Riley lowered their price objective on shares of CNO Financial Group from $27.00 to $25.00 and set a buy rating for the company in a research note on Tuesday, June 12th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average target price of $23.80.
CNO Financial Group (NYSE:CNO) last posted its quarterly earnings data on Wednesday, August 1st. The financial services provider reported $0.49 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.01). CNO Financial Group had a net margin of 5.12% and a return on equity of 7.11%. The business had revenue of $1.05 billion during the quarter, compared to analysts’ expectations of $1.04 billion. During the same period in the previous year, the business posted $0.45 EPS. The company’s revenue for the quarter was down 1.0% compared to the same quarter last year. Equities research analysts anticipate that CNO Financial Group will post 1.97 earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Monday, September 24th. Investors of record on Monday, September 10th were paid a $0.10 dividend. The ex-dividend date was Friday, September 7th. This represents a $0.40 dividend on an annualized basis and a yield of 2.01%. CNO Financial Group’s dividend payout ratio is currently 19.80%.
In related news, EVP Bruce K. Baude sold 33,000 shares of CNO Financial Group stock in a transaction that occurred on Tuesday, August 7th. The shares were sold at an average price of $22.17, for a total value of $731,610.00. Following the completion of the transaction, the executive vice president now owns 52,047 shares in the company, valued at $1,153,881.99. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 2.30% of the stock is owned by insiders.
Institutional investors have recently modified their holdings of the stock. Point72 Asia Hong Kong Ltd purchased a new position in CNO Financial Group in the first quarter worth approximately $196,000. Element Capital Management LLC acquired a new stake in CNO Financial Group during the first quarter worth approximately $259,000. Fox Run Management L.L.C. acquired a new stake in CNO Financial Group during the third quarter worth approximately $266,000. Raymond James Financial Services Advisors Inc. acquired a new stake in CNO Financial Group during the second quarter worth approximately $264,000. Finally, GSA Capital Partners LLP raised its holdings in CNO Financial Group by 30.0% during the first quarter. GSA Capital Partners LLP now owns 19,400 shares of the financial services provider’s stock worth $420,000 after purchasing an additional 4,476 shares in the last quarter. Institutional investors own 92.60% of the company’s stock.
CNO Financial Group Company Profile
CNO Financial Group, Inc, through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, and other insurance products for senior and middle-income markets in the United States. It operates through Bankers Life, Washington National, Colonial Penn, and Long-Term Care in Run Off segments.
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