Wells Fargo & Company MN Cuts Position in CNO Financial Group Inc (CNO)
Wells Fargo & Company MN decreased its holdings in CNO Financial Group Inc (NYSE:CNO) by 25.6% during the 3rd quarter, according to its most recent disclosure with the SEC. The firm owned 2,144,683 shares of the financial services provider’s stock after selling 739,373 shares during the period. Wells Fargo & Company MN owned approximately 1.30% of CNO Financial Group worth $45,510,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. US Bancorp DE raised its holdings in CNO Financial Group by 30.4% in the third quarter. US Bancorp DE now owns 11,685 shares of the financial services provider’s stock valued at $248,000 after buying an additional 2,722 shares during the period. Raymond James Financial Services Advisors Inc. purchased a new position in CNO Financial Group in the second quarter valued at approximately $264,000. Fox Run Management L.L.C. purchased a new position in CNO Financial Group in the third quarter valued at approximately $266,000. Cim Investment Mangement Inc. purchased a new position in CNO Financial Group in the second quarter valued at approximately $384,000. Finally, Connor Clark & Lunn Investment Management Ltd. purchased a new position in CNO Financial Group in the second quarter valued at approximately $445,000. Hedge funds and other institutional investors own 93.90% of the company’s stock.
In related news, Director Stephen N. David purchased 2,000 shares of the firm’s stock in a transaction dated Monday, November 5th. The stock was acquired at an average price of $18.50 per share, with a total value of $37,000.00. Following the completion of the transaction, the director now owns 19,706 shares of the company’s stock, valued at $364,561. The acquisition was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, EVP Matthew J. Zimpfer sold 17,417 shares of the firm’s stock in a transaction that occurred on Monday, November 5th. The stock was sold at an average price of $18.46, for a total transaction of $321,517.82. Following the sale, the executive vice president now directly owns 137,580 shares of the company’s stock, valued at approximately $2,539,726.80. The disclosure for this sale can be found here. 2.30% of the stock is owned by company insiders.
CNO Financial Group (NYSE:CNO) last issued its quarterly earnings data on Wednesday, October 31st. The financial services provider reported $0.53 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.51 by $0.02. CNO Financial Group had a negative net margin of 8.95% and a positive return on equity of 7.89%. The company had revenue of $1.48 billion during the quarter, compared to the consensus estimate of $999.03 million. During the same quarter last year, the company earned $0.59 earnings per share. CNO Financial Group’s revenue for the quarter was up 37.2% on a year-over-year basis. On average, analysts anticipate that CNO Financial Group Inc will post 1.99 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 24th. Shareholders of record on Monday, December 10th will be given a $0.10 dividend. This represents a $0.40 annualized dividend and a yield of 2.25%. The ex-dividend date is Friday, December 7th. CNO Financial Group’s dividend payout ratio (DPR) is 19.80%.
CNO has been the subject of several recent research reports. ValuEngine raised shares of CNO Financial Group from a “strong sell” rating to a “sell” rating in a research report on Friday, August 3rd. Zacks Investment Research downgraded shares of CNO Financial Group from a “buy” rating to a “hold” rating in a research report on Wednesday, October 10th. Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $24.00 price objective on shares of CNO Financial Group in a research report on Friday, August 17th. Finally, TheStreet downgraded shares of CNO Financial Group from a “b” rating to a “c” rating in a research report on Thursday, November 1st. Two research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $23.75.
CNO Financial Group 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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