Zacks Investment Research downgraded shares of CNO Financial Group, Inc. (NYSE:CNO) from a buy rating to a hold rating in a report issued on Friday, August 4th.
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.”
Other equities analysts have also issued research reports about the company. BidaskClub upgraded CNO Financial Group from a hold rating to a buy rating in a research note on Friday, June 16th. ValuEngine upgraded CNO Financial Group from a hold rating to a buy rating in a research note on Tuesday, June 27th. Wells Fargo & Company reiterated a hold rating on shares of CNO Financial Group in a research note on Tuesday, June 20th. Finally, FBR & Co reiterated an outperform rating and issued a $23.00 price target on shares of CNO Financial Group in a research note on Wednesday, May 31st. One investment analyst has rated the stock with a sell rating, six have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. CNO Financial Group has a consensus rating of Hold and an average price target of $21.29.
Shares of CNO Financial Group (NYSE:CNO) opened at 22.51 on Friday. CNO Financial Group has a 12 month low of $14.30 and a 12 month high of $23.95. The firm has a 50-day moving average price of $22.14 and a 200-day moving average price of $20.93. The company has a market capitalization of $3.80 billion, a PE ratio of 9.84 and a beta of 1.22.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Monday, September 11th will be given a dividend of $0.09 per share. The ex-dividend date of this dividend is Friday, September 8th. This represents a $0.36 dividend on an annualized basis and a yield of 1.60%. CNO Financial Group’s dividend payout ratio is currently 15.72%.
CNO Financial Group announced that its Board of Directors has authorized a share repurchase program on Wednesday, May 10th that permits the company to buyback $300.00 million in outstanding shares. This buyback authorization permits the financial services provider to reacquire up to 8.3% of its stock through open market purchases. Stock buyback programs are often a sign that the company’s leadership believes its stock is undervalued.
A number of large investors have recently modified their holdings of the company. Zurcher Kantonalbank Zurich Cantonalbank raised its stake 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 buying an additional 622 shares in the last quarter. Envestnet Asset Management Inc. raised its stake 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 buying an additional 8,367 shares in the last quarter. Riverhead Capital Management LLC raised its stake 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 buying an additional 3,852 shares in the last quarter. Trexquant Investment LP purchased a new stake in shares of CNO Financial Group during the second quarter worth $202,000. Finally, Teza Capital Management LLC purchased a new stake in shares of CNO Financial Group during the first quarter worth $219,000. Institutional investors and hedge funds own 97.08% 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 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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