CNO Financial Group Inc. (CNO) Downgraded by Zacks Investment Research
CNO Financial Group Inc. (NYSE:CNO) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a report issued on Friday.
According to Zacks, “CNO Financial’s low market share in some product lines might limit business opportunities and leave an adverse impact on profitability. Also the suspension of share buyback plan for this year might affect the bottom line. However, the company has been largely benefited by the Launch of new units like bankers Life Securities and Bankers Life Advisory Services that are likely to help the company in growing its retirement business. A strong capital position and efficient capital management via share buyback and dividend payout also work as strength. Technological advancement has helped the company to increase productivity, though the pressures of agent recruitment continue. The company is presently engaged in strategizing plans to reduce long-term care exposure via run-off of existing non performing businesses, reinsurance and focus on the growth of other potential business lines.”
Other equities research analysts have also issued research reports about the stock. Keefe, Bruyette & Woods set a $17.00 target price on shares of CNO Financial Group and gave the stock a “hold” rating in a report on Monday, October 3rd. Deutsche Bank AG set a $16.00 target price on shares of CNO Financial Group and gave the stock a “hold” rating in a report on Friday, September 30th. BTIG Research lowered shares of CNO Financial Group from a “buy” rating to a “neutral” rating in a report on Friday, September 30th. Goldman Sachs Group Inc. lowered shares of CNO Financial Group from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $21.00 to $17.00 in a report on Friday, September 30th. Finally, Wells Fargo & Co. began coverage on shares of CNO Financial Group in a report on Thursday, September 22nd. They issued an “outperform” rating on the stock. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $18.85.
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CNO Financial Group (NYSE:CNO) opened at 15.43 on Friday. The company has a market cap of $2.70 billion, a PE ratio of 10.37 and a beta of 1.23. The company’s 50-day moving average price is $15.67 and its 200-day moving average price is $17.44. CNO Financial Group has a 12-month low of $14.30 and a 12-month high of $20.88.
CNO Financial Group (NYSE:CNO) last announced its quarterly earnings data on Tuesday, July 26th. The company reported $0.35 earnings per share for the quarter, meeting the consensus estimate of $0.35. CNO Financial Group had a net margin of 7.20% and a return on equity of 5.68%. The firm had revenue of $1 billion for the quarter, compared to analyst estimates of $961.56 million. During the same quarter in the prior year, the business earned $0.34 earnings per share. The business’s quarterly revenue was up 4.6% compared to the same quarter last year. Equities analysts anticipate that CNO Financial Group will post $1.34 earnings per share for the current year.
The company also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 9th were paid a $0.08 dividend. This represents a $0.32 annualized dividend and a yield of 2.07%. The ex-dividend date was Wednesday, September 7th. CNO Financial Group’s dividend payout ratio is presently 21.48%.
A number of hedge funds have recently bought and sold shares of CNO. Aperio Group LLC boosted its stake in CNO Financial Group by 34.6% in the first quarter. Aperio Group LLC now owns 77,083 shares of the company’s stock valued at $1,381,000 after buying an additional 19,814 shares in the last quarter. Pacad Investment Ltd. bought a new stake in CNO Financial Group during the first quarter valued at $401,000. Los Angeles Capital Management & Equity Research Inc. boosted its stake in CNO Financial Group by 2.4% in the first quarter. Los Angeles Capital Management & Equity Research Inc. now owns 34,665 shares of the company’s stock valued at $621,000 after buying an additional 800 shares during the period. Prudential Financial Inc. boosted its stake in CNO Financial Group by 328.5% in the first quarter. Prudential Financial Inc. now owns 513,414 shares of the company’s stock valued at $9,200,000 after buying an additional 393,600 shares during the period. Finally, BlackRock Inc. boosted its stake in CNO Financial Group by 5.8% in the first quarter. BlackRock Inc. now owns 74,483 shares of the company’s stock valued at $1,335,000 after buying an additional 4,106 shares during the period. Institutional investors and hedge funds own 97.67% of the company’s stock.
About CNO Financial Group
CNO Financial Group, Inc is a holding company for a group of insurance companies operating across the United States that develop, market and administer health insurance, annuity, individual life insurance and other insurance products. It operates through three operating segments: Bankers Life, Washington National and Colonial Penn.
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