CNO Financial Group, Inc. (CNO) Stock Rating Upgraded by Zacks Investment Research
CNO Financial Group, Inc. (NYSE:CNO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday. The firm currently has a $26.00 price target on the financial services provider’s stock. Zacks Investment Research‘s target price points to a potential upside of 11.68% from the company’s previous close.
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 year over year 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 research analysts have also issued reports about the company. BidaskClub upgraded CNO Financial Group from a “buy” rating to a “strong-buy” rating in a report on Wednesday, August 2nd. Wells Fargo & Company reiterated a “hold” rating on shares of CNO Financial Group in a report on Tuesday, June 20th. FBR & Co reiterated an “outperform” rating and set a $23.00 price target on shares of CNO Financial Group in a report on Wednesday, May 31st. Finally, ValuEngine upgraded CNO Financial Group from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. Six equities research analysts have rated the stock with a hold rating, three have issued a buy rating and one has given a strong buy rating to the stock. The stock presently has an average rating of “Buy” and an average target price of $21.33.
CNO Financial Group (NYSE CNO) traded up 0.838% during mid-day trading on Monday, hitting $23.475. 539,317 shares of the stock were exchanged. The company has a 50-day moving average price of $21.13 and a 200-day moving average price of $20.62. The company has a market cap of $3.97 billion, a P/E ratio of 10.265 and a beta of 1.22. CNO Financial Group has a one year low of $14.30 and a one year high of $23.70.
CNO Financial Group announced that its board has initiated a share repurchase plan 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 purchase up to 8.3% of its stock through open market purchases. Stock buyback plans are typically an indication that the company’s management believes its stock is undervalued.
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Several hedge funds have recently added to or reduced their stakes in CNO. World Asset Management Inc boosted its position in CNO Financial Group by 0.8% in the first quarter. World Asset Management Inc now owns 12,448 shares of the financial services provider’s stock worth $255,000 after buying an additional 94 shares during the period. Teacher Retirement System of Texas boosted its position in CNO Financial Group by 1.0% in the second quarter. Teacher Retirement System of Texas now owns 13,956 shares of the financial services provider’s stock worth $291,000 after buying an additional 135 shares during the period. Oakbrook Investments LLC boosted its position in CNO Financial Group by 1.6% in the second quarter. Oakbrook Investments LLC now owns 12,700 shares of the financial services provider’s stock worth $265,000 after buying an additional 200 shares during the period. Argent Capital Management LLC boosted its position in CNO Financial Group by 2.4% in the first quarter. Argent Capital Management LLC now owns 20,305 shares of the financial services provider’s stock worth $416,000 after buying an additional 470 shares during the period. Finally, Capstone Asset Management Co. boosted its position in CNO Financial Group by 2.0% in the first quarter. Capstone Asset Management Co. now owns 24,558 shares of the financial services provider’s stock worth $503,000 after buying an additional 480 shares during the period. Institutional investors and hedge funds own 96.67% 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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