CNO Financial Group, Inc. (CNO) Downgraded to Hold at Zacks Investment Research
CNO Financial Group, Inc. (NYSE:CNO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “CNO Financial's shares have outperformed the industry in last one year. Consistent strong performance from its Washington National segment has been boosting the top line significantly. Soiid liquidity has supported investment in key initiatives like agent productivity, geographic expansion, product launches, worksite platform distribution as well as enhancement of operating efficiencies and customer retention. 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 stock has seen the Zacks Consensus Estimate for 2017 and 2018 earnings being revised upward in the past 60 days. However, the company's Long-term Care business continues to remain under pressure. Also its rising level of debt keeps weighing on the bottom line.”
A number of other equities research analysts have also recently issued reports on 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, Morgan Stanley cut CNO Financial Group from an “equal weight” rating to an “underweight” rating and set a $21.00 target price on the stock. in a research note on Monday, August 14th. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, six have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $22.00.
Shares of CNO Financial Group (NYSE:CNO) traded down 0.12% during trading on Monday, reaching $24.01. 145,895 shares of the company’s stock were exchanged. The stock has a market capitalization of $4.06 billion, a PE ratio of 10.50 and a beta of 1.20. CNO Financial Group has a 52 week low of $14.85 and a 52 week high of $24.17. The company’s 50-day moving average is $22.67 and its 200 day moving average is $21.50.
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Several hedge funds and other institutional investors have recently modified their holdings of the stock. Phocas Financial Corp. raised its stake in shares of CNO Financial Group by 4.7% during the second quarter. Phocas Financial Corp. now owns 982,016 shares of the financial services provider’s stock valued at $20,504,000 after purchasing an additional 43,767 shares in the last quarter. Verition Fund Management LLC bought a new stake in shares of CNO Financial Group during the second quarter valued at about $323,000. Piedmont Investment Advisors LLC raised its stake in shares of CNO Financial Group by 61.9% during the second quarter. Piedmont Investment Advisors LLC now owns 121,763 shares of the financial services provider’s stock valued at $2,542,000 after purchasing an additional 46,546 shares in the last quarter. Sterling Capital Management LLC bought a new stake in shares of CNO Financial Group during the second quarter valued at about $1,553,000. Finally, Susquehanna International Group LLP raised its stake in shares of CNO Financial Group by 392.7% during the second quarter. Susquehanna International Group LLP now owns 65,528 shares of the financial services provider’s stock valued at $1,368,000 after purchasing an additional 52,228 shares in the last quarter. Institutional investors and hedge funds own 95.37% of the company’s stock.
About CNO Financial Group
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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