CNO Financial Group (NYSE:CNO) Sets New 52-Week High – Here’s What Happened

by · The Cerbat Gem

CNO Financial Group, Inc. (NYSE:CNO – Get Free Report)’s stock price reached a new 52-week high on Tuesday . The company traded as high as $46.33 and last traded at $46.1730, with a volume of 478089 shares trading hands. The stock had previously closed at $45.68.

Analysts Set New Price Targets

CNO has been the subject of a number of analyst reports. Evercore reissued an “underperform” rating and set a $43.00 price objective on shares of CNO Financial Group in a research note on Wednesday, February 18th. Keefe, Bruyette & Woods increased their price objective on CNO Financial Group from $46.00 to $50.00 and gave the company a “market perform” rating in a research note on Tuesday, May 5th. Wall Street Zen lowered CNO Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Finally, Weiss Ratings reissued a “buy (b)” rating on shares of CNO Financial Group in a research note on Monday, April 20th. Three research analysts have rated the stock with a Buy rating, one has issued a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $47.50.

Read Our Latest Stock Report on CNO

CNO Financial Group Stock Performance

The stock has a market cap of $4.31 billion, a PE ratio of 18.54 and a beta of 0.82. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.17 and a quick ratio of 0.17. The business has a 50 day moving average price of $42.26 and a two-hundred day moving average price of $41.90.

CNO Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Wednesday, June 24th. Investors of record on Wednesday, June 10th will be paid a $0.18 dividend. The ex-dividend date of this dividend is Wednesday, June 10th. This is a positive change from CNO Financial Group’s previous quarterly dividend of $0.17. This represents a $0.72 dividend on an annualized basis and a yield of 1.6%. CNO Financial Group’s payout ratio is 27.31%.

Insiders Place Their Bets

In related news, insider Scott L. Goldberg sold 11,060 shares of the firm’s stock in a transaction on Thursday, March 19th. The stock was sold at an average price of $39.97, for a total value of $442,068.20. Following the completion of the sale, the insider owned 214,524 shares of the company’s stock, valued at $8,574,524.28. This trade represents a 4.90% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CEO Gary C. Bhojwani sold 43,021 shares of the firm’s stock in a transaction on Wednesday, February 18th. The stock was sold at an average price of $43.05, for a total value of $1,852,054.05. Following the completion of the sale, the chief executive officer directly owned 277,526 shares of the company’s stock, valued at $11,947,494.30. The trade was a 13.42% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders sold 196,778 shares of company stock worth $8,442,863. Insiders own 3.44% of the company’s stock.

Institutional Trading of CNO Financial Group

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Sequoia Financial Advisors LLC purchased a new stake in CNO Financial Group in the third quarter worth $1,077,000. GSA Capital Partners LLP bought a new position in CNO Financial Group in the third quarter worth $1,469,000. AlphaQuest LLC bought a new position in CNO Financial Group in the third quarter worth $3,057,000. Lighthouse Investment Partners LLC bought a new position in CNO Financial Group in the third quarter worth $8,018,000. Finally, JPMorgan Chase & Co. raised its holdings in CNO Financial Group by 11.6% in the third quarter. JPMorgan Chase & Co. now owns 882,512 shares of the financial services provider’s stock worth $34,903,000 after purchasing an additional 91,417 shares in the last quarter. Hedge funds and other institutional investors own 95.43% of the company’s stock.

About CNO Financial Group

(Get Free Report)

CNO Financial Group is an Indiana‐based holding company that offers a range of insurance and retirement solutions through its operating subsidiaries. Its primary business activities include life insurance, annuities, and supplemental health insurance products designed to help individuals plan for retirement and manage health‐related expenses. The company serves middle‐income Americans, with particular emphasis on senior customers seeking guaranteed coverage and reliable income streams.

Originally founded as Conseco in 1979, the company underwent a financial restructuring and rebranded as CNO Financial Group in 2010.

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