Zacks Investment Research cut shares of CNO Financial Group, Inc. (NYSE:CNO) from a buy rating to a hold rating in a report published 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.”
CNO has been the subject of several other research reports. BidaskClub upgraded CNO Financial Group from a hold rating to a buy rating in a research report on Wednesday, July 5th. Wells Fargo & Company restated a hold rating on shares of CNO Financial Group in a research report on Tuesday, June 20th. Morgan Stanley lowered CNO Financial Group from an equal weight rating to an underweight rating and set a $21.00 target price for the company. in a research report on Monday, August 14th. They noted that the move was a valuation call. Finally, ValuEngine upgraded CNO Financial Group from a hold rating to a buy rating in a research report on Tuesday, June 27th. One analyst has rated the stock with a sell rating, six have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of Hold and an average price target of $22.00.
CNO Financial Group (CNO) opened at 24.23 on Monday. The firm’s 50-day moving average price is $22.90 and its 200-day moving average price is $21.62. The company has a market cap of $4.10 billion, a price-to-earnings ratio of 10.59 and a beta of 1.20. CNO Financial Group has a 52-week low of $14.85 and a 52-week high of $24.41.
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The company also recently declared a quarterly dividend, which was paid on Monday, September 25th. Investors of record on Monday, September 11th were issued a $0.09 dividend. The ex-dividend date was Friday, September 8th. This represents a $0.36 dividend on an annualized basis and a dividend yield of 1.49%. CNO Financial Group’s payout ratio is 15.72%.
Several hedge funds and other institutional investors have recently made changes to their positions in CNO. UBS Asset Management Americas Inc. boosted its holdings in shares of CNO Financial Group by 14.8% in the first quarter. UBS Asset Management Americas Inc. now owns 136,853 shares of the financial services provider’s stock valued at $2,805,000 after purchasing an additional 17,667 shares during the period. Envestnet Asset Management Inc. boosted its holdings 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 valued at $185,000 after purchasing an additional 8,367 shares during the period. M&T Bank Corp purchased a new stake in shares of CNO Financial Group in the first quarter valued at approximately $334,000. SG Americas Securities LLC boosted its holdings in shares of CNO Financial Group by 42.9% in the first quarter. SG Americas Securities LLC now owns 56,200 shares of the financial services provider’s stock valued at $1,152,000 after purchasing an additional 16,863 shares during the period. Finally, Schroder Investment Management Group purchased a new stake in shares of CNO Financial Group in the first quarter valued at approximately $616,000. Hedge funds and other institutional investors 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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