Pzena Investment Management LLC acquired a new stake in shares of CNO Financial Group, Inc. (NYSE:CNO – Free Report) in the second quarter, Holdings Channel.com reports. The firm acquired 2,441,665 shares of the financial services provider’s stock, valued at approximately $124,476,000.
Several other institutional investors and hedge funds have also modified their holdings of the stock. BlackRock Inc. purchased a new stake in shares of CNO Financial Group in the second quarter worth about $682,433,000. Bank of New York Mellon Corp purchased a new position in CNO Financial Group during the second quarter valued at approximately $44,529,000. Assenagon Asset Management S.A. raised its position in CNO Financial Group by 926.6% during the second quarter. Assenagon Asset Management S.A. now owns 795,165 shares of the financial services provider’s stock valued at $40,538,000 after acquiring an additional 717,710 shares in the last quarter. Healthcare of Ontario Pension Plan Trust Fund purchased a new position in CNO Financial Group during the fourth quarter valued at approximately $18,297,000. Finally, Jain Global LLC acquired a new position in CNO Financial Group in the fourth quarter valued at approximately $17,996,000. Institutional investors and hedge funds own 95.43% of the company’s stock.
CNO Financial Group Price Performance
Shares of CNO Financial Group stock opened at $54.77 on Tuesday. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 1.65. CNO Financial Group, Inc. has a twelve month low of $37.36 and a twelve month high of $57.59. The business has a 50-day moving average price of $52.79 and a 200 day moving average price of $46.68. The firm has a market cap of $5.07 billion, a PE ratio of 18.82 and a beta of 0.81.
CNO Financial Group Announces Dividend
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, September 24th. Stockholders of record on Thursday, September 10th will be given a $0.18 dividend. The ex-dividend date is Thursday, September 10th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. CNO Financial Group’s payout ratio is 24.74%.
Wall Street Analyst Weigh In
Several equities research analysts have commented on CNO shares. Weiss Ratings upgraded CNO Financial Group from a “buy (b)” rating to a “buy (b+)” rating in a research report on Tuesday, August 11th. Evercore set a $48.00 target price on shares of CNO Financial Group and gave the company an “in-line” rating in a report on Monday, June 1st. Wall Street Zen upgraded shares of CNO Financial Group from a “hold” rating to a “buy” rating in a research note on Saturday, August 8th. Jefferies Financial Group downgraded shares of CNO Financial Group from a “buy” rating to a “hold” rating and increased their price target for the stock from $53.00 to $55.00 in a report on Friday, July 10th. Finally, Keefe, Bruyette & Woods raised their price target on shares of CNO Financial Group from $53.00 to $57.00 and gave the company a “market perform” rating in a research report on Monday, August 3rd. Two research analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $52.50.
Check Out Our Latest Report on CNO
Insider Activity at CNO Financial Group
In other news, CMO Rocco F. Tarasi III sold 5,750 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $50.00, for a total transaction of $287,500.00. Following the completion of the transaction, the chief marketing officer directly owned 79,191 shares of the company’s stock, valued at $3,959,550. This represents a 6.77% decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary C. Bhojwani sold 86,048 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $51.48, for a total value of $4,429,751.04. Following the transaction, the chief executive officer owned 174,264 shares in the company, valued at $8,971,110.72. This trade represents a 33.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last ninety days, insiders have sold 95,106 shares of company stock valued at $4,879,343. Corporate insiders own 3.44% of the company’s stock.
CNO Financial Group Profile
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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