CNO Financial Group Inc. (NYSE:CNO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Monday.
According to Zacks, “CNO Financial has been largely benefited by the Launch of new units like bankers Life Securities and Bankers Life Advisory Services that are likely to help the company in growing its retirement business. A strong capital position and efficient capital management via share buyback and dividend payout also work as strength. Technological advancement has helped the company to increase productivity, though the pressures of agent recruitment continue. The company is presently engaged in strategizing plans to reduce long-term care exposure via run-off of existing non performing businesses, reinsurance and focus on the growth of other potential business lines. Nevertheless, low market share in some product lines might limit business opportunities and leave an adverse impact on profitability. Also the suspension of sharebuyback plan for this year will affect the botomline.”
A number of other brokerages have also recently weighed in on CNO. Deutsche Bank AG reduced their price target on shares of CNO Financial Group from $20.00 to $19.00 and set a “hold” rating for the company in a research report on Thursday, July 7th. Keefe, Bruyette & Woods reduced their price target on shares of CNO Financial Group from $20.00 to $19.00 and set a “market perform” rating for the company in a research report on Tuesday, August 2nd. BTIG Research reissued a “buy” rating on shares of CNO Financial Group in a research report on Friday, July 15th. Goldman Sachs Group Inc. cut shares of CNO Financial Group from a “buy” rating to a “neutral” rating and reduced their price target for the company from $21.00 to $17.00 in a research report on Friday, September 30th. Finally, Wells Fargo & Co. started coverage on shares of CNO Financial Group in a research report on Thursday, September 22nd. They issued an “outperform” rating for the company. Seven investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $18.85.
CNO Financial Group (NYSE:CNO) last announced its quarterly earnings results on Tuesday, July 26th. The company reported $0.35 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.35. CNO Financial Group had a net margin of 7.20% and a return on equity of 5.68%. The firm earned $1 billion during the quarter, compared to analysts’ expectations of $961.56 million. During the same period in the previous year, the company earned $0.34 earnings per share. CNO Financial Group’s quarterly revenue was up 4.6% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 9th were paid a dividend of $0.08 per share. The ex-dividend date of this dividend was Wednesday, September 7th. This represents a $0.32 dividend on an annualized basis and a dividend yield of 2.12%. CNO Financial Group’s dividend payout ratio (DPR) is 21.48%.
Several hedge funds and other institutional investors have recently modified their holdings of CNO. HBK Investments L P purchased a new position in shares of CNO Financial Group during the first quarter worth about $272,000. Geode Capital Management LLC raised its position in shares of CNO Financial Group by 2.8% in the first quarter. Geode Capital Management LLC now owns 1,196,601 shares of the company’s stock worth $21,443,000 after buying an additional 32,766 shares during the period. UBS Group AG raised its position in shares of CNO Financial Group by 226.3% in the first quarter. UBS Group AG now owns 39,318 shares of the company’s stock worth $704,000 after buying an additional 27,269 shares during the period. Meeder Asset Management Inc. purchased a new position in shares of CNO Financial Group during the first quarter worth about $236,000. Finally, Menta Capital LLC purchased a new position in shares of CNO Financial Group during the first quarter worth about $568,000. Institutional investors and hedge funds own 97.67% 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 across the United States that develop, market and administer health insurance, annuity, individual life insurance and other insurance products. It operates through three operating segments: Bankers Life, Washington National and Colonial Penn.
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