CNO Financial Group Inc. (CNO) Downgraded by Zacks Investment Research to Hold
CNO Financial Group Inc. (NYSE:CNO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report 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 equities research analysts have also recently weighed in on the company. Keefe, Bruyette & Woods dropped their price target on CNO Financial Group from $19.00 to $17.00 and set a “market perform” rating on the stock in a research note on Monday. Deutsche Bank AG set a $16.00 price target on CNO Financial Group and gave the company a “hold” rating in a research note on Friday. BTIG Research cut CNO Financial Group from a “buy” rating to a “neutral” rating in a research note on Friday. Goldman Sachs Group Inc. cut CNO Financial Group from a “buy” rating to a “neutral” rating and dropped their price target for the company from $21.00 to $17.00 in a research note on Friday. Finally, Wells Fargo & Co. assumed coverage on CNO Financial Group in a research note on Thursday, September 22nd. They issued an “outperform” rating on the stock. Seven research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. CNO Financial Group presently has an average rating of “Hold” and an average target price of $18.85.
Shares of CNO Financial Group (NYSE:CNO) traded down 2.980% during midday trading on Monday, hitting $14.815. 1,241,855 shares of the stock traded hands. The stock has a 50 day moving average of $15.70 and a 200 day moving average of $17.61. CNO Financial Group has a 1-year low of $14.30 and a 1-year high of $20.88. The company has a market capitalization of $2.59 billion, a P/E ratio of 9.956 and a beta of 1.23.
CNO Financial Group (NYSE:CNO) last posted 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 return on equity of 5.68% and a net margin of 7.20%. The business had revenue of $1 billion for the quarter, compared to analysts’ expectations of $961.56 million. During the same quarter in the prior year, the business earned $0.34 EPS. The firm’s revenue for the quarter was up 4.6% on a year-over-year basis. Equities research analysts predict that CNO Financial Group will post $1.35 earnings per share for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Stockholders of record on Friday, September 9th were issued a dividend of $0.08 per share. This represents a $0.32 annualized dividend and a dividend yield of 2.13%. The ex-dividend date of this dividend was Wednesday, September 7th. CNO Financial Group’s dividend payout ratio (DPR) is currently 21.48%.
Several hedge funds have recently added to or reduced their stakes in the company. HBK Investments L P bought a new stake in CNO Financial Group during the first quarter valued at about $272,000. Geode Capital Management LLC raised its stake in 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 valued at $21,443,000 after buying an additional 32,766 shares during the period. UBS Group AG raised its stake in CNO Financial Group by 226.3% in the first quarter. UBS Group AG now owns 39,318 shares of the company’s stock valued at $704,000 after buying an additional 27,269 shares during the period. Meeder Asset Management Inc. acquired a new stake in CNO Financial Group during the first quarter valued at $236,000. Finally, Menta Capital LLC acquired a new stake in CNO Financial Group during the first quarter valued at $568,000. 97.67% of the stock is currently owned by institutional investors.
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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