CNO Financial Group Inc. (CNO) Stock Price Down 3.3% After Analyst Downgrade
Shares of CNO Financial Group Inc. (NYSE:CNO) were down 3.3% during mid-day trading on Monday after Zacks Investment Research downgraded the stock from a buy rating to a hold rating. The stock traded as low as $14.65 and last traded at $14.77, with a volume of 1,211,585 shares. The stock had previously closed at $15.27.
Other analysts also recently issued research reports about the company. Citigroup Inc. cut their price objective on CNO Financial Group from $21.00 to $20.00 and set a “buy” rating on the stock in a report on Thursday, July 7th. BTIG Research restated a “buy” rating on shares of CNO Financial Group in a report on Friday, July 15th. Deutsche Bank AG dropped their target price on CNO Financial Group from $20.00 to $19.00 and set a “hold” rating on the stock in a report on Thursday, July 7th. Evercore ISI initiated coverage on CNO Financial Group in a report on Wednesday, July 6th. They issued a “hold” rating and a $19.00 target price on the stock. Finally, Keefe, Bruyette & Woods set a $17.00 target price on CNO Financial Group and gave the company a “hold” rating in a report on Monday. Seven equities research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. CNO Financial Group currently has a consensus rating of “Hold” and a consensus price target of $18.85.
Large investors have recently made changes to their positions in the stock. Mason Street Advisors LLC purchased a new stake in shares of CNO Financial Group during the second quarter valued at approximately $1,426,000. Royal Bank of Canada boosted its stake in shares of CNO Financial Group by 12.5% in the second quarter. Royal Bank of Canada now owns 68,799 shares of the company’s stock worth $1,201,000 after buying an additional 7,663 shares during the last quarter. Calvert Investment Management Inc. bought a new stake in shares of CNO Financial Group during the second quarter worth about $242,000. Amalgamated Bank boosted its stake in shares of CNO Financial Group by 7.0% in the second quarter. Amalgamated Bank now owns 22,250 shares of the company’s stock worth $344,000 after buying an additional 1,463 shares during the last quarter. Finally, Legal & General Group Plc boosted its stake in shares of CNO Financial Group by 24.2% in the second quarter. Legal & General Group Plc now owns 184,556 shares of the company’s stock worth $3,206,000 after buying an additional 36,017 shares during the last quarter. 97.67% of the stock is owned by institutional investors and hedge funds.
The stock has a 50 day moving average price of $15.69 and a 200 day moving average price of $17.58. The company has a market capitalization of $2.63 billion, a PE ratio of 10.08 and a beta of 1.23.
CNO Financial Group (NYSE:CNO) last issued its earnings results on Tuesday, July 26th. The company reported $0.35 earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of $0.35. CNO Financial Group had a return on equity of 5.68% and a net margin of 7.20%. The firm had revenue of $1 billion for the quarter, compared to analysts’ expectations of $961.56 million. During the same quarter last year, the business earned $0.34 earnings per share. The company’s revenue was up 4.6% compared to the same quarter last year. Equities analysts forecast that CNO Financial Group Inc. will post $1.35 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which was paid on Friday, September 23rd. Shareholders of record on Friday, September 9th were issued a dividend of $0.08 per share. This represents a $0.32 dividend on an annualized basis and a yield of 2.13%. The ex-dividend date was Wednesday, September 7th. CNO Financial Group’s dividend payout ratio (DPR) is currently 21.48%.
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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