Morgan Stanley reduced its position in shares of CNO Financial Group, Inc. (NYSE:CNO) by 59.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 699,360 shares of the financial services provider’s stock after selling 1,018,854 shares during the period. Morgan Stanley’s holdings in CNO Financial Group were worth $14,338,000 as of its most recent SEC filing.
A number of other large investors also recently added to or reduced their stakes in CNO. Ladenburg Thalmann Financial Services Inc. increased its stake in CNO Financial Group by 128.2% in the fourth quarter. Ladenburg Thalmann Financial Services Inc. now owns 7,265 shares of the financial services provider’s stock worth $131,000 after buying an additional 4,081 shares during the last quarter. Envestnet Asset Management Inc. increased its stake in 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 worth $185,000 after buying an additional 8,367 shares during the last quarter. Teza Capital Management LLC bought a new stake in CNO Financial Group during the first quarter worth about $219,000. Laurion Capital Management LP bought a new stake in CNO Financial Group during the first quarter worth about $242,000. Finally, World Asset Management Inc increased its stake in CNO Financial Group by 0.8% in the first quarter. World Asset Management Inc now owns 12,448 shares of the financial services provider’s stock worth $255,000 after buying an additional 94 shares during the last quarter. Hedge funds and other institutional investors own 94.42% of the company’s stock.
Shares of CNO Financial Group, Inc. (CNO) opened at 21.75 on Thursday. CNO Financial Group, Inc. has a 1-year low of $14.30 and a 1-year high of $22.60. The stock has a market capitalization of $3.73 billion, a P/E ratio of 10.22 and a beta of 1.20. The firm’s 50-day moving average is $20.67 and its 200 day moving average is $20.42.
CNO Financial Group (NYSE:CNO) last released its quarterly earnings results on Wednesday, April 26th. The financial services provider reported $0.34 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.31 by $0.03. The company had revenue of $1.07 billion during the quarter, compared to analyst estimates of $1.01 billion. CNO Financial Group had a return on equity of 5.51% and a net margin of 9.16%. The firm’s revenue was up 11.5% on a year-over-year basis. During the same quarter last year, the business posted $0.26 earnings per share. On average, analysts expect that CNO Financial Group, Inc. will post $1.50 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, June 23rd. Shareholders of record on Friday, June 9th were paid a $0.09 dividend. The ex-dividend date of this dividend was Wednesday, June 7th. This represents a $0.36 annualized dividend and a yield of 1.66%. This is an increase from CNO Financial Group’s previous quarterly dividend of $0.08. CNO Financial Group’s dividend payout ratio (DPR) is presently 16.82%.
CNO Financial Group announced that its Board of Directors has initiated a stock buyback program on Wednesday, May 10th that permits the company to repurchase $300.00 million in shares. This repurchase authorization permits the financial services provider to reacquire up to 8.3% of its shares through open market purchases. Shares repurchase programs are typically an indication that the company’s board of directors believes its shares are undervalued.
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A number of equities research analysts recently issued reports on the stock. Zacks Investment Research upgraded shares of CNO Financial Group from a “sell” rating to a “hold” rating in a report on Wednesday, July 12th. BidaskClub upgraded shares of CNO Financial Group from a “hold” rating to a “buy” rating in a report on Wednesday, July 5th. ValuEngine upgraded shares of CNO Financial Group from a “hold” rating to a “buy” rating in a report on Tuesday, June 27th. FBR & Co restated an “outperform” rating and issued a $23.00 target price on shares of CNO Financial Group in a report on Wednesday, May 31st. Finally, Wells Fargo & Company restated a “hold” rating on shares of CNO Financial Group in a report on Monday, June 5th. Nine investment analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $19.63.
CNO Financial Group Company Profile
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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