CNO Financial Group (NYSE:CNO) Issues Quarterly Earnings Results, Beats Expectations By $0.02 EPS

Key Points

• CNO Financial Group reported $0.87 earnings per share (EPS) for the quarter, falling short of analysts' expectations of $0.88.
• The company has announced a quarterly dividend increase to $0.17, reflecting a positive change from the previous $0.16 and providing a yield of 1.81%.
• Large institutional investors have shown significant interest, with Geneos Wealth Management growing its position in CNO Financial Group by 637.4% during the first quarter.

CNO Financial Group (NYSE:CNO - Get Free Report) announced its earnings results on Monday. The financial services provider reported $0.87 EPS for the quarter, beating the consensus estimate of $0.85 by $0.02, Zacks reports. CNO Financial Group had a return on equity of 16.55% and a net margin of 6.41%. The business had revenue of $1.15 billion for the quarter, compared to the consensus estimate of $971.25 million. During the same period last year, the business posted $1.06 EPS.

CNO Financial Group Stock Down 1.5%

NYSE CNO traded down $0.55 on Wednesday, reaching $36.44. The stock had a trading volume of 661,472 shares, compared to its average volume of 712,584. The business has a 50 day moving average price of $37.58 and a 200 day moving average price of $38.82. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 1.59. CNO Financial Group has a 1 year low of $30.48 and a 1 year high of $43.20. The company has a market capitalization of $3.61 billion, a price-to-earnings ratio of 13.44 and a beta of 0.87.

CNO Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, June 24th. Stockholders of record on Tuesday, June 10th were issued a dividend of $0.17 per share. This is an increase from CNO Financial Group's previous quarterly dividend of $0.16. The ex-dividend date was Tuesday, June 10th. This represents a $0.68 dividend on an annualized basis and a dividend yield of 1.87%. CNO Financial Group's payout ratio is currently 23.78%.

Analyst Ratings Changes

Separately, Piper Sandler lifted their target price on CNO Financial Group from $46.00 to $49.00 and gave the stock an "overweight" rating in a research report on Wednesday, April 2nd. One research analyst has rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company's stock. According to MarketBeat.com, CNO Financial Group has an average rating of "Hold" and a consensus price target of $41.00.

Insider Buying and Selling

In other CNO Financial Group news, insider Michael E. Mead sold 12,581 shares of the business's stock in a transaction dated Monday, July 7th. The stock was sold at an average price of $37.97, for a total value of $477,700.57. Following the transaction, the insider owned 15,729 shares in the company, valued at $597,230.13. The trade was a 44.44% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 3.38% of the stock is owned by company insiders.

Institutional Trading of CNO Financial Group

Institutional investors and hedge funds have recently made changes to their positions in the stock. Acadian Asset Management LLC acquired a new position in shares of CNO Financial Group during the 1st quarter worth about $675,000. Geneos Wealth Management Inc. grew its position in CNO Financial Group by 637.4% during the 1st quarter. Geneos Wealth Management Inc. now owns 1,438 shares of the financial services provider's stock worth $60,000 after acquiring an additional 1,243 shares during the last quarter. Jane Street Group LLC increased its stake in shares of CNO Financial Group by 146.4% in the 1st quarter. Jane Street Group LLC now owns 149,159 shares of the financial services provider's stock valued at $6,212,000 after buying an additional 88,619 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in CNO Financial Group by 5.8% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 376,747 shares of the financial services provider's stock valued at $15,692,000 after purchasing an additional 20,728 shares during the period. Finally, MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its stake in shares of CNO Financial Group by 1.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,757 shares of the financial services provider's stock valued at $2,531,000 after purchasing an additional 797 shares during the period. Institutional investors and hedge funds own 95.43% of the company's stock.

About CNO Financial Group

CNO Financial Group, Inc, through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, insurance products, and financial services for senior and middle-income markets in the United States. It offers Medicare supplement, supplemental health, and long-term care insurance policies; life insurance; and annuities, as well as Medicare advantage plans to individuals through phone, online, mail, and face-to-face.