CNO Financial Group (NYSE:CNO) Price Target Raised to $57.00 at Keefe, Bruyette & Woods

Key Points

• Keefe, Bruyette & Woods raised CNO Financial Group’s price target to $57 from $53 while maintaining a “market perform” rating, implying just 1.21% upside from the prior close. Analysts overall have a “Hold” consensus with an average target of $52.50.
• CNO reported strong quarterly results, posting EPS of $1.26 versus the $0.97 consensus estimate and revenue of $1.29 billion, up 11.6% year over year.
• The stock traded near its 12-month high at $56.32, while insiders sold 95,106 shares worth approximately $4.88 million over the past three months; institutional investors own 95.43% of the company.

CNO Financial Group (NYSE:CNO - Get Free Report) had its price target increased by investment analysts at Keefe, Bruyette & Woods from $53.00 to $57.00 in a note issued to investors on Monday,Benzinga reports. The brokerage presently has a "market perform" rating on the financial services provider's stock. Keefe, Bruyette & Woods' price target would indicate a potential upside of 1.21% from the stock's previous close.

CNO has been the topic of several other research reports. Weiss Ratings restated a "buy (b)" rating on shares of CNO Financial Group in a research report on Friday, July 17th. Jefferies Financial Group cut CNO Financial Group from a "buy" rating to a "hold" rating and increased their price objective for the stock from $53.00 to $55.00 in a research report on Friday, July 10th. Finally, Evercore set a $48.00 target price on CNO Financial Group and gave the company an "in-line" rating in a research note on Monday, June 1st. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company's stock. According to data from MarketBeat.com, CNO Financial Group currently has an average rating of "Hold" and an average target price of $52.50.

CNO Financial Group Stock Performance

CNO Financial Group stock traded up $1.23 during midday trading on Monday, hitting $56.32. 211,669 shares of the company's stock were exchanged, compared to its average volume of 714,271. The company has a debt-to-equity ratio of 1.65, a quick ratio of 0.17 and a current ratio of 0.17. The stock has a market cap of $5.26 billion, a price-to-earnings ratio of 19.35 and a beta of 0.81. CNO Financial Group has a 12-month low of $35.53 and a 12-month high of $57.59. The firm's 50 day simple moving average is $50.98 and its 200 day simple moving average is $45.62.

CNO Financial Group (NYSE:CNO - Get Free Report) last announced its earnings results on Thursday, July 30th. The financial services provider reported $1.26 EPS for the quarter, beating analysts' consensus estimates of $0.97 by $0.29. CNO Financial Group had a net margin of 6.02% and a return on equity of 18.76%. The business had revenue of $1.29 billion during the quarter, compared to analysts' expectations of $999.45 million. During the same period in the prior year, the company earned $0.87 earnings per share. The business's revenue was up 11.6% compared to the same quarter last year. Equities research analysts predict that CNO Financial Group will post 4.43 EPS for the current year.

Insider Activity at CNO Financial Group

In related news, CMO Rocco F. Tarasi III sold 5,750 shares of CNO Financial Group stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $50.00, for a total value of $287,500.00. Following the sale, the chief marketing officer directly owned 79,191 shares in the company, valued at $3,959,550. The trade was a 6.77% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary C. Bhojwani sold 86,048 shares of CNO Financial Group stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $51.48, for a total value of $4,429,751.04. Following the completion of the sale, the chief executive officer owned 174,264 shares in the company, valued at approximately $8,971,110.72. This trade represents a 33.06% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 95,106 shares of company stock valued at $4,879,343 over the last three months. Insiders own 3.44% of the company's stock.

Hedge Funds Weigh In On CNO Financial Group

A number of large investors have recently made changes to their positions in CNO. Osaic Holdings Inc. raised its holdings in CNO Financial Group by 39.2% during the second quarter. Osaic Holdings Inc. now owns 1,194 shares of the financial services provider's stock worth $46,000 after purchasing an additional 336 shares during the last quarter. Signaturefd LLC lifted its stake in CNO Financial Group by 18.7% in the 4th quarter. Signaturefd LLC now owns 2,217 shares of the financial services provider's stock valued at $94,000 after buying an additional 349 shares in the last quarter. Fifth Third Bancorp lifted its stake in CNO Financial Group by 25.0% in the 4th quarter. Fifth Third Bancorp now owns 1,888 shares of the financial services provider's stock valued at $80,000 after buying an additional 377 shares in the last quarter. Greenleaf Trust increased its position in CNO Financial Group by 2.5% during the fourth quarter. Greenleaf Trust now owns 15,529 shares of the financial services provider's stock worth $660,000 after buying an additional 384 shares in the last quarter. Finally, Oregon Public Employees Retirement Fund raised its holdings in shares of CNO Financial Group by 2.1% in the first quarter. Oregon Public Employees Retirement Fund now owns 19,408 shares of the financial services provider's stock worth $797,000 after acquiring an additional 400 shares during the last quarter. Hedge funds and other institutional investors own 95.43% of the company's stock.

About CNO Financial Group

CNO Financial Group is an Indiana‐based holding company that offers a range of insurance and retirement solutions through its operating subsidiaries. Its primary business activities include life insurance, annuities, and supplemental health insurance products designed to help individuals plan for retirement and manage health‐related expenses. The company serves middle‐income Americans, with particular emphasis on senior customers seeking guaranteed coverage and reliable income streams.

Originally founded as Conseco in 1979, the company underwent a financial restructuring and rebranded as CNO Financial Group in 2010.

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