Bank of America Corp DE Acquires 57,804 Shares of CNO Financial Group, Inc. $CNO

Key Points

• Bank of America increased its CNO Financial Group stake by 6.2%, acquiring 57,804 shares and bringing its holdings to 988,063 shares worth approximately $40.6 million. Institutional investors collectively own 95.43% of CNO.
• CNO reported strong quarterly results, with earnings of $1.26 per share versus the $0.97 consensus estimate and revenue of $1.29 billion, up 11.6% year over year.
• The company declared a quarterly dividend of $0.18, equivalent to an annualized $0.72 payout and a 1.3% yield. Analysts maintain a consensus “Hold” rating with a $52.50 price target, below the stock’s $54.81 opening price.

Bank of America Corp DE lifted its holdings in shares of CNO Financial Group, Inc. (NYSE:CNO - Free Report) by 6.2% during the first quarter, according to its most recent disclosure with the SEC. The fund owned 988,063 shares of the financial services provider's stock after acquiring an additional 57,804 shares during the period. Bank of America Corp DE owned approximately 1.06% of CNO Financial Group worth $40,570,000 at the end of the most recent quarter.

A number of other hedge funds have also bought and sold shares of the stock. EverSource Wealth Advisors LLC raised its stake in CNO Financial Group by 123.1% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,176 shares of the financial services provider's stock worth $45,000 after acquiring an additional 649 shares during the last quarter. Bessemer Group Inc. boosted its stake in CNO Financial Group by 75.4% during the 1st quarter. Bessemer Group Inc. now owns 1,133 shares of the financial services provider's stock worth $46,000 after purchasing an additional 487 shares during the last quarter. Osaic Holdings Inc. grew its holdings in shares of 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 buying an additional 336 shares in the last quarter. Geneos Wealth Management Inc. grew its holdings in shares of CNO Financial Group by 637.4% during the first quarter. Geneos Wealth Management Inc. now owns 1,438 shares of the financial services provider's stock worth $60,000 after buying an additional 1,243 shares in the last quarter. Finally, First Horizon Corp grew its stake in CNO Financial Group by 119.7% during the 4th quarter. First Horizon Corp now owns 1,795 shares of the financial services provider's stock valued at $76,000 after acquiring an additional 978 shares in the last quarter. Institutional investors and hedge funds own 95.43% of the company's stock.

CNO Financial Group Price Performance

Shares of NYSE CNO opened at $54.81 on Friday. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $5.07 billion, a price-to-earnings ratio of 18.83 and a beta of 0.81. CNO Financial Group, Inc. has a twelve month low of $37.36 and a twelve month high of $57.59. The firm has a 50-day moving average of $52.51 and a two-hundred day moving average of $46.48.

CNO Financial Group (NYSE:CNO - Get Free Report) last released its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.26 earnings per share 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 for the quarter, compared to the consensus estimate of $999.45 million. During the same quarter last year, the firm earned $0.87 EPS. CNO Financial Group's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, analysts expect that CNO Financial Group, Inc. will post 4.74 earnings per share for the current fiscal year.

CNO Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a $0.18 dividend. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date of this dividend is Thursday, September 10th. CNO Financial Group's payout ratio is currently 24.74%.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on CNO. Weiss Ratings raised CNO Financial Group from a "buy (b)" rating to a "buy (b+)" rating in a research note on Tuesday. Evercore set a $48.00 price objective on CNO Financial Group and gave the stock an "in-line" rating in a research report on Monday, June 1st. Jefferies Financial Group lowered shares of CNO Financial Group from a "buy" rating to a "hold" rating and boosted their target price for the stock from $53.00 to $55.00 in a research report on Friday, July 10th. Wall Street Zen raised shares of CNO Financial Group from a "hold" rating to a "buy" rating in a research note on Saturday, August 8th. Finally, Keefe, Bruyette & Woods upped their price objective on CNO Financial Group from $53.00 to $57.00 and gave the stock a "market perform" rating in a report on Monday, August 3rd. Two investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $52.50.

Insider Activity at CNO Financial Group

In other CNO Financial Group news, CMO Rocco F. Tarasi III sold 5,750 shares of the company's stock in a transaction on Thursday, June 11th. The stock was sold at an average price of $50.00, for a total transaction of $287,500.00. Following the transaction, the chief marketing officer owned 79,191 shares of the company's stock, valued at approximately $3,959,550. This represents a 6.77% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary C. Bhojwani sold 86,048 shares of the company's stock in a transaction dated Tuesday, June 30th. The shares were sold at an average price of $51.48, for a total transaction of $4,429,751.04. Following the transaction, the chief executive officer owned 174,264 shares in the company, valued at approximately $8,971,110.72. The trade was 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 in the last 90 days. 3.44% of the stock is currently owned by corporate insiders.

CNO Financial Group Profile

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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