BlackRock Inc. Makes New $682.43 Million Investment in CNO Financial Group, Inc. $CNO

Key Points

• BlackRock acquired 13.39 million CNO shares worth approximately $682.4 million, giving it an estimated 14.34% ownership stake. Institutional investors collectively own 95.43% of the company.
• CNO reported quarterly earnings of $1.26 per share, beating estimates of $0.97, while revenue rose 11.6% year over year to $1.29 billion. Analysts maintain a consensus “Hold” rating with a $52.50 price target.
• The company declared a quarterly dividend of $0.18 per share, equivalent to $0.72 annually and a 1.3% yield; meanwhile, insiders sold 95,106 shares worth roughly $4.9 million over the past three months.

BlackRock Inc. purchased a new position in shares of CNO Financial Group, Inc. (NYSE:CNO - Free Report) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 13,386,295 shares of the financial services provider's stock, valued at approximately $682,433,000. BlackRock Inc. owned approximately 14.34% of CNO Financial Group as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Louisiana State Employees Retirement System bought a new stake in shares of CNO Financial Group in the 1st quarter valued at about $1,125,000. Hsbc Holdings PLC lifted its stake in CNO Financial Group by 102.1% in the 4th quarter. Hsbc Holdings PLC now owns 45,025 shares of the financial services provider's stock valued at $1,914,000 after purchasing an additional 22,749 shares during the last quarter. Bank of America Corp DE grew its holdings in CNO Financial Group by 6.2% during the first quarter. Bank of America Corp DE now owns 988,063 shares of the financial services provider's stock worth $40,570,000 after purchasing an additional 57,804 shares during the period. Weiss Asset Management LP acquired a new position in CNO Financial Group during the first quarter worth approximately $1,141,000. Finally, Quantinno Capital Management LP increased its position in CNO Financial Group by 26.0% during the first quarter. Quantinno Capital Management LP now owns 219,598 shares of the financial services provider's stock worth $9,017,000 after buying an additional 45,248 shares during the last quarter. 95.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other news, CEO Gary C. Bhojwani sold 86,048 shares of the firm's stock in a transaction on 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 completion of the transaction, the chief executive officer owned 174,264 shares of the company's stock, valued at approximately $8,971,110.72. This trade represents a 33.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Rocco F. Tarasi III sold 5,750 shares of the stock in a transaction on Thursday, June 11th. The shares were sold at an average price of $50.00, for a total value of $287,500.00. Following the completion of the sale, the chief marketing officer owned 79,191 shares of the company's stock, valued at $3,959,550. The trade was a 6.77% 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 have sold a total of 95,106 shares of company stock worth $4,879,343 over the last three months. Insiders own 3.44% of the company's stock.

Wall Street Analysts Forecast Growth

CNO has been the subject of a number of research analyst reports. Wall Street Zen raised shares of CNO Financial Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Weiss Ratings upgraded CNO Financial Group from a "buy (b)" rating to a "buy (b+)" rating in a research report on Tuesday, August 11th. Keefe, Bruyette & Woods boosted their price target 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. Jefferies Financial Group lowered CNO Financial Group from a "buy" rating to a "hold" rating and raised their price objective for the company from $53.00 to $55.00 in a research note on Friday, July 10th. Finally, Evercore set a $48.00 target price on shares of CNO Financial Group and gave the stock an "in-line" rating in a report on Monday, June 1st. Two equities research analysts have rated the stock with a Buy rating and three have given a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Hold" and a consensus price target of $52.50.

CNO Financial Group Trading Down 0.2%

Shares of CNO stock opened at $53.40 on Monday. CNO Financial Group, Inc. has a twelve month low of $38.22 and a twelve month high of $57.59. The stock's fifty day simple moving average is $53.11 and its 200 day simple moving average is $47.01. The company has a quick ratio of 0.17, a current ratio of 0.17 and a debt-to-equity ratio of 1.65. The firm has a market capitalization of $4.94 billion, a P/E ratio of 18.35 and a beta of 0.81.

CNO Financial Group (NYSE:CNO - Get Free Report) last announced its quarterly 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 return on equity of 18.76% and a net margin of 6.02%.The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $999.45 million. During the same period last year, the firm posted $0.87 earnings per share. The business's revenue for the quarter was up 11.6% on a year-over-year basis. As a group, sell-side analysts predict that CNO Financial Group, Inc. will post 4.74 EPS for the current fiscal year.

CNO Financial Group Announces Dividend

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

CNO Financial Group Company 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.

Want to see what other hedge funds are holding CNO? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for CNO Financial Group, Inc. (NYSE:CNO - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.

Continue following MarketBeat

Add MarketBeat as your preferred source on Google to see our latest stories in your feed.

Add As Preferred Source