CNO Financial Group, Inc. $CNO Shares Sold by Royal Bank of Canada

Key Points

• Royal Bank of Canada reduced its CNO Financial Group stake by 32.6% in the first quarter, selling 46,387 shares and retaining 95,910 shares. Institutional investors collectively own 95.43% of the company.
• CNO reported quarterly EPS of $1.26, beating estimates of $0.97, while revenue rose 11.6% year over year to $1.29 billion. Shares opened at $55.23, near their 12-month high of $57.59.
• CNO declared a quarterly dividend of $0.18 per share, equivalent to $0.72 annually and a 1.3% yield. Analysts’ consensus rating remains “Hold,” with an average price target of $52.50.

Royal Bank of Canada trimmed its holdings in CNO Financial Group, Inc. (NYSE:CNO - Free Report) by 32.6% in the first quarter, according to its most recent disclosure with the SEC. The fund owned 95,910 shares of the financial services provider's stock after selling 46,387 shares during the period. Royal Bank of Canada owned 0.10% of CNO Financial Group worth $3,939,000 at the end of the most recent reporting period.

Several other hedge funds have also made changes to their positions in the business. Bessemer Group Inc. grew its holdings in shares of CNO Financial Group by 75.4% during the first quarter. Bessemer Group Inc. now owns 1,133 shares of the financial services provider's stock worth $46,000 after buying an additional 487 shares during the last quarter. EverSource Wealth Advisors LLC raised its stake in CNO Financial Group by 123.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,176 shares of the financial services provider's stock valued at $45,000 after acquiring an additional 649 shares during the last quarter. Osaic Holdings Inc. raised its stake in CNO Financial Group by 39.2% during the 2nd quarter. Osaic Holdings Inc. now owns 1,194 shares of the financial services provider's stock valued at $46,000 after acquiring an additional 336 shares during the last quarter. Geneos Wealth Management Inc. lifted 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 period. Finally, First Horizon Corp lifted its position 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 worth $76,000 after acquiring an additional 978 shares during the period. Institutional investors and hedge funds own 95.43% of the company's stock.

CNO Financial Group Trading Up 0.7%

Shares of CNO Financial Group stock opened at $55.23 on Friday. CNO Financial Group, Inc. has a 12-month low of $37.36 and a 12-month high of $57.59. 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 stock has a market cap of $5.11 billion, a PE ratio of 18.98 and a beta of 0.81. The company has a 50-day moving average of $52.66 and a two-hundred day moving average of $46.54.

CNO Financial Group (NYSE:CNO - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The financial services provider reported $1.26 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.97 by $0.29. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $999.45 million. CNO Financial Group had a net margin of 6.02% and a return on equity of 18.76%. The company's revenue for the quarter was up 11.6% on a year-over-year basis. During the same period last year, the firm earned $0.87 EPS. On average, research analysts anticipate that CNO Financial Group, Inc. will post 4.74 EPS for the current fiscal year.

CNO Financial Group Dividend Announcement

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

Insiders Place Their Bets

In other CNO Financial Group news, CMO Rocco F. Tarasi III sold 5,750 shares of the business'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 sale, the chief marketing officer directly owned 79,191 shares in the company, valued at approximately $3,959,550. The trade was a 6.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed 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 the company's stock in a transaction 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 directly owned 174,264 shares in the company, valued at $8,971,110.72. This trade represents a 33.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last quarter, insiders have sold 95,106 shares of company stock worth $4,879,343. 3.44% of the stock is owned by company insiders.

Wall Street Analyst Weigh In

Several analysts have recently commented on the company. Weiss Ratings raised CNO Financial Group from a "buy (b)" rating to a "buy (b+)" rating in a report on Tuesday. 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. 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 downgraded CNO Financial Group from a "buy" rating to a "hold" rating and raised their target price for the company from $53.00 to $55.00 in a report on Friday, July 10th. Finally, Wall Street Zen upgraded shares of CNO Financial Group from a "hold" rating to a "buy" rating in a research report on Saturday, August 8th. Two research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $52.50.

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.

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