Jennison Associates LLC Sells 25,033 Shares of CNO Financial Group, Inc. $CNO

Key Points

• Jennison Associates LLC reduced its stake in CNO Financial Group by 45.1% in the first quarter, selling 25,033 shares and leaving it with 30,469 shares worth about $1.25 million.
• Wall Street’s view on CNO is mixed: recent analyst actions included rating downgrades and target-price increases, with the stock currently carrying a consensus Hold rating and a $51.50 average price target.
• CNO recently raised its quarterly dividend to $0.18 per share from $0.17, while insiders have also been selling shares, including CEO Gary C. Bhojwani’s large sale under a pre-arranged trading plan.

Jennison Associates LLC cut its position in shares of CNO Financial Group, Inc. (NYSE:CNO - Free Report) by 45.1% during the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 30,469 shares of the financial services provider's stock after selling 25,033 shares during the quarter. Jennison Associates LLC's holdings in CNO Financial Group were worth $1,251,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Richardson Financial Services Inc. bought a new position in shares of CNO Financial Group during the 4th quarter worth approximately $37,000. EverSource Wealth Advisors LLC grew its holdings in shares of CNO Financial Group by 123.1% in the second 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 in the last quarter. Bessemer Group Inc. grew its holdings in shares of CNO Financial Group by 75.4% in the first quarter. Bessemer Group Inc. now owns 1,133 shares of the financial services provider's stock valued at $46,000 after acquiring an additional 487 shares in the last quarter. Osaic Holdings Inc. increased its position 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 valued at $46,000 after acquiring an additional 336 shares during the last quarter. Finally, Geneos Wealth Management Inc. increased its position 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 valued at $60,000 after acquiring an additional 1,243 shares during the last quarter. 95.43% of the stock is owned by institutional investors.

Analysts Set New Price Targets

CNO has been the topic of a number of recent analyst reports. Jefferies Financial Group lowered CNO Financial Group from a "buy" rating to a "hold" rating and lifted their price target for the stock from $53.00 to $55.00 in a report on Friday, July 10th. Weiss Ratings reaffirmed a "buy (b)" rating on shares of CNO Financial Group in a research report on Friday, July 17th. Evercore set a $48.00 target price on CNO Financial Group and gave the company an "in-line" rating in a research report on Monday, June 1st. Wall Street Zen cut CNO Financial Group from a "buy" rating to a "hold" rating in a research note on Saturday, March 28th. Finally, Keefe, Bruyette & Woods boosted their price target on shares of CNO Financial Group from $50.00 to $53.00 and gave the stock a "market perform" rating in a report on Monday, July 13th. Two investment analysts have rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, CNO Financial Group currently has a consensus rating of "Hold" and a consensus price target of $51.50.

CNO Financial Group Trading Up 0.0%

NYSE:CNO opened at $53.03 on Thursday. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 1.61. The stock has a market capitalization of $4.95 billion, a PE ratio of 21.30 and a beta of 0.81. The firm's 50 day moving average is $50.11 and its 200 day moving average is $45.11. CNO Financial Group, Inc. has a 12 month low of $35.24 and a 12 month high of $54.09.

CNO Financial Group Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 10th were paid a $0.18 dividend. The ex-dividend date was Wednesday, June 10th. This is a boost from CNO Financial Group's previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a dividend yield of 1.4%. CNO Financial Group's dividend payout ratio is presently 28.92%.

Insider Buying and Selling at CNO Financial Group

In other news, CEO Gary C. Bhojwani sold 86,048 shares of the stock in a transaction on Tuesday, June 30th. The stock was 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 in the company, valued at approximately $8,971,110.72. This represents a 33.06% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Rocco F. Tarasi III sold 5,750 shares of CNO Financial Group stock in a transaction dated Thursday, June 11th. The stock was 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 directly owned 79,191 shares of the company's stock, valued at approximately $3,959,550. This trade represents a 6.77% decrease in their position. 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. Over the last 90 days, insiders sold 95,106 shares of company stock worth $4,879,343. Corporate insiders own 3.44% of the company's stock.

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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