Louisiana State Employees Retirement System Invests $1.12 Million in CNO Financial Group, Inc. $CNO

Key Points

• Louisiana State Employees Retirement System initiated a new position in CNO Financial Group during the first quarter, buying 27,400 shares valued at about $1.12 million.
• Insider selling has been notable, with CEO Gary C. Bhojwani and CMO Rocco F. Tarasi III both selling shares in recent weeks; insiders have sold 95,106 shares worth nearly $4.88 million over the past three months.
• CNO Financial Group raised its quarterly dividend to $0.18 per share from $0.17, and the stock was trading near its 12-month high at $52.35 with analysts maintaining a Moderate Buy consensus.

Louisiana State Employees Retirement System bought a new stake in shares of CNO Financial Group, Inc. (NYSE:CNO - Free Report) during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund bought 27,400 shares of the financial services provider's stock, valued at approximately $1,125,000.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Royal Bank of Canada boosted its holdings in CNO Financial Group by 29.5% in the first quarter. Royal Bank of Canada now owns 176,059 shares of the financial services provider's stock valued at $7,332,000 after acquiring an additional 40,054 shares in the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in shares of CNO Financial Group by 1.3% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,757 shares of the financial services provider's stock worth $2,531,000 after purchasing an additional 797 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of CNO Financial Group by 5.8% in the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 376,747 shares of the financial services provider's stock worth $15,692,000 after purchasing an additional 20,728 shares during the period. Jane Street Group LLC boosted its stake in shares of CNO Financial Group by 146.4% during the 1st quarter. Jane Street Group LLC now owns 149,159 shares of the financial services provider's stock valued at $6,212,000 after purchasing an additional 88,619 shares in the last quarter. Finally, Geneos Wealth Management Inc. boosted its stake in shares of 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 valued at $60,000 after purchasing an additional 1,243 shares in the last quarter. Institutional investors own 95.43% of the company's stock.

Insider Activity

In related news, CEO Gary C. Bhojwani sold 86,048 shares of the business'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 sale, the chief executive officer owned 174,264 shares of the company's stock, valued at $8,971,110.72. The trade was a 33.06% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 company's stock in a transaction dated Thursday, June 11th. The stock was sold at an average price of $50.00, for a total transaction of $287,500.00. Following the completion of the sale, the chief marketing officer owned 79,191 shares in the company, valued at approximately $3,959,550. This trade represents a 6.77% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 95,106 shares of company stock worth $4,879,343 in the last three months. 3.44% of the stock is currently owned by insiders.

CNO Financial Group Stock Performance

Shares of CNO stock opened at $52.35 on Friday. CNO Financial Group, Inc. has a 12 month low of $35.24 and a 12 month high of $53.03. The stock has a market cap of $4.89 billion, a PE ratio of 21.03 and a beta of 0.81. 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 company's fifty day moving average price is $48.12 and its 200-day moving average price is $44.22.

CNO Financial Group Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 24th. Investors of record on Wednesday, June 10th were given a dividend of $0.18 per share. This is an increase from CNO Financial Group's previous quarterly dividend of $0.17. The ex-dividend date of this dividend was Wednesday, June 10th. This represents a $0.72 dividend on an annualized basis and a yield of 1.4%. CNO Financial Group's dividend payout ratio is 28.92%.

Analysts Set New Price Targets

A number of research firms recently issued reports on CNO. Evercore set a $48.00 price target on shares of CNO Financial Group and gave the stock an "in-line" rating in a research note on Monday, June 1st. Keefe, Bruyette & Woods lifted their price objective on CNO Financial Group from $46.00 to $50.00 and gave the company a "market perform" rating in a research report on Tuesday, May 5th. Wall Street Zen downgraded CNO Financial Group from a "buy" rating to a "hold" rating in a report on Saturday, March 28th. Finally, Weiss Ratings reissued a "buy (b)" rating on shares of CNO Financial Group in a research report on Monday, April 20th. Three equities research analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $48.75.

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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