Pzena Investment Management LLC Reduces Stake in CNO Financial Group, Inc. (NYSE:CNO)

Pzena Investment Management LLC cut its holdings in CNO Financial Group, Inc. (NYSE:CNO - Free Report) by 19.3% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,564,793 shares of the financial services provider's stock after selling 614,593 shares during the quarter. Pzena Investment Management LLC owned 2.56% of CNO Financial Group worth $106,824,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Mariner LLC boosted its stake in CNO Financial Group by 6.7% during the fourth quarter. Mariner LLC now owns 6,116 shares of the financial services provider's stock worth $228,000 after buying an additional 385 shares during the last quarter. HighTower Advisors LLC boosted its stake in CNO Financial Group by 5.3% during the fourth quarter. HighTower Advisors LLC now owns 7,873 shares of the financial services provider's stock worth $293,000 after buying an additional 394 shares during the last quarter. Corient Private Wealth LLC boosted its stake in CNO Financial Group by 2.6% during the fourth quarter. Corient Private Wealth LLC now owns 15,634 shares of the financial services provider's stock worth $582,000 after buying an additional 400 shares during the last quarter. Blue Trust Inc. lifted its stake in shares of CNO Financial Group by 10.4% in the 1st quarter. Blue Trust Inc. now owns 4,804 shares of the financial services provider's stock valued at $200,000 after purchasing an additional 451 shares during the last quarter. Finally, UMB Bank n.a. lifted its stake in shares of CNO Financial Group by 89.7% in the 1st quarter. UMB Bank n.a. now owns 1,009 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 477 shares during the last quarter. 95.43% of the stock is currently owned by hedge funds and other institutional investors.

CNO Financial Group Trading Up 2.5%

Shares of CNO Financial Group stock traded up $0.92 during trading hours on Thursday, hitting $37.61. The company's stock had a trading volume of 930,185 shares, compared to its average volume of 707,330. CNO Financial Group, Inc. has a twelve month low of $29.52 and a twelve month high of $43.20. The firm has a fifty day moving average of $37.76 and a 200-day moving average of $38.78. The stock has a market cap of $3.73 billion, a price-to-earnings ratio of 13.15 and a beta of 0.87. The company has a debt-to-equity ratio of 1.59, a quick ratio of 0.18 and a current ratio of 0.18.

CNO Financial Group (NYSE:CNO - Get Free Report) last posted its quarterly earnings data on Monday, April 28th. The financial services provider reported $0.79 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.79. The firm had revenue of $1 billion for the quarter, compared to the consensus estimate of $975.80 million. CNO Financial Group had a return on equity of 17.86% and a net margin of 7.11%. The company's quarterly revenue was down 13.2% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.52 EPS. Research analysts forecast that CNO Financial Group, Inc. will post 3.83 EPS for the current year.

CNO Financial Group Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, June 24th. Investors of record on Tuesday, June 10th were issued a $0.17 dividend. This represents a $0.68 annualized dividend and a dividend yield of 1.81%. The ex-dividend date was Tuesday, June 10th. This is an increase from CNO Financial Group's previous quarterly dividend of $0.16. CNO Financial Group's payout ratio is currently 23.78%.

Analyst Upgrades and Downgrades

Separately, Piper Sandler upped their price target on CNO Financial Group from $46.00 to $49.00 and gave the company an "overweight" rating in a research note on Wednesday, April 2nd. One investment analyst has rated the stock with a sell rating, three have assigned a hold rating and two have issued a buy rating to the company. According to data from MarketBeat, CNO Financial Group currently has a consensus rating of "Hold" and a consensus target price of $41.00.

Insider Activity

In related news, insider Michael E. Mead sold 12,581 shares of the business's stock in a transaction on Monday, July 7th. The stock was sold at an average price of $37.97, for a total value of $477,700.57. Following the sale, the insider owned 15,729 shares in the company, valued at approximately $597,230.13. The trade was a 44.44% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 3.00% of the company's stock.

CNO Financial Group Profile

CNO Financial Group, Inc, through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, insurance products, and financial services for senior and middle-income markets in the United States. It offers Medicare supplement, supplemental health, and long-term care insurance policies; life insurance; and annuities, as well as Medicare advantage plans to individuals through phone, online, mail, and face-to-face.