Zacks Investment Research upgraded shares of CNO Financial Group, Inc. (NYSE:CNO) from a sell rating to a hold rating in a report published on Wednesday, July 12th.
According to Zacks, “CNO Financial’s investment in technological innovations in terms of product line upgrades has helped the company to build a strong position in the market. In addition, the company is strategizing for the reduction of long-term care exposure via run-off of existing non-performing businesses, reinsurance and increasing focus on growth of other potential business lines. Strongcapital management supported long term growth as well.The stock gained 9% compared with 6% gain by the Zacks categorized Multi-line insurance industry, year to date. However, the company’s low market share in some product lines poses the risk of limiting business opportunities going forward. Also, suspension of its share buyback plan for this year might have affected bottom line. The company’s margin is heavily affected by its high level of debt that increased financial risk as well as borrowing cost. Moreover, pricing challenges in the long-term care bothers.”
CNO has been the subject of several other reports. FBR & Co reissued an outperform rating and set a $23.00 target price on shares of CNO Financial Group in a research note on Wednesday, May 31st. BidaskClub raised CNO Financial Group from a hold rating to a buy rating in a research report on Wednesday, July 5th. Keefe, Bruyette & Woods set a $22.00 price objective on CNO Financial Group and gave the stock a hold rating in a research report on Friday, March 17th. Wells Fargo & Company reissued a hold rating on shares of CNO Financial Group in a report on Tuesday, June 20th. Finally, ValuEngine raised CNO Financial Group from a hold rating to a buy rating in a report on Tuesday, June 27th. Six investment analysts have rated the stock with a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. The company has an average rating of Buy and a consensus target price of $21.33.
Shares of CNO Financial Group (CNO) traded up 0.51% on Wednesday, reaching $23.70. 1,316,097 shares of the company’s stock were exchanged. CNO Financial Group has a one year low of $14.30 and a one year high of $23.95. The firm has a market cap of $4.01 billion, a PE ratio of 10.36 and a beta of 1.22. The company has a 50 day moving average price of $21.32 and a 200 day moving average price of $20.67.
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CNO Financial Group declared that its Board of Directors has initiated a share repurchase program on Wednesday, May 10th that allows the company to buyback $300.00 million in shares. This buyback authorization allows the financial services provider to repurchase up to 8.3% of its shares through open market purchases. Shares buyback programs are often an indication that the company’s management believes its stock is undervalued.
Several institutional investors have recently modified their holdings of the company. Ameriprise Financial Inc. increased its position in shares of CNO Financial Group by 7.2% in the first quarter. Ameriprise Financial Inc. now owns 3,314,516 shares of the financial services provider’s stock worth $67,935,000 after buying an additional 223,682 shares during the period. Capstone Asset Management Co. increased its position in shares of CNO Financial Group by 2.0% in the first quarter. Capstone Asset Management Co. now owns 24,558 shares of the financial services provider’s stock worth $503,000 after buying an additional 480 shares during the period. Bank of Montreal Can increased its position in shares of CNO Financial Group by 50.8% in the first quarter. Bank of Montreal Can now owns 189,886 shares of the financial services provider’s stock worth $3,893,000 after buying an additional 63,972 shares during the period. Staley Capital Advisers Inc. increased its position in shares of CNO Financial Group by 76.8% in the first quarter. Staley Capital Advisers Inc. now owns 23,335 shares of the financial services provider’s stock worth $478,000 after buying an additional 10,135 shares during the period. Finally, LSV Asset Management increased its position in shares of CNO Financial Group by 25.4% in the first quarter. LSV Asset Management now owns 4,338,908 shares of the financial services provider’s stock worth $88,947,000 after buying an additional 878,522 shares during the period. 96.67% of the stock is owned by institutional investors and hedge funds.
About CNO Financial Group
CNO Financial Group, Inc is a holding company for a group of insurance companies operating throughout the United States that develops, markets and administers health insurance, annuity, individual life insurance and other insurance products. The Company’s segments include Bankers Life, Washington National and Colonial Penn.
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