CNO Financial Group, Inc. (CNO) Shares Sold by Convergence Investment Partners LLC
Convergence Investment Partners LLC reduced its stake in shares of CNO Financial Group, Inc. (NYSE:CNO) by 65.0% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 55,847 shares of the financial services provider’s stock after selling 103,813 shares during the period. Convergence Investment Partners LLC’s holdings in CNO Financial Group were worth $1,166,000 at the end of the most recent reporting period.
Other institutional investors have also made changes to their positions in the company. Envestnet Asset Management Inc. increased its stake in CNO Financial Group by 1,250.7% in the first quarter. Envestnet Asset Management Inc. now owns 9,036 shares of the financial services provider’s stock worth $185,000 after buying an additional 8,367 shares in the last quarter. Trexquant Investment LP purchased a new stake in CNO Financial Group during the second quarter worth approximately $202,000. Teza Capital Management LLC purchased a new stake in CNO Financial Group during the first quarter worth approximately $219,000. Laurion Capital Management LP purchased a new stake in CNO Financial Group during the first quarter worth approximately $242,000. Finally, New York State Teachers Retirement System increased its stake in CNO Financial Group by 197.6% in the first quarter. New York State Teachers Retirement System now owns 12,200 shares of the financial services provider’s stock worth $250,000 after buying an additional 8,100 shares in the last quarter. Institutional investors and hedge funds own 97.08% of the company’s stock.
Shares of CNO Financial Group, Inc. (CNO) opened at 23.18 on Wednesday. The stock has a market capitalization of $3.92 billion, a P/E ratio of 10.14 and a beta of 1.22. The company has a 50 day moving average price of $22.01 and a 200-day moving average price of $20.91. CNO Financial Group, Inc. has a 52-week low of $14.30 and a 52-week high of $23.95.
CNO Financial Group announced that its board has initiated a stock buyback program on Wednesday, May 10th that permits the company to repurchase $300.00 million in outstanding shares. This repurchase authorization permits the financial services provider to repurchase up to 8.3% of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s management believes its stock is undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Monday, September 11th will be issued a $0.09 dividend. This represents a $0.36 annualized dividend and a yield of 1.55%. The ex-dividend date of this dividend is Friday, September 8th. CNO Financial Group’s payout ratio is 15.72%.
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A number of equities research analysts recently commented on CNO shares. Zacks Investment Research downgraded CNO Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday, July 4th. ValuEngine upgraded CNO Financial Group from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Morgan Stanley downgraded CNO Financial Group from an “equal weight” rating to an “underweight” rating and set a $21.00 target price on the stock. in a research report on Monday. They noted that the move was a valuation call. Wells Fargo & Company reiterated a “hold” rating on shares of CNO Financial Group in a research report on Monday, June 5th. Finally, BidaskClub upgraded CNO Financial Group from a “hold” rating to a “buy” rating in a research report on Friday, June 16th. One research analyst has rated the stock with a sell rating, six have assigned a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. CNO Financial Group has a consensus rating of “Hold” and a consensus price target of $21.29.
CNO Financial Group Company Profile
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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