CNO Financial Group, Inc. (CNO) Stake Reduced by World Asset Management Inc
World Asset Management Inc reduced its position in CNO Financial Group, Inc. (NYSE:CNO) by 1.4% during the second quarter, Holdings Channel reports. The firm owned 12,272 shares of the financial services provider’s stock after selling 176 shares during the period. World Asset Management Inc’s holdings in CNO Financial Group were worth $256,000 at the end of the most recent reporting period.
Other hedge funds have also recently bought and sold shares of the company. Envestnet Asset Management Inc. raised 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 during the period. Teza Capital Management LLC purchased a new stake in CNO Financial Group during the first quarter worth $219,000. Laurion Capital Management LP purchased a new stake in CNO Financial Group during the first quarter worth $242,000. New York State Teachers Retirement System raised 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 during the period. Finally, Oakbrook Investments LLC raised its stake in CNO Financial Group by 1.6% in the second quarter. Oakbrook Investments LLC now owns 12,700 shares of the financial services provider’s stock worth $265,000 after buying an additional 200 shares during the period. 97.08% of the stock is currently owned by institutional investors.
CNO Financial Group, Inc. (CNO) opened at 22.51 on Friday. CNO Financial Group, Inc. has a 52 week low of $14.30 and a 52 week high of $23.95. The firm has a 50-day moving average of $22.14 and a 200-day moving average of $20.93. The company has a market capitalization of $3.80 billion, a P/E ratio of 9.84 and a beta of 1.22.
CNO Financial Group announced that its Board of Directors has authorized a stock repurchase program on Wednesday, May 10th that allows the company to buyback $300.00 million in outstanding shares. This buyback authorization allows the financial services provider to purchase up to 8.3% of its shares through open market purchases. Shares buyback programs are generally an indication that the company’s leadership believes its shares are undervalued.
The firm also recently announced a quarterly dividend, which will be paid on Monday, September 25th. Investors of record on Monday, September 11th will be paid a dividend of $0.09 per share. This represents a $0.36 annualized dividend and a yield of 1.60%. The ex-dividend date of this dividend is Friday, September 8th. CNO Financial Group’s payout ratio is currently 15.72%.
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CNO has been the topic of a number of research analyst reports. BidaskClub upgraded shares of CNO Financial Group from a “hold” rating to a “buy” rating in a research note on Friday, June 16th. ValuEngine upgraded shares of CNO Financial Group from a “hold” rating to a “buy” rating in a research note on Tuesday, June 27th. Zacks Investment Research upgraded shares of CNO Financial Group from a “hold” rating to a “buy” rating and set a $26.00 target price on the stock in a research note on Monday, August 7th. Wells Fargo & Company restated a “hold” rating on shares of CNO Financial Group in a research note on Tuesday, June 20th. Finally, FBR & Co restated an “outperform” rating and issued a $23.00 target price on shares of CNO Financial Group in a research note on Wednesday, May 31st. One research analyst has rated the stock with a sell rating, six have issued a hold rating, three have issued a buy rating and one has issued a strong buy rating to the company. The stock presently has a consensus rating of “Hold” and an average target price 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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