CNO Financial Group (NYSE:CNO) CEO Sells 86,048 Shares of Stock

CNO Financial Group, Inc. (NYSE:CNO) CEO Gary Bhojwani sold 86,048 shares of the company’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 transaction, the chief executive officer directly owned 174,264 shares of the company’s stock, valued at approximately $8,971,110.72. This trade represents a 33.06% decrease in their ownership of the stock. The sale 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.

CNO Financial Group Stock Up 2.2%

Shares of NYSE:CNO opened at $52.08 on Thursday. The stock’s 50-day moving average is $47.77 and its 200 day moving average is $44.09. The company has a market cap of $4.86 billion, a PE ratio of 20.91 and a beta of 0.81. The company has a debt-to-equity ratio of 1.61, a current ratio of 0.17 and a quick ratio of 0.17. CNO Financial Group, Inc. has a 1 year low of $35.24 and a 1 year high of $53.03.

CNO Financial Group Increases Dividend

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

Hedge Funds Weigh In On CNO Financial Group

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Richardson Financial Services Inc. purchased a new stake in shares of CNO Financial Group in the 4th quarter worth about $37,000. EverSource Wealth Advisors LLC lifted its position in CNO Financial Group by 123.1% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,176 shares of the financial services provider’s stock valued at $45,000 after acquiring an additional 649 shares during the period. Bessemer Group Inc. boosted its stake in CNO Financial Group by 75.4% during the first quarter. Bessemer Group Inc. now owns 1,133 shares of the financial services provider’s stock worth $46,000 after acquiring an additional 487 shares in the last quarter. Osaic Holdings Inc. grew its holdings in CNO Financial Group by 39.2% in the second quarter. Osaic Holdings Inc. now owns 1,194 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 336 shares during the period. Finally, Geneos Wealth Management Inc. increased its stake in shares of CNO Financial Group by 637.4% during the first 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. Hedge funds and other institutional investors own 95.43% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages recently commented on CNO. Keefe, Bruyette & Woods raised their price target on CNO Financial Group from $46.00 to $50.00 and gave the stock a “market perform” rating in a research note on Tuesday, May 5th. Wall Street Zen lowered shares of CNO Financial Group from a “buy” rating to a “hold” rating in a report on Saturday, March 28th. Evercore set a $48.00 target price on shares of CNO Financial Group and gave the stock an “in-line” rating in a research report on Monday, June 1st. Finally, Weiss Ratings reiterated a “buy (b)” rating on shares of CNO Financial Group in a research report on Monday, April 20th. Three research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. Based on data from MarketBeat.com, CNO Financial Group presently has an average rating of “Moderate Buy” and an average price target 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.