CNO Financial Group (NYSE:CNO) Hits New 52-Week High – Here’s What Happened

Shares of CNO Financial Group, Inc. (NYSE:CNO) reached a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $52.06 and last traded at $51.4270, with a volume of 597732 shares changing hands. The stock had previously closed at $50.83.

Analyst Ratings Changes

A number of research analysts have issued reports on CNO shares. Weiss Ratings restated a “buy (b)” rating on shares of CNO Financial Group in a research note on Monday, April 20th. Evercore set a $48.00 target price on CNO Financial Group and gave the stock an “in-line” rating in a research note on Monday, June 1st. Keefe, Bruyette & Woods lifted their price objective on shares of CNO Financial Group from $46.00 to $50.00 and gave the stock a “market perform” rating in a research report on Tuesday, May 5th. Finally, Wall Street Zen cut shares of CNO Financial Group from a “buy” rating to a “hold” rating in a research note on Saturday, March 28th. Three investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $48.75.

CNO Financial Group Price Performance

The firm has a 50 day moving average price of $46.51 and a two-hundred day moving average price of $43.51. The company has a market cap of $4.80 billion, a P/E ratio of 20.65 and a beta of 0.82. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.17 and a current ratio of 0.17.

CNO Financial Group Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 10th will be issued a dividend of $0.18 per share. This represents a $0.72 annualized dividend and a 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 is Wednesday, June 10th. CNO Financial Group’s payout ratio is currently 28.92%.

Insiders Place Their Bets

In other news, CMO Rocco F. Tarasi III sold 5,750 shares of CNO Financial Group stock in a transaction dated Thursday, June 11th. The shares were sold at an average price of $50.00, for a total value of $287,500.00. Following the completion of the transaction, the chief marketing officer owned 79,191 shares in the company, valued at $3,959,550. This trade represents a 6.77% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. 3.44% of the stock is owned by corporate insiders.

Institutional Trading of CNO Financial Group

A number of institutional investors have recently modified their holdings of CNO. Empowered Funds LLC bought a new position in CNO Financial Group in the 1st quarter worth approximately $570,000. Glenmede Trust Co. NA bought a new position in shares of CNO Financial Group in the first quarter worth $201,000. Cim Investment Management Inc. boosted its holdings in shares of CNO Financial Group by 18.8% in the first quarter. Cim Investment Management Inc. now owns 13,301 shares of the financial services provider’s stock worth $546,000 after acquiring an additional 2,109 shares during the period. Bank of America Corp DE grew its position in shares of CNO Financial Group by 6.2% in the first quarter. Bank of America Corp DE now owns 988,063 shares of the financial services provider’s stock valued at $40,570,000 after purchasing an additional 57,804 shares in the last quarter. Finally, Amundi grew its position in shares of CNO Financial Group by 69.0% in the first quarter. Amundi now owns 17,596 shares of the financial services provider’s stock valued at $722,000 after purchasing an additional 7,182 shares in the last quarter. 95.43% of the stock is currently owned by hedge funds and other institutional investors.

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.