CNO Financial Group (NYSE:CNO) Posts Quarterly Earnings Results, Beats Expectations By $0.27 EPS

CNO Financial Group (NYSE:CNO) issued its quarterly earnings results on Thursday. The financial services provider reported $1.26 earnings per share for the quarter, topping the consensus estimate of $0.99 by $0.27, FiscalAI reports. CNO Financial Group had a return on equity of 17.65% and a net margin of 5.44%.The firm had revenue of $1.29 billion for the quarter, compared to the consensus estimate of $999.45 million. During the same period in the prior year, the business posted $0.87 earnings per share. The company’s revenue for the quarter was up 11.6% on a year-over-year basis.

CNO Financial Group Stock Performance

Shares of NYSE CNO traded up $0.57 during trading hours on Thursday, reaching $53.52. The stock had a trading volume of 674,457 shares, compared to its average volume of 713,184. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 1.61. The firm has a market cap of $5.00 billion, a price-to-earnings ratio of 21.50 and a beta of 0.81. The firm has a 50-day moving average of $50.70 and a 200-day moving average of $45.46. CNO Financial Group has a fifty-two week low of $35.24 and a fifty-two week high of $54.09.

CNO Financial Group Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 24th. Shareholders of record on Wednesday, June 10th were paid a $0.18 dividend. This is a boost from CNO Financial Group’s previous quarterly dividend of $0.17. This represents a $0.72 annualized dividend and a yield of 1.3%. The ex-dividend date was Wednesday, June 10th. CNO Financial Group’s payout ratio is currently 28.92%.

Wall Street Analyst Weigh In

A number of equities research analysts recently commented on CNO shares. Keefe, Bruyette & Woods increased their target price on shares of CNO Financial Group from $50.00 to $53.00 and gave the company a “market perform” rating in a research report on Monday, July 13th. Evercore set a $48.00 price objective on shares of CNO Financial Group and gave the stock an “in-line” rating in a research note on Monday, June 1st. Weiss Ratings reaffirmed a “buy (b)” rating on shares of CNO Financial Group in a research note on Friday, July 17th. Finally, Jefferies Financial Group lowered CNO Financial Group from a “buy” rating to a “hold” rating and raised their price objective for the company from $53.00 to $55.00 in a report on Friday, July 10th. Two analysts have rated the stock with a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat, CNO Financial Group currently has an average rating of “Hold” and an average price target of $51.50.

Insider Transactions at CNO Financial Group

In other news, CMO Rocco F. Tarasi III sold 5,750 shares of the company’s stock in a transaction that occurred on Thursday, June 11th. The stock was sold at an average price of $50.00, for a total transaction of $287,500.00. Following the completion of the sale, the chief marketing officer owned 79,191 shares in the company, valued at $3,959,550. This 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 through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CEO Gary C. Bhojwani sold 86,048 shares of the firm’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 completion of the sale, the chief executive officer owned 174,264 shares of the company’s stock, valued at approximately $8,971,110.72. The trade was a 33.06% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last three months, insiders have sold 95,106 shares of company stock worth $4,879,343. Corporate insiders own 3.44% of the company’s stock.

Institutional Investors Weigh In On CNO Financial Group

A number of large investors have recently bought and sold shares of CNO. EverSource Wealth Advisors LLC increased its stake in CNO Financial Group by 123.1% during the second quarter. EverSource Wealth Advisors LLC now owns 1,176 shares of the financial services provider’s stock worth $45,000 after acquiring an additional 649 shares during the last quarter. Osaic Holdings Inc. raised its stake in CNO Financial Group by 39.2% during the second quarter. Osaic Holdings Inc. now owns 1,194 shares of the financial services provider’s stock valued at $46,000 after buying an additional 336 shares in the last quarter. Geneos Wealth Management Inc. raised its stake in 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 buying an additional 1,243 shares in the last quarter. Smartleaf Asset Management LLC lifted its holdings in CNO Financial Group by 248.2% during the 4th quarter. Smartleaf Asset Management LLC now owns 2,587 shares of the financial services provider’s stock worth $111,000 after buying an additional 1,844 shares during the last quarter. Finally, Kestra Advisory Services LLC bought a new position in CNO Financial Group during the 4th quarter worth approximately $139,000. Institutional investors and hedge funds own 95.43% of the company’s stock.

CNO Financial Group Company Profile

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.