CNO Financial Group, Inc. (NYSE:CNO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report issued on Monday, August 7th. The firm currently has a $26.00 target price on the financial services provider’s stock. Zacks Investment Research‘s price target points to a potential upside of 16.54% from the company’s previous close.
According to Zacks, “CNO Financial's shares have outperformed the industry in last one year. The company’s investments in technological innovations impress. In addition, it is strategizing to reduce long-term care exposure via run-off of existing non-performing businesses and increasing focus on growth of other potential business lines. Strong capital management supports its long-term growth. The company’s second-quarter 2017 earnings surpassed the Zacks Consensus Estimate and grew year over year on higher revenues. However, its low market share in some product lines poses risk of limiting business opportunities going forward. Also, suspension of its share buyback plan might have affected its bottom line. Its margin is heavily affected by its high level of debt that increases the borrowing cost.”
A number of other equities research analysts have also commented on CNO. BidaskClub upgraded CNO Financial Group from a “hold” rating to a “buy” rating in a research report on Friday, June 16th. ValuEngine upgraded CNO Financial Group from a “hold” rating to a “buy” rating in a research report on Tuesday, June 27th. Wells Fargo & Company reiterated a “hold” rating on shares of CNO Financial Group in a research report on Tuesday, June 20th. Finally, FBR & Co reiterated an “outperform” rating and issued a $23.00 price target on shares of CNO Financial Group in a research report on Wednesday, May 31st. One analyst has rated the stock with a sell rating, six have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the stock. CNO Financial Group presently has an average rating of “Hold” and a consensus target price of $21.29.
CNO Financial Group (CNO) traded down 0.89% during trading on Monday, reaching $22.31. The company’s stock had a trading volume of 1,984,185 shares. CNO Financial Group has a 52-week low of $14.30 and a 52-week high of $23.95. The firm has a 50 day moving average price of $22.18 and a 200-day moving average price of $20.95. The stock has a market cap of $3.77 billion, a price-to-earnings ratio of 9.76 and a beta of 1.22.
CNO Financial Group declared that its Board of Directors has initiated a share repurchase plan on Wednesday, May 10th that allows the company to repurchase $300.00 million in outstanding shares. This repurchase authorization allows the financial services provider to purchase up to 8.3% of its shares through open market purchases. Shares repurchase plans are generally a sign that the company’s board of directors believes its shares are undervalued.
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Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Zurcher Kantonalbank Zurich Cantonalbank increased its position in shares of CNO Financial Group by 9.8% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 6,976 shares of the financial services provider’s stock worth $146,000 after buying an additional 622 shares in the last quarter. Envestnet Asset Management Inc. increased its position in shares of 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. Riverhead Capital Management LLC increased its position in shares of CNO Financial Group by 71.3% in the second quarter. Riverhead Capital Management LLC now owns 9,252 shares of the financial services provider’s stock worth $193,000 after buying an additional 3,852 shares in the last quarter. Trexquant Investment LP acquired a new position in shares of CNO Financial Group during the second quarter worth about $202,000. Finally, Teza Capital Management LLC acquired a new position in shares of CNO Financial Group during the first quarter worth about $219,000. 97.08% of the stock is currently owned by institutional investors.
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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