CNO Financial Group, Inc. (NYSE:CNO) Sees Significant Decrease in Short Interest

CNO Financial Group, Inc. (NYSE:CNO) was the recipient of a large decrease in short interest in the month of February. As of February 28th, there was short interest totalling 1,840,000 shares, a decrease of 19.3% from the February 13th total of 2,280,000 shares. Based on an average daily trading volume, of 598,500 shares, the short-interest ratio is currently 3.1 days. Currently, 1.9% of the company’s stock are short sold.

Insider Buying and Selling

In related news, General Counsel Matthew J. Zimpfer sold 40,800 shares of the firm’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $41.49, for a total value of $1,692,792.00. Following the sale, the general counsel now owns 244,943 shares of the company’s stock, valued at $10,162,685.07. This trade represents a 14.28 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Scott L. Goldberg sold 25,500 shares of the company’s stock in a transaction dated Thursday, March 6th. The stock was sold at an average price of $40.02, for a total value of $1,020,510.00. Following the transaction, the insider now directly owns 169,342 shares of the company’s stock, valued at approximately $6,777,066.84. This represents a 13.09 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 132,600 shares of company stock valued at $5,372,187 in the last ninety days. Company insiders own 3.00% of the company’s stock.

Hedge Funds Weigh In On CNO Financial Group

A number of hedge funds and other institutional investors have recently modified their holdings of CNO. Jones Financial Companies Lllp lifted its position in CNO Financial Group by 368.2% in the 4th quarter. Jones Financial Companies Lllp now owns 796 shares of the financial services provider’s stock worth $30,000 after buying an additional 626 shares in the last quarter. Smartleaf Asset Management LLC raised its holdings in CNO Financial Group by 95.2% during the fourth quarter. Smartleaf Asset Management LLC now owns 855 shares of the financial services provider’s stock valued at $32,000 after buying an additional 417 shares in the last quarter. Principal Securities Inc. boosted its position in CNO Financial Group by 51.6% during the fourth quarter. Principal Securities Inc. now owns 955 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 325 shares during the period. Headlands Technologies LLC grew its stake in CNO Financial Group by 193.2% in the 4th quarter. Headlands Technologies LLC now owns 1,337 shares of the financial services provider’s stock valued at $50,000 after buying an additional 881 shares during the last quarter. Finally, Quarry LP grew its position in shares of CNO Financial Group by 137.8% in the fourth quarter. Quarry LP now owns 1,334 shares of the financial services provider’s stock valued at $50,000 after purchasing an additional 773 shares during the last quarter. Institutional investors and hedge funds own 95.43% of the company’s stock.

CNO Financial Group Stock Performance

Shares of NYSE CNO traded up $0.55 during midday trading on Wednesday, hitting $41.28. The company’s stock had a trading volume of 943,557 shares, compared to its average volume of 644,685. The company has a debt-to-equity ratio of 1.61, a quick ratio of 0.19 and a current ratio of 0.22. The firm’s fifty day moving average price is $39.86 and its 200-day moving average price is $37.67. CNO Financial Group has a 1-year low of $24.92 and a 1-year high of $42.41. The firm has a market cap of $4.16 billion, a P/E ratio of 11.04 and a beta of 1.02.

CNO Financial Group (NYSE:CNO) last released its quarterly earnings results on Thursday, February 6th. The financial services provider reported $1.31 earnings per share for the quarter, beating analysts’ consensus estimates of $1.06 by $0.25. CNO Financial Group had a return on equity of 17.20% and a net margin of 9.08%. On average, sell-side analysts forecast that CNO Financial Group will post 3.83 EPS for the current fiscal year.

CNO Financial Group Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, March 24th. Shareholders of record on Monday, March 10th will be given a $0.16 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.64 annualized dividend and a yield of 1.55%. CNO Financial Group’s dividend payout ratio (DPR) is 17.11%.

Wall Street Analyst Weigh In

A number of analysts have commented on CNO shares. Royal Bank of Canada boosted their target price on CNO Financial Group from $40.00 to $45.00 and gave the stock an “outperform” rating in a research report on Monday, February 10th. Piper Sandler restated an “overweight” rating and issued a $46.00 target price (up from $44.00) on shares of CNO Financial Group in a report on Monday, February 10th. BMO Capital Markets initiated coverage on CNO Financial Group in a research note on Thursday, January 23rd. They set a “market perform” rating and a $38.00 price target on the stock. Keefe, Bruyette & Woods lifted their price target on shares of CNO Financial Group from $42.00 to $44.00 and gave the company a “market perform” rating in a research report on Wednesday, February 12th. Finally, Jefferies Financial Group boosted their price objective on shares of CNO Financial Group from $36.00 to $41.00 and gave the stock a “hold” rating in a report on Tuesday, December 10th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $40.50.

CNO Financial Group Company Profile

CNO Financial Group, Inc, through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, insurance products, and financial services for senior and middle-income markets in the United States. It offers Medicare supplement, supplemental health, and long-term care insurance policies; life insurance; and annuities, as well as Medicare advantage plans to individuals through phone, online, mail, and face-to-face.