Piper Sandler Affirms Overweight Rating for CNO Financial Group

Piper Sandler has reaffirmed its overweight rating on the shares of CNO Financial Group (NYSE:CNO – Free Report) in a research report released on Monday morning. They have set a target price of $46.00 for the stock, which is an increase from the previously set price of $44.00.

Several other research firms have also recently shared their insights on CNO. For instance, BMO Capital Markets initiated coverage on CNO Financial Group on January 23, assigning a ‘market perform’ rating along with a target price of $38.00. Jefferies Financial Group raised their target price for CNO Financial Group from $36.00 to $41.00, while maintaining a ‘hold’ rating in a note published on December 10. Meanwhile, Royal Bank of Canada increased its price objective on CNO from $38.00 to $40.00, granting the stock an ‘outperform’ rating in a research announcement on November 4. Currently, one analyst rates the stock as a sell, four as hold, and two as buy. According to MarketBeat.com, the average rating for the company stocks is ‘Hold’, with a consensus price target set at $38.33.

Market Performance of CNO Financial Group

On Monday, CNO shares opened at $41.17. The company maintains a quick ratio of 0.19 and a current ratio of 0.19, with a debt-to-equity ratio of 1.50. Over the last twelve months, the stock has seen a low of $24.92 and a high of $41.54. With a market capitalization of $4.25 billion, the stock has a price-to-earnings ratio of 11.01 and a beta of 1.04, alongside a 50-day moving average of $38.27 and a 200-day moving average of $36.22.

CNO Financial Group recently reported its earnings on February 6, where it announced earnings per share of $1.31 for the quarter, surpassing analysts’ expectations of $1.06 by $0.25. The company recorded a net margin of 9.08% and a return on equity of 17.21%. Analysts predict that CNO Financial Group will present an earnings per share of 3.79 in the current fiscal year.

Dividend Announcement by CNO Financial Group

Additionally, CNO Financial Group announced a quarterly dividend paid on December 24. Shareholders of record as of December 10 received a dividend of $0.16 per share. This amounts to an annualized dividend of $0.64, translating to a dividend yield of 1.55%. The ex-dividend date was on December 10, with the company currently maintaining a dividend payout ratio of 17.11%.

Insider Activity at CNO Financial Group

In the latest news regarding CNO Financial Group, Chief Marketing Officer Rocco F. Tarasi III sold 1,484 shares on December 16 at an average price of $38.02, amounting to $56,421.68. Following this transaction, Tarasi now owns 79,896 shares valued at approximately $3,037,645.92, representing a 1.82% decrease in his holdings. The sale was disclosed in a document filed with the SEC. Chief Investment Officer Eric R. Johnson also sold 3,978 shares on November 18 at an average price of $39.09, totaling $155,500.02. After this sale, Johnson retains 631,844 shares in the company, worth approximately $24,698,781.96, reflecting a 0.63% decrease in his stake. In total, over the past 90 days, insiders have sold 9,962 shares, amounting to $380,717 in value, with insiders holding 3.00% of the company’s shares.

Institutional Investors' Movements

Hedge funds and institutional investors have shown recent activity regarding CNO Financial Group's shares. Assenagon Asset Management S.A. boosted its position by 300.9% in the third quarter, owning 1,199,040 shares valued at $42,086,000 after acquiring an additional 899,990 shares. FMR LLC also increased its holdings by 28.8% during the same period, now owning 1,040,619 shares valued at $36,526,000 after an additional purchase of 232,631 shares. In the fourth quarter, Allspring Global Investments Holdings LLC grew its stake by 37.1%, owning 671,636 shares valued at $24,945,000. Furthermore, Edgestream Partners L.P. took a new position in CNO shares, totaling about $5,354,000. Lastly, Barclays PLC raised its holdings by 113.7%, now owning 219,141 shares worth $7,691,000 after acquiring an additional 116,617 shares. Currently, institutional investors hold 95.43% of the company's shares.

CNO Financial Group Overview

CNO Financial Group, Inc. operates through its subsidiaries, developing, marketing, and administering various insurance products and financial services primarily targeting senior and middle-income markets across the United States. It offers Medicare supplement, supplemental health, long-term care insurance policies, life insurance, and annuities, as well as Medicare advantage plans through multiple channels including phone, online, mail, and face-to-face interaction.

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