Pzena Investment Management LLC Makes New $124.48 Million Investment in CNO Financial Group, Inc. $CNO

Pzena Investment Management LLC acquired a new stake in shares of CNO Financial Group, Inc. (NYSE:CNO) in the second quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 2,441,665 shares of the financial services provider’s stock, valued at approximately $124,476,000. Pzena Investment Management LLC owned approximately 2.62% of CNO Financial Group as of its most recent SEC filing.

Several other large investors have also bought and sold shares of CNO. Osaic Holdings Inc. boosted its holdings in CNO Financial Group by 39.2% in the second quarter. Osaic Holdings Inc. now owns 1,194 shares of the financial services provider’s stock worth $46,000 after purchasing an additional 336 shares during the last quarter. Fifth Third Bancorp increased its holdings in CNO Financial Group by 25.0% in the 4th quarter. Fifth Third Bancorp now owns 1,888 shares of the financial services provider’s stock worth $80,000 after acquiring an additional 377 shares in the last quarter. Oregon Public Employees Retirement Fund raised its position in shares of CNO Financial Group by 2.1% during the 1st quarter. Oregon Public Employees Retirement Fund now owns 19,408 shares of the financial services provider’s stock valued at $797,000 after purchasing an additional 400 shares during the period. Pathstone Holdings LLC lifted its position in shares of CNO Financial Group by 1.2% in the third quarter. Pathstone Holdings LLC now owns 36,833 shares of the financial services provider’s stock valued at $1,457,000 after acquiring an additional 439 shares in the last quarter. Finally, State Board of Administration of Florida Retirement System lifted its holdings in CNO Financial Group by 0.5% in the 4th quarter. State Board of Administration of Florida Retirement System now owns 90,789 shares of the financial services provider’s stock worth $3,856,000 after purchasing an additional 462 shares in the last quarter. 95.43% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have weighed in on CNO. Weiss Ratings upgraded CNO Financial Group from a “buy (b)” rating to a “buy (b+)” rating in a report on Tuesday, August 11th. Jefferies Financial Group downgraded shares of CNO Financial Group from a “buy” rating to a “hold” rating and lifted their price target for the company from $53.00 to $55.00 in a research note on Friday, July 10th. Keefe, Bruyette & Woods upped their target price on CNO Financial Group from $53.00 to $57.00 and gave the stock a “market perform” rating in a report on Monday, August 3rd. Wall Street Zen raised CNO Financial Group from a “hold” rating to a “buy” rating in a research report on Saturday, August 8th. Finally, Evercore set a $48.00 price target on CNO Financial Group and gave the stock an “in-line” rating in a research note on Monday, June 1st. Two analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $52.50.

Insider Buying and Selling

In related news, CEO Gary C. Bhojwani sold 86,048 shares of the stock in a transaction that occurred on Tuesday, June 30th. The shares were sold at an average price of $51.48, for a total value of $4,429,751.04. Following the transaction, the chief executive officer owned 174,264 shares in the company, valued at approximately $8,971,110.72. This represents a 33.06% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CMO Rocco F. Tarasi III sold 5,750 shares of the 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 transaction, the chief marketing officer owned 79,191 shares in the company, valued at approximately $3,959,550. This trade represents a 6.77% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last quarter, insiders sold 95,106 shares of company stock worth $4,879,343. 3.44% of the stock is owned by insiders.

CNO Financial Group Trading Down 0.9%

NYSE:CNO opened at $54.77 on Tuesday. CNO Financial Group, Inc. has a 12 month low of $37.36 and a 12 month high of $57.59. The firm has a fifty day simple moving average of $52.79 and a 200-day simple moving average of $46.68. The company has a current ratio of 0.17, a quick ratio of 0.17 and a debt-to-equity ratio of 1.65. The company has a market capitalization of $5.07 billion, a P/E ratio of 18.82 and a beta of 0.81.

CNO Financial Group (NYSE:CNO) last announced its quarterly earnings data on Thursday, July 30th. The financial services provider reported $1.26 earnings per share for the quarter, beating analysts’ consensus estimates of $0.97 by $0.29. The firm had revenue of $1.29 billion for the quarter, compared to analyst estimates of $999.45 million. CNO Financial Group had a net margin of 6.02% and a return on equity of 18.76%. The business’s quarterly revenue was up 11.6% compared to the same quarter last year. During the same period in the previous year, the company earned $0.87 earnings per share. On average, equities research analysts anticipate that CNO Financial Group, Inc. will post 4.74 earnings per share for the current year.

CNO Financial Group Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, September 24th. Investors of record on Thursday, September 10th will be issued a dividend of $0.18 per share. The ex-dividend date of this dividend is Thursday, September 10th. This represents a $0.72 dividend on an annualized basis and a dividend yield of 1.3%. CNO Financial Group’s payout ratio is 24.74%.

CNO Financial Group 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.