CNO Financial Group (CNO) Stock Price Down 7.4% Following Weak Earnings

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CNO Financial Group Inc (NYSE:CNO)’s share price was down 7.4% during mid-day trading on Wednesday following a dissappointing earnings announcement. The company traded as low as $16.56 and last traded at $17.07. Approximately 3,322,385 shares changed hands during mid-day trading, an increase of 190% from the average daily volume of 1,147,329 shares. The stock had previously closed at $18.44.

The financial services provider reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.50 by ($0.14). CNO Financial Group had a positive return on equity of 7.89% and a negative net margin of 8.95%. The firm had revenue of $778.20 million for the quarter, compared to the consensus estimate of $981.90 million. During the same period in the prior year, the company earned $0.51 EPS. The company’s revenue for the quarter was down 28.6% compared to the same quarter last year.

Several equities research analysts recently weighed in on CNO shares. Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $22.00 price objective on shares of CNO Financial Group in a research report on Monday, December 17th. Zacks Investment Research cut shares of CNO Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday, January 15th. Evercore ISI raised shares of CNO Financial Group from an “in-line” rating to an “outperform” rating in a research report on Wednesday, January 9th. They noted that the move was a valuation call. ValuEngine cut shares of CNO Financial Group from a “sell” rating to a “strong sell” rating in a report on Friday, November 2nd. Finally, TheStreet cut shares of CNO Financial Group from a “b” rating to a “c” rating in a report on Thursday, November 1st. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and an average target price of $21.75.

In related news, Director Stephen N. David bought 3,000 shares of the company’s stock in a transaction dated Wednesday, December 26th. The stock was purchased at an average price of $13.85 per share, with a total value of $41,550.00. Following the completion of the acquisition, the director now owns 23,206 shares of the company’s stock, valued at $321,403.10. The purchase was disclosed in a document filed with the SEC, which is available through this link. 2.30% of the stock is currently owned by corporate insiders.

Several hedge funds have recently bought and sold shares of the company. BlackRock Inc. increased its stake in shares of CNO Financial Group by 5.9% in the fourth quarter. BlackRock Inc. now owns 20,673,231 shares of the financial services provider’s stock valued at $307,616,000 after buying an additional 1,159,018 shares during the period. Fuller & Thaler Asset Management Inc. increased its stake in shares of CNO Financial Group by 6.3% in the third quarter. Fuller & Thaler Asset Management Inc. now owns 6,565,533 shares of the financial services provider’s stock valued at $139,321,000 after buying an additional 391,083 shares during the period. LSV Asset Management increased its stake in shares of CNO Financial Group by 0.5% in the fourth quarter. LSV Asset Management now owns 6,057,134 shares of the financial services provider’s stock valued at $90,130,000 after buying an additional 33,000 shares during the period. Paradice Investment Management LLC increased its stake in shares of CNO Financial Group by 5.9% in the fourth quarter. Paradice Investment Management LLC now owns 4,299,748 shares of the financial services provider’s stock valued at $63,980,000 after buying an additional 238,384 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of CNO Financial Group by 0.8% in the third quarter. JPMorgan Chase & Co. now owns 2,791,645 shares of the financial services provider’s stock valued at $59,239,000 after buying an additional 21,185 shares during the period. 94.17% of the stock is owned by hedge funds and other institutional investors.

The company has a debt-to-equity ratio of 0.71, a current ratio of 0.26 and a quick ratio of 0.26. The company has a market cap of $2.93 billion, a PE ratio of 8.45 and a beta of 1.36.

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CNO Financial Group Company Profile (NYSE:CNO)

CNO Financial Group, Inc, through its subsidiaries, develops, markets, and administers health insurance, annuity, individual life insurance, and other insurance products for senior and middle-income markets in the United States. It operates through Bankers Life, Washington National, Colonial Penn, and Long-Term Care in Run Off segments.

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