CNO Financial Group Inc (NYSE:CNO) announced a quarterly dividend on Monday, May 13th, Wall Street Journal reports. Stockholders of record on Monday, June 10th will be paid a dividend of 0.11 per share by the financial services provider on Monday, June 24th. This represents a $0.44 dividend on an annualized basis and a dividend yield of 2.68%. The ex-dividend date of this dividend is Friday, June 7th. This is a boost from CNO Financial Group’s previous quarterly dividend of $0.10.
CNO Financial Group has increased its dividend payment by an average of 13.0% per year over the last three years and has raised its dividend every year for the last 6 years. CNO Financial Group has a dividend payout ratio of 20.3% meaning its dividend is sufficiently covered by earnings. Research analysts expect CNO Financial Group to earn $2.30 per share next year, which means the company should continue to be able to cover its $0.40 annual dividend with an expected future payout ratio of 17.4%.
Shares of NYSE CNO traded down $0.48 during midday trading on Monday, reaching $16.42. 1,607,564 shares of the stock were exchanged, compared to its average volume of 1,068,116. The stock has a market capitalization of $2.71 billion, a price-to-earnings ratio of 8.97 and a beta of 1.29. CNO Financial Group has a twelve month low of $13.64 and a twelve month high of $22.54. The company has a debt-to-equity ratio of 0.67, a current ratio of 0.25 and a quick ratio of 0.26.
CNO has been the topic of a number of recent analyst reports. Zacks Investment Research lowered CNO Financial Group from a “hold” rating to a “sell” rating in a research report on Tuesday, January 15th. Keefe, Bruyette & Woods reiterated a “hold” rating and set a $21.00 target price on shares of CNO Financial Group in a research report on Thursday, February 14th. Finally, ValuEngine lowered CNO Financial Group from a “sell” rating to a “strong sell” rating in a research report on Monday, February 25th. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and two have issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average price target of $21.00.
In other CNO Financial Group news, CFO Erik M. Helding sold 11,845 shares of the firm’s stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $16.08, for a total value of $190,467.60. Following the transaction, the chief financial officer now owns 78,445 shares in the company, valued at approximately $1,261,395.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gerardo Monroy sold 16,055 shares of the firm’s stock in a transaction on Friday, March 29th. The shares were sold at an average price of $16.25, for a total value of $260,893.75. Following the completion of the transaction, the insider now owns 22,140 shares in the company, valued at approximately $359,775. The disclosure for this sale can be found here. Company insiders own 1.50% of the company’s stock.
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About CNO Financial Group
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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