Jeremy David Williams, Chief Actuary at CNO Financial Group, Inc. (NYSE:CNO), recently reported a sale of company stock. According to a filing with the Securities and Exchange Commission, Williams sold 4,783 shares of CNO Financial stock on November 11. The shares were sold at a weighted average price of $40.0894, amounting to approximately $191,747.
In addition to the sale, Williams also exercised stock options to acquire 7,700 shares of common stock at a price of $16.42 per share. These transactions left Williams with a direct ownership of 62,121 shares following the transactions.
The sale was partially conducted to cover the exercise price and tax obligations related to the option exercise. The weighted average sale price reflects a range of $40.085 to $40.09 per share.
In other recent news, CNO Financial Group has reported a robust performance for the third quarter of 2024. The company's operating earnings per diluted share rose by 26% to $1.11, marking its ninth consecutive quarter of sales growth. The total new annualized premium (NAP) across the enterprise saw an increase of 1%, with a significant 7% rise when excluding direct-to-consumer sales.
RBC Capital Markets has recognized CNO Financial's strong quarter, raising the company's price target to $40 from the previous $38, while maintaining an Outperform rating. The firm points to the company's Health segment and net investment income as key contributors to recent success.
CNO Financial has revised its full-year 2024 earnings guidance upwards, reflecting its strong financial position. The company returned $107 million to shareholders, highlighting its commitment to returning value.
Analysts from various firms, including RBC Capital Markets, have noted these positive trends. Despite some challenges in fixed indexed annuity margins, CNO Financial recorded record growth in annuity collected premiums and strong demand for long-term care and Medicare Supplement products. These are recent developments that highlight the company's strong performance and financial stability.
InvestingPro Insights
CNO Financial Group's recent stock performance and financial metrics provide additional context to Jeremy David Williams' recent transactions. According to InvestingPro data, CNO's stock has shown remarkable strength, with a 66.86% total return over the past year and a 42.19% return in the last six months. This robust performance aligns with the company's solid financial position.
An InvestingPro Tip highlights that CNO has raised its dividend for 12 consecutive years, demonstrating a commitment to shareholder returns. This is particularly relevant given Williams' significant remaining stake in the company after his recent transactions.
The company's P/E ratio of 15.71 suggests a reasonable valuation relative to earnings, especially considering the strong revenue growth of 14.5% over the last twelve months. Additionally, CNO's liquid assets exceed short-term obligations, indicating financial stability.
These insights from InvestingPro provide a broader perspective on CNO's financial health and market performance, which may have influenced the timing of Williams' stock sale and option exercise. For investors seeking a more comprehensive analysis, InvestingPro offers 13 additional tips for CNO Financial Group.
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