cno financial group inc (CNO:New York)
cno financial group inc (CNO) Snapshot
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Open
$11.80
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Previous Close
$11.76
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Day High
$12.05
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Day Low
$11.53
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52 Week High
05/15/13 - $12.22
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52 Week Low
05/23/12 - $6.30
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Market Cap
2.6B
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Average Volume 10 Days
1.1M
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EPS TTM
$0.77
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Shares Outstanding
222.2M
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EX-Date
06/6/13
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P/E TM
15.1x
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Dividend
$0.12
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Dividend Yield
0.69%
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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 three segments: Bankers Life, Washington National, and Colonial Penn. The Bankers Life segment markets and distributes Medicare supplement insurance, interest sensitive and traditional life insurance, fixed annuities, and long term care insurance products; Medicare advantage plans primarily through distribution arrangements with Humana, Inc. and United HealthCare, and Medicare Part D prescription drug plans through a distribution and reinsurance arrangement with Coventry Health Care. The Washington National segment markets and distributes supplemental health insurance, including specified disease, accident, and hospital indemnity insurance products; and life insurance to middle income consumers at home and the worksite through independent marketing organizations and insurance agencies. The Colonial Penn segment markets primarily graded benefit and simplified issue life insurance products directly to customers through television advertising, direct mail, Internet, and telemarketing. CNO Financial Group also offers blocks of interest-sensitive life insurance, traditional life insurance, annuities, long-term care insurance, and other supplemental health products. It sells its products through career agents, independent producers, and direct marketing. The company was formerly known as Conseco, Inc. and changed its name to CNO Financial Group, Inc. in May 2010. CNO Financial Group, Inc. was founded in 1979 and is headquartered in Carmel, Indiana.
cno financial group inc (CNO) Top Compensated Officers
cno financial group inc (CNO) Key Developments
CNO Financial Group, Inc. announced amendment to its senior secured credit facility. The changes to the senior secured credit facility include: Re-pricing of the following: 225.0 million four-year term loan from LIBOR +3.25% with 1.00% LIBOR floor to LIBOR+2.25% with 0.75% LIBOR floor, for an overall decrease of 125 basis points. $406.2 million six-year term loan from LIBOR + 3.75% with 1.25% LIBOR floor to LIBOR+2.75% with 1.00% LIBOR floor, for an overall decrease of 125 basis points; Modification for mandatory prepayments resulting from any Restricted Payments, including share repurchases and shareholder dividends. 100% prepayment for every $1 of Restricted Payments if Debt to Total Capitalization is greater than 25.0% (previously 22.5%); 33.3% prepayment for every $1 of Restricted Payments if Debt to total Capitalization is less than or equal to 25.0% and greater than 20.0% (previously less than or equal to 22.5% but greater than 17.5%); There will be no required prepayment if Debt to Total Capitalization is less than or equal to 20.0% (previously 17.5%).
CNO Financial Group, Inc. announced that the board of directors has approved an increase in the quarterly dividend to $0.03 per share on the company's common shares. The dividend will be payable June 24, 2013, to shareholders of record at the close of business on June 10, 2013. This quarterly rate represents an annualized dividend of $0.12 per share, which equates to a yield of approximately 1% based on the company's stock price at the close of trading on the New York Stock Exchange on May 7, 2013. Future cash dividends will be subject to Board approval.
CNO Financial Group, Inc. announced that it is seeking to amend its senior secured credit facility to reduce the interest rate and make other changes to provide additional financial flexibility. The facility consists of a $250 million four-year term loan which currently has an interest rate of LIBOR plus 325 basis points, with a LIBOR floor of 100 basis points (current interest rate of 4.25%) and has an outstanding principal balance of $225 million, and (ii) a $425 million six-year term loan which currently has an interest rate of LIBOR plus 375 basis points, with a LIBOR floor of 125 basis points (current interest rate of 5.00%) and has an outstanding principal balance of approximately $406 million.
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| CNO:US | $11.61 USD | -0.15 | |
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Industry Analysis
CNO
Industry Average
| Valuation | CNO | Industry Range |
| Price/Earnings | 18.1x |
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| Price/Sales | 0.6x |
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| Price/Book | 0.5x |
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| Price/Cash Flow | 15.0x |
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| TEV/Sales | NM | Not Meaningful |
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