CARMEL, IN—Rocco F. Tarasi III, Chief Marketing Officer of CNO Financial Group, Inc. (NYSE:CNO), has reported the sale of 8,484 shares of the company's common stock, totaling approximately $319,540. The transactions were executed over three consecutive days, from December 16 to December 18, 2024. The sales come as CNO's stock has shown remarkable strength, posting a 39.3% gain over the past six months, with InvestingPro data showing a "GOOD" overall Financial Health score.
According to the SEC filing, Tarasi sold 1,484 shares on December 16 at a price of $38.02 per share, followed by 2,500 shares on December 17 at $37.73 per share. The largest transaction occurred on December 18, with the sale of 4,500 shares at a weighted average price of $37.5097. The sale prices for the December 18 transaction ranged between $37.361 and $37.68 per share, near the stock's 52-week high of $40.91.
These transactions were conducted under a Rule 10b5-1 trading plan, which was adopted on September 12, 2024. Following these sales, Tarasi retains ownership of 72,896 shares in the company. According to InvestingPro, management has been actively buying back shares, suggesting continued confidence in the company's prospects. Subscribers can access 8 additional ProTips and comprehensive analysis in the Pro Research Report.
In other recent news, CNO Financial Group has been making significant strides in its financial performance. The company recently reported a significant year-over-year earnings growth, with operating earnings per diluted share increasing by 26% to $1.11, marking its ninth consecutive quarter of sales growth. In addition, CNO Financial revised its full-year 2024 earnings per share guidance upwards, reflecting the profitability of its core segments and ongoing efforts to manage expenses.
Analyst firms such as Piper Sandler and RBC Capital Markets have recognized these positive trends. Piper Sandler affirmed its Overweight rating on CNO Financial shares, citing recent developments such as the end of long-term care reinsurance dealings and improvements in the company's cost structure. On the other hand, RBC Capital Markets raised its price target for CNO Financial to $40, maintaining an Outperform rating based on the company's recent performance.
Furthermore, the company reported a 6% increase in book value per diluted share to $35.84, and returned $107 million to shareholders. Despite challenges in fixed indexed annuity margins, CNO Financial recorded a record growth in annuity collected premiums and strong demand for long-term care and Medicare Supplement products. These recent developments underscore the company's strong financial position and growth potential.
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