CNO Financial Group, Inc. (NYSE:CNO) reported that its Chief Information Officer, Mead Michael E., has sold a total of 7,690 shares of the company's common stock. The transaction, which took place on May 28, 2024, amounted to over $217,588 in value.
The shares were sold at a weighted average price of $28.295, with individual sales prices ranging from $28.18 to $28.46. Following this transaction, Mead's direct ownership in CNO Financial Group stands at 41,535 shares.
The sale was conducted under a Rule 10b5-1 trading plan, which was previously adopted on February 26, 2024. Rule 10b5-1 allows company insiders to set up a predetermined plan to sell company stocks, thereby avoiding accusations of insider trading. This plan provides a defense against charges of trading on nonpublic information, as trades are scheduled in advance at times when the insider is not in possession of material nonpublic information.
Investors and followers of CNO Financial Group can request detailed information about the exact number of shares sold at each price point from the reporting person, as noted in the footnotes of the filing.
CNO Financial Group is a holding company for a group of insurance companies operating throughout the United States, and this recent transaction provides insight into the trading activities of its top executives.
InvestingPro Insights
As CNO Financial Group's executive makes notable stock transactions, it's crucial for investors to consider the broader financial landscape of the company. According to InvestingPro data, CNO Financial Group has a market capitalization of $3.04 billion and is trading at an attractive P/E ratio of 7.89 based on the last twelve months as of Q1 2024. This valuation is bolstered by a solid revenue growth of 14.9% during the same period, reflecting the company's ability to increase its earnings.
Adding to the financial robustness, CNO Financial Group has demonstrated a commitment to shareholders through consistent dividend payments. An InvestingPro Tip highlights that the company has raised its dividend for 12 consecutive years and maintained dividend payments for 13 consecutive years. This consistency is a positive indicator for investors looking for stable income, especially when considering the current dividend yield of 2.28% as of mid-2024.
Moreover, the company's share price is trading near its 52-week high, at 96.42% of the peak value. This performance aligns with another InvestingPro Tip that points out the company's liquid assets exceed its short-term obligations, suggesting a strong financial position for meeting immediate liabilities. For investors interested in deeper analysis and additional insights, InvestingPro offers more tips on CNO Financial Group, available at https://www.investing.com/pro/CNO. Utilizing the coupon code PRONEWS24 will grant an additional 10% off a yearly or biyearly Pro and Pro+ subscription, providing access to a total of 8 InvestingPro Tips that can guide investment decisions.
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