CNO Financial Group, Inc. (NYSE:CNO) CEO Gary C. Bhojwani has sold a portion of his company shares, according to a recent SEC filing. The transactions, which took place on March 26, 2024, involved the sale of 9,434 shares at prices ranging from $26.79 to $26.96, with a weighted average sale price of $26.872. The total value of the shares sold by the CEO amounts to approximately $253,510.
This sale comes after a separate transaction where Bhojwani surrendered 46,331 shares of CNO Financial stock to cover tax withholdings on vested restricted stock units. This transaction, which occurred on March 25, 2024, was valued at $26.86 per share, totaling approximately $1,244,450.
Bhojwani's recent financial moves were made in accordance with a pre-arranged Rule 10b5-1 trading plan, which was adopted on December 19, 2023. Such plans allow company insiders to establish pre-determined trading schedules to sell stocks at a future date, providing a defense against potential accusations of trading on insider information.
Following these transactions, Bhojwani still holds a significant number of shares in the company, both directly and indirectly through trusts. The direct holdings amount to 332,694 shares, while the indirect holdings through the Gary C. Bhojwani Revocable Trust and Gary C. Bhojwani Irrevocable Trust account for 634,105 and 15,182 shares, respectively.
Investors often monitor the buying and selling activities of company insiders like CEOs, as these can be indicative of the executives' confidence in the company's future performance. However, it's important to note that such transactions can be motivated by a variety of personal financial considerations and do not necessarily reflect a change in the executive's outlook on the company.
The transactions were duly reported to the SEC and the details are available for public review. CNO Financial Group, Inc. has not made any official statement regarding these transactions at the time of this report.
InvestingPro Insights
Amidst the recent sale of shares by CNO Financial Group's CEO, Gary C. Bhojwani, investors may find the company's financial health and performance metrics of interest. According to InvestingPro data, CNO Financial Group currently has a market capitalization of $2.99 billion and is trading with a P/E ratio of 11.17, reflecting a valuation that is potentially attractive compared to industry peers. Furthermore, the company's P/E ratio for the last twelve months as of Q4 2023 stands at 10.8, suggesting a consistent earnings performance.
InvestingPro Tips for CNO Financial Group highlight the company's commitment to shareholder returns, with a track record of raising its dividend for 12 consecutive years and maintaining dividend payments for 13 consecutive years. This consistent approach to dividends may signal a stable financial position, reinforced by the fact that the company's liquid assets exceed its short-term obligations. Moreover, analysts predict the company will be profitable this year, which aligns with the company's profitability over the last twelve months.
For investors looking to delve deeper into CNO Financial Group's financials and strategic outlook, there are additional InvestingPro Tips available at Investing.com/pro/CNO. To further enrich your investment analysis, use the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. With these insights and tips, investors can make more informed decisions regarding their investment in CNO Financial Group.
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