CARMEL, Ind. - CNO Financial Group, Inc. (NYSE: NYSE:CNO) has raised its quarterly dividend by $0.01 per share, marking the twelfth year in a row of increases for the company's shareholders. The Board of Directors announced the new dividend of $0.16 per share on common stock, which is slated for distribution on June 24, 2024, to shareholders who are on record as of June 10, 2024.
This incremental increase reflects a continuation of CNO Financial's practice of providing its investors with a growing return on their investment. The company, which caters to the insurance and financial needs of middle-income America, has seen a steady rise in its dividend payouts over the past years.
CNO Financial Group operates through its family of brands, including Bankers Life, Colonial Penn, Optavise, and Washington National. The company's focus is on offering products such as life and health insurance, annuities, financial services, and workforce benefits solutions. With a customer base that has accumulated 3.2 million policies, CNO manages $35 billion in total assets. A workforce comprising 3,500 associates and a network of approximately 4,700 exclusive agents and over 5,000 independent partner agents provide guidance to individuals, families, and businesses in making critical financial decisions throughout their lives.
The announcement of the dividend increase is based on a press release statement from CNO Financial Group. This decision by the Board to enhance shareholder value through dividend growth demonstrates the company's financial stability and commitment to its investors. As a matter of policy, CNO Financial Group has consistently aimed to increase its dividend, and this recent announcement is in line with that objective.
Investors and market watchers often view such increases as a sign of a company's strong financial health and its ability to generate sufficient cash flow. Dividend payments are one of the ways in which companies return value to their shareholders, and consistent increases can be seen as a positive signal about the company's future prospects.
InvestingPro Insights
CNO Financial Group's recent dividend increase is not just a singular event but part of a commendable track record; the company has raised its dividend for 12 consecutive years, underlying its commitment to shareholder returns. This is complemented by a robust financial performance, with a reported Revenue Growth of 14.9% in the last twelve months as of Q1 2024, showcasing the company's ability to expand its income streams effectively.
Moreover, CNO's dedication to maintaining a strong balance sheet is evident, as its liquid assets surpass short-term obligations, ensuring financial resilience and operational flexibility. This is a critical aspect for investors who prioritize stability and risk management in their investment choices. With a Price to Earnings (P/E) Ratio of 7.55, adjusted for the last twelve months as of Q1 2024, CNO stands as a potentially attractive investment, particularly when considering its PEG Ratio of 0.09, which may suggest that the stock is undervalued given its earnings growth prospects.
While considering these metrics, potential investors should also note that three analysts have revised their earnings estimates downwards for the upcoming period. However, CNO's proven profitability over the past year and analysts' predictions for continued profitability this year offer a counterbalance to any concerns. For those interested in further insights, there are additional InvestingPro Tips available, detailing aspects such as dividend sustainability and growth predictions. To explore these valuable insights, visit InvestingPro's dedicated page for CNO Financial Group at https://www.investing.com/pro/CNO. Plus, use the coupon code PRONEWS24 to get an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking even more in-depth analysis and tips.
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