CNO Financial Net Worth
CNO Financial Net Worth Breakdown | CNO |
CNO Financial Net Worth Analysis
CNO Financial's net worth analysis, or its valuation, is the process of determining the total value of the company. This involves assessing a range of factors, including CNO Financial's financial performance, assets, liabilities, and potential for growth. The ultimate goal is to provide a clear understanding of CNO Financial's overall worth, which can help investors make informed investment decisions. There are several methods that can be used to perform CNO Financial's net worth analysis. One common approach is to calculate CNO Financial's market capitalization.Another approach is to use the price-to-earnings ratio (P/E ratio), which compares CNO Financial's stock price to its earnings per share (EPS). Discounted cash flow (DCF) analysis is another popular method for assessing CNO Financial's net worth. This approach calculates the present value of CNO Financial's future cash flows, taking into account factors such as growth rate, profitability, and risk. By comparing the present value of CNO Financial's cash flows to its current stock price, investors can gain a better understanding of the company's overall value. Finally, investors may use comparable company analysis to evaluate CNO Financial's net worth. This involves comparing CNO Financial's financial metrics to similar companies in the same industry. By identifying companies with similar financial characteristics, investors can gain insight into CNO Financial's net worth relative to its peers.
To determine if CNO Financial is a good investment, evaluating the company's potential for future growth is also very important. This may include expanding into new markets, launching new products or services, or improving operational efficiency. Companies with strong growth prospects can be more attractive investments. This aspect of the research should be conducted in the context of the overall market and industry in which the company operates and should include an analysis of growth potential, competitive landscape, and any regulatory or economic factors that could impact the business. Some of the essential points regarding CNO Financial's net worth research are outlined below:
Over 96.0% of the company shares are held by institutions such as insurance companies | |
Latest headline from zacks.com: PRU Stock Trading at Discount to Industry at 7.62X Time to Hold |
CNO Financial uses earnings reports to provide investors with an update of all three financial statements, including the income statement, the balance sheet, and the cash flow statement. Therefore, it is also crucial when considering investing in CNO Financial Group. Every quarterly earnings report provides investors with an overview of sales, expenses, and net income for the most recent period. It also may provide a comparison to CNO Financial's previous reporting period. The quarterly earnings reports are usually disseminated to the public via Form 10-Q, which is a legal document filed with the Securities and Exchange Commission every quarter.
6th of February 2024 Upcoming Quarterly Report | View | |
6th of May 2024 Next Financial Report | View | |
31st of December 2023 Next Fiscal Quarter End | View | |
6th of February 2024 Next Fiscal Year End | View | |
30th of September 2023 Last Quarter Report | View | |
31st of December 2022 Last Financial Announcement | View |
CNO Financial Target Price Consensus
CNO target price is determined by taking all analyst projections and averaging them out. There is no one specific way to measure analysts' performance other than comparing it to past results via a very sophisticated attribution analysis. CNO Financial's target price projections below should be used in combination with other traditional price prediction techniques such as stock price forecasting, investor sentiment analysis, technical analysis, earnings estimate, and various momentum models.
6 | Hold |
Most CNO analysts issue ratings four times a year, at intervals of three months. Ratings are usually accompanied by a target price to help potential investors understand CNO stock's fair price compared to its market value. Analysts arrive at stock ratings after researching the public financial statements of CNO Financial Group, talking to its executives and customers, or listening to those companies' conference calls.
Macroaxis Advice Exposure ValuationCNO Financial Target Price Projection
CNO Financial's current and average target prices are 40.64 and 41.80, respectively. The current price of CNO Financial is the price at which CNO Financial Group is currently trading. On the other hand, CNO Financial's target price is what analysts think the stock is worth or could sell for in the future. The more significant the discrepancy between the two prices, the more it stimulates investors to act.Current Price
CNO Financial Market Quote on 26th of February 2025
Target Price
Analyst Consensus On CNO Financial Target Price
Know CNO Financial's Top Institutional Investors
Have you ever been surprised when a price of an equity instrument such as CNO Financial is soaring high without any particular reason? This is usually happening because many institutional investors are aggressively trading CNO Financial Group backward and forwards among themselves. CNO Financial's institutional investor refers to the entity that pools money to purchase CNO Financial's securities or originate loans. Institutional investors include commercial and private banks, credit unions, insurance companies, pension funds, hedge funds, endowments, and mutual funds. Operating companies that invest excess capital in these types of assets may also be included in the term and may influence corporate governance by exercising voting rights in their investments.
Shares | Northern Trust Corp | 2024-12-31 | 1.9 M | Jpmorgan Chase & Co | 2024-09-30 | 1.8 M | Principal Financial Group Inc | 2024-12-31 | 1.8 M | Morgan Stanley - Brokerage Accounts | 2024-12-31 | 1.5 M | Aqr Capital Management Llc | 2024-12-31 | 1.4 M | Goldman Sachs Group Inc | 2024-12-31 | 1.2 M | Charles Schwab Investment Management Inc | 2024-12-31 | 1.2 M | Bank Of New York Mellon Corp | 2024-12-31 | 1 M | Fmr Inc | 2024-12-31 | 1 M | Blackrock Inc | 2024-12-31 | 14.7 M | Vanguard Group Inc | 2024-12-31 | 13.4 M |
Follow CNO Financial's market capitalization trends
The company currently falls under 'Mid-Cap' category with a total capitalization of 4.09 B.Market Cap |
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Project CNO Financial's profitablity
Last Reported | Projected for Next Year | ||
Return On Tangible Assets | 0.01 | 0.01 | |
Return On Capital Employed | 0.02 | 0.02 | |
Return On Assets | 0.01 | 0.01 | |
Return On Equity | 0.14 | 0.22 |
When accessing CNO Financial's net worth, it's important to look at multiple sources and consider different scenarios. For example, gross profit margin measures CNO Financial's profitability after accounting for the cost of goods sold, while net profit margin measures profitability after accounting for all expenses. Other important metrics include return on assets, return on equity, and free cash flow. By reviewing multiple sources and metrics, you can gain a complete picture of CNO Financial's profitability and make more informed investment decisions.
Evaluate CNO Financial's management efficiency
CNO Financial Group has Return on Asset of 0.0132 % which means that on every $100 spent on assets, it made $0.0132 of profit. This is way below average. In the same way, it shows a return on shareholders' equity (ROE) of 0.1714 %, implying that it generated $0.1714 on every 100 dollars invested. CNO Financial's management efficiency ratios could be used to measure how well CNO Financial manages its routine affairs as well as how well it operates its assets and liabilities. At this time, CNO Financial's Return On Tangible Assets are very stable compared to the past year. As of the 26th of February 2025, Return On Assets is likely to grow to 0.01, while Return On Capital Employed is likely to drop 0.02. At this time, CNO Financial's Non Currrent Assets Other are very stable compared to the past year. As of the 26th of February 2025, Non Current Assets Total is likely to grow to about 28.3 B, while Total Assets are likely to drop about 28.4 B.Last Reported | Projected for Next Year | ||
Enterprise Value Over EBITDA | 4.46 | 4.68 | |
Book Value Per Share | 17.60 | 16.72 | |
Tangible Book Value Per Share | 0.72 | 0.68 | |
Price Book Value Ratio | 1.28 | 1.35 | |
Enterprise Value Multiple | 4.46 | 4.68 | |
Price Fair Value | 1.28 | 1.35 | |
Enterprise Value | 2.3 B | 2.1 B |
Leadership effectiveness at CNO Financial Group is a strong indicator of its financial stability. We analyze various metrics to provide insights into the stock's investment viability.
Enterprise Value Revenue 1.5602 | Revenue | Quarterly Revenue Growth (0.06) | Revenue Per Share | Return On Equity |
Some recent studies suggest that insider trading raises the cost of capital for securities issuers and decreases overall economic growth. Trading by specific CNO Financial insiders, such as employees or executives, is commonly permitted as long as it does not rely on CNO Financial's material information that is not in the public domain. Local jurisdictions usually require such trading to be reported in order to monitor insider transactions. In many U.S. states, trading conducted by corporate officers, key employees, directors, or significant shareholders must be reported to the regulator or publicly disclosed, usually within a few business days of the trade. In these cases CNO Financial insiders are required to file a Form 4 with the U.S. Securities and Exchange Commission (SEC) when buying or selling shares of their own companies.
CNO Financial Corporate Filings
24th of February 2025 Other Reports | ViewVerify | |
F4 | 21st of February 2025 The report filed by a party regarding the acquisition or disposition of a company's common stock, as well as derivative securities such as options, warrants, and convertible securities | ViewVerify |
8K | 12th of February 2025 Report filed with the SEC to announce major events that shareholders should know about | ViewVerify |
F3 | 23rd of January 2025 The report used by insiders such as officers, directors, and major shareholders (beneficial owners holding more than 10% of any class of the company's equity securities) to declare their ownership of a company's stock | ViewVerify |
CNO Financial Earnings Estimation Breakdown
The calculation of CNO Financial's earning per share is based on the data from the past 12 consecutive months, used for reporting the company's financial figures. The next projected EPS of CNO Financial is estimated to be 0.804 with the future projection ranging from a low of 0.77 to a high of 0.83. Please be aware that this consensus of annual earnings estimates for CNO Financial Group is based on EPS before non-recurring items and includes expenses related to employee stock options.Last Reported EPS
0.77 Lowest | Expected EPS | 0.83 Highest |
CNO Financial Earnings Projection Consensus
Suppose the current estimates of CNO Financial's value are higher than the current market price of the CNO Financial stock. In this case, investors may conclude that CNO Financial is overpriced and will exhibit bullish sentiment. On the other hand, if the present value is lower than the stock price, analysts may conclude that the market undervalues the equity. These scenarios may suggest that the market is not as efficient as it should be at the estimation time, and CNO Financial's stock will quickly adjusts to the new information provided by the consensus estimate.
Number of Analysts | Historical Accuracy | Last Reported EPS | Estimated EPS for 31st of March 2025 | Current EPS (TTM) | |
7 | 78.53% | 1.31 | 0.804 | 3.74 |
CNO Financial Earnings per Share Projection vs Actual
Actual Earning per Share of CNO Financial refers to what the company shows during its earnings calls or quarterly reports. The Expected EPS is what analysts covering CNO Financial Group predict the company's earnings will be in the future. The higher the earnings per share of CNO Financial, the better is its profitability. While calculating the Earning per Share, we use the weighted ratio, as the number of shares outstanding can change over time.CNO Financial Estimated Months Earnings per Share
For an investor who is primarily interested in generating an income out of investing in entities such as CNO Financial, the EPS ratio can tell if the company is intending to increase its current dividend. Although EPS is an essential tool for investors, it should not be used in isolation. EPS of CNO Financial should always be considered in relation to other companies to make a more educated investment decision.CNO Quarterly Analyst Estimates and Surprise Metrics
Earnings surprises can significantly impact CNO Financial's stock price both in the short term and over time. Negative earnings surprises usually result in a price decline. However, it has been seen that positive earnings surprises lead to an immediate rise in a stock's price and a gradual increase over time. This is why we often hear news about some companies beating earning projections. Financial analysts spend a large amount of time predicting earnings per share (EPS) along with other important future indicators. Many analysts use forecasting models, management guidance, and additional fundamental information to derive an EPS estimate.
Reported | Fiscal Date | Estimated EPS | Reported EPS | Surprise | |||
---|---|---|---|---|---|---|---|
2025-02-04 | 2024-12-31 | 1.065 | 1.31 | 0.245 | 23 | ||
2024-10-31 | 2024-09-30 | 0.82 | 1.11 | 0.29 | 35 | ||
2024-07-29 | 2024-06-30 | 0.71 | 1.05 | 0.34 | 47 | ||
2024-04-29 | 2024-03-31 | 0.65 | 0.52 | -0.13 | 20 | ||
2024-02-06 | 2023-12-31 | 0.85 | 1.18 | 0.33 | 38 | ||
2023-11-06 | 2023-09-30 | 0.73 | 0.88 | 0.15 | 20 | ||
2023-07-31 | 2023-06-30 | 0.67 | 0.54 | -0.13 | 19 | ||
2023-05-01 | 2023-03-31 | 0.61 | 0.51 | -0.1 | 16 | ||
2023-02-07 | 2022-12-31 | 0.55 | 0.56 | 0.01 | 1 | ||
2022-10-31 | 2022-09-30 | 0.49 | 0.49 | 0.0 | 0 | ||
2022-08-01 | 2022-06-30 | 0.48 | 0.85 | 0.37 | 77 | ||
2022-05-02 | 2022-03-31 | 0.55 | 0.42 | -0.13 | 23 | ||
2022-02-08 | 2021-12-31 | 0.61 | 0.87 | 0.26 | 42 | ||
2021-10-27 | 2021-09-30 | 0.61 | 0.72 | 0.11 | 18 | ||
2021-07-28 | 2021-06-30 | 0.56 | 0.66 | 0.1 | 17 | ||
2021-04-28 | 2021-03-31 | 0.52 | 0.55 | 0.03 | 5 | ||
2021-02-09 | 2020-12-31 | 0.59 | 0.61 | 0.02 | 3 | ||
2020-11-02 | 2020-09-30 | 0.49 | 0.79 | 0.3 | 61 | ||
2020-08-04 | 2020-06-30 | 0.26 | 0.55 | 0.29 | 111 | ||
2020-05-05 | 2020-03-31 | 0.4 | 0.58 | 0.18 | 45 | ||
2020-02-11 | 2019-12-31 | 0.46 | 0.52 | 0.06 | 13 | ||
2019-11-05 | 2019-09-30 | 0.47 | 0.45 | -0.02 | 4 | ||
2019-07-30 | 2019-06-30 | 0.48 | 0.48 | 0.0 | 0 | ||
2019-04-29 | 2019-03-31 | 0.45 | 0.41 | -0.04 | 8 | ||
2019-02-12 | 2018-12-31 | 0.5 | 0.36 | -0.14 | 28 | ||
2018-10-31 | 2018-09-30 | 0.51 | 0.53 | 0.02 | 3 | ||
2018-08-01 | 2018-06-30 | 0.5 | 0.49 | -0.01 | 2 | ||
2018-04-25 | 2018-03-31 | 0.43 | 0.36 | -0.07 | 16 | ||
2018-02-13 | 2017-12-31 | 0.41 | 0.51 | 0.1 | 24 | ||
2017-10-25 | 2017-09-30 | 0.39 | 0.45 | 0.06 | 15 | ||
2017-07-26 | 2017-06-30 | 0.37 | 0.45 | 0.08 | 21 | ||
2017-04-26 | 2017-03-31 | 0.3 | 0.34 | 0.04 | 13 | ||
2017-02-07 | 2016-12-31 | 0.39 | 0.49 | 0.1 | 25 | ||
2016-11-01 | 2016-09-30 | 0.35 | 0.37 | 0.02 | 5 | ||
2016-07-26 | 2016-06-30 | 0.35 | 0.35 | 0.0 | 0 | ||
2016-04-27 | 2016-03-31 | 0.32 | 0.27 | -0.05 | 15 | ||
2016-02-10 | 2015-12-31 | 0.37 | 0.52 | 0.15 | 40 | ||
2015-10-28 | 2015-09-30 | 0.34 | 0.3 | -0.04 | 11 | ||
2015-07-29 | 2015-06-30 | 0.34 | 0.31 | -0.03 | 8 | ||
2015-04-29 | 2015-03-31 | 0.31 | 0.3 | -0.01 | 3 | ||
2015-02-10 | 2014-12-31 | 0.34 | 0.29 | -0.05 | 14 | ||
2014-10-28 | 2014-09-30 | 0.32 | 0.35 | 0.03 | 9 | ||
2014-07-28 | 2014-06-30 | 0.31 | 0.29 | -0.02 | 6 | ||
2014-04-28 | 2014-03-31 | 0.28 | 0.27 | -0.01 | 3 | ||
2014-02-11 | 2013-12-31 | 0.29 | 0.33 | 0.04 | 13 | ||
2013-10-28 | 2013-09-30 | 0.27 | 0.33 | 0.06 | 22 | ||
2013-07-29 | 2013-06-30 | 0.26 | 0.3 | 0.04 | 15 | ||
2013-04-24 | 2013-03-31 | 0.21 | 0.21 | 0.0 | 0 | ||
2013-02-11 | 2012-12-31 | 0.23 | 0.25 | 0.02 | 8 | ||
2012-10-29 | 2012-09-30 | 0.19 | 0.11 | -0.08 | 42 | ||
2012-07-25 | 2012-06-30 | 0.17 | 0.2 | 0.03 | 17 | ||
2012-04-30 | 2012-03-31 | 0.14 | 0.15 | 0.01 | 7 | ||
2012-02-22 | 2011-12-31 | 0.19 | 0.22 | 0.03 | 15 | ||
2011-10-25 | 2011-09-30 | 0.17 | 0.17 | 0.0 | 0 | ||
2011-07-27 | 2011-06-30 | 0.18 | 0.2 | 0.02 | 11 | ||
2011-05-02 | 2011-03-31 | 0.16 | 0.18 | 0.02 | 12 | ||
2011-02-22 | 2010-12-31 | 0.16 | 0.18 | 0.02 | 12 | ||
2010-11-02 | 2010-09-30 | 0.15 | 0.16 | 0.01 | 6 | ||
2010-08-03 | 2010-06-30 | 0.14 | 0.16 | 0.02 | 14 | ||
2010-05-04 | 2010-03-31 | 0.13 | 0.14 | 0.01 | 7 | ||
2010-02-25 | 2009-12-31 | 0.2 | 0.15 | -0.05 | 25 | ||
2009-11-04 | 2009-09-30 | 0.22 | 0.29 | 0.07 | 31 | ||
2009-08-04 | 2009-06-30 | 0.22 | 0.22 | 0.0 | 0 | ||
2009-05-11 | 2009-03-31 | 0.2 | 0.17 | -0.03 | 15 | ||
2009-03-02 | 2008-12-31 | 0.29 | 0.26 | -0.03 | 10 | ||
2008-11-05 | 2008-09-30 | 0.27 | 0.32 | 0.05 | 18 | ||
2008-08-12 | 2008-06-30 | 0.22 | 0.18 | -0.04 | 18 | ||
2008-05-07 | 2008-03-31 | 0.25 | 0.11 | -0.14 | 56 | ||
2008-03-17 | 2007-12-31 | 0.19 | 0.1 | -0.09 | 47 | ||
2007-10-31 | 2007-09-30 | 0.26 | -0.14 | -0.4 | 153 | ||
2007-08-06 | 2007-06-30 | 0.24 | -0.32 | -0.56 | 233 | ||
2007-05-08 | 2007-03-31 | 0.34 | 0.1 | -0.24 | 70 | ||
2007-03-06 | 2006-12-31 | 0.37 | 0.04 | -0.33 | 89 | ||
2006-11-01 | 2006-09-30 | 0.42 | 0.35 | -0.07 | 16 | ||
2006-08-02 | 2006-06-30 | 0.45 | 0.45 | 0.0 | 0 | ||
2006-05-04 | 2006-03-31 | 0.46 | 0.36 | -0.1 | 21 | ||
2006-02-27 | 2005-12-31 | 0.45 | 0.44 | -0.01 | 2 | ||
2005-11-03 | 2005-09-30 | 0.44 | 0.44 | 0.0 | 0 | ||
2005-08-04 | 2005-06-30 | 0.42 | 0.45 | 0.03 | 7 | ||
2005-05-05 | 2005-03-31 | 0.41 | 0.43 | 0.02 | 4 | ||
2005-03-14 | 2004-12-31 | 0.4 | 0.42 | 0.02 | 5 | ||
2004-11-08 | 2004-09-30 | 0.34 | 0.36 | 0.02 | 5 | ||
2004-08-04 | 2004-06-30 | 0.37 | 0.36 | -0.01 | 2 | ||
2004-05-06 | 2004-03-31 | 0.4 | 0.37 | -0.03 | 7 | ||
null | null | null | null | null | 0 | ||
2002-05-01 | 2002-03-31 | 0.14 | 0.12 | -0.02 | 14 | ||
2002-02-21 | 2001-12-31 | 0.14 | 0.1 | -0.04 | 28 | ||
2001-11-01 | 2001-09-30 | 0.2 | 0.18 | -0.02 | 10 | ||
2001-08-06 | 2001-06-30 | 0.2 | 0.21 | 0.01 | 5 | ||
2001-04-24 | 2001-03-31 | 0.14 | 0.16 | 0.02 | 14 | ||
2001-02-20 | 2000-12-31 | 0.17 | 0.21 | 0.04 | 23 | ||
2000-10-26 | 2000-09-30 | 0.74 | 0.15 | -0.59 | 79 | ||
2000-07-27 | 2000-06-30 | 0.32 | -0.09 | -0.41 | 128 | ||
2000-04-28 | 2000-03-31 | 0.58 | 0.3 | -0.28 | 48 | ||
2000-02-23 | 1999-12-31 | 0.59 | 0.52 | -0.07 | 11 | ||
1999-10-27 | 1999-09-30 | 0.72 | 0.73 | 0.01 | 1 | ||
1999-07-28 | 1999-06-30 | 0.97 | 0.96 | -0.01 | 1 | ||
1999-04-28 | 1999-03-31 | 0.91 | 0.94 | 0.03 | 3 | ||
1999-02-24 | 1998-12-31 | 0.88 | 0.89 | 0.01 | 1 | ||
1998-10-28 | 1998-09-30 | 0.89 | 0.9 | 0.01 | 1 | ||
1998-07-29 | 1998-06-30 | 0.76 | 0.76 | 0.0 | 0 | ||
1998-04-29 | 1998-03-31 | 0.8 | 0.81 | 0.01 | 1 | ||
1998-02-25 | 1997-12-31 | 0.77 | 0.79 | 0.02 | 2 | ||
1997-10-29 | 1997-09-30 | 0.7 | 0.72 | 0.02 | 2 | ||
1997-07-30 | 1997-06-30 | 0.62 | 0.64 | 0.02 | 3 | ||
1997-04-30 | 1997-03-31 | 0.56 | 0.59 | 0.03 | 5 | ||
1997-02-18 | 1996-12-31 | 0.51 | 0.54 | 0.03 | 5 | ||
1996-11-05 | 1996-09-30 | 0.47 | 0.51 | 0.04 | 8 | ||
1996-07-31 | 1996-06-30 | 0.43 | 0.44 | 0.01 | 2 | ||
1996-04-23 | 1996-03-31 | 0.4 | 0.41 | 0.01 | 2 | ||
1996-02-12 | 1995-12-31 | 0.39 | 0.4 | 0.01 | 2 | ||
1995-11-02 | 1995-09-30 | 0.33 | 0.36 | 0.03 | 9 | ||
1995-07-26 | 1995-06-30 | 0.27 | 0.26 | -0.01 | 3 | ||
1995-04-26 | 1995-03-31 | 0.23 | 0.24 | 0.01 | 4 | ||
1995-02-15 | 1994-12-31 | 0.36 | 0.29 | -0.07 | 19 | ||
1994-10-27 | 1994-09-30 | 0.35 | 0.34 | -0.01 | 2 |
CNO Financial Corporate Directors
Mary Henderson | Independent Director | Profile | |
Ellyn Brown | Independent Director | Profile | |
David Foss | Independent Director | Profile | |
Frederick Sievert | Independent Director | Profile |
Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in CNO Financial Group. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors. You can also try the Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Is Life & Health Insurance space expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of CNO Financial. If investors know CNO will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about CNO Financial listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 4.013 | Dividend Share 0.63 | Earnings Share 3.74 | Revenue Per Share | Quarterly Revenue Growth (0.06) |
The market value of CNO Financial Group is measured differently than its book value, which is the value of CNO that is recorded on the company's balance sheet. Investors also form their own opinion of CNO Financial's value that differs from its market value or its book value, called intrinsic value, which is CNO Financial's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because CNO Financial's market value can be influenced by many factors that don't directly affect CNO Financial's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between CNO Financial's value and its price as these two are different measures arrived at by different means. Investors typically determine if CNO Financial is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, CNO Financial's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.