CNO Financial Rises as Net Income Beats Estimates: Chicago Mover
Stock Chart for CNO Financial Group Inc (CNO)
CNO Financial Group Inc., the insurer that counts John Paulson’s hedge fund as its largest shareholder, advanced the most in five months after fourth- quarter profit beat analysts’ estimates.
CNO rose 5.1 percent to $10.81 at 12:20 p.m. in New York, the second-best performer of the 259-company Dow Jones U.S. Financials Index. It was the Carmel, Indiana-based firm’s biggest intraday gain since September and highest price since June 2008.
Fourth-quarter net income increased 60 percent to $101.2 million, or 41 cents a share, from $64.4 million, or 23 cents, a year earlier, the company said yesterday in a statement. Operating profit, which excludes some investment results, was 25 cents a share, beating the 23-cent average estimate of seven analysts in a Bloomberg survey and the 22-cent estimate of Sean Dargan, a Macquarie Group Ltd. analyst.
“CNO shares will react favorably to the 4Q12 earnings report,” Dargan wrote in a Feb. 11 research note. He has a neutral rating on the shares.
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