Arizona State Retirement System cut its stake in shares of Lincoln National Corp. (NYSE:LNC) by 2.2% during the third quarter, Holdings Channel reports. The fund owned 57,286 shares of the company’s stock after selling 1,300 shares during the period. Arizona State Retirement System’s holdings in Lincoln National Corp. were worth $2,691,000 at the end of the most recent quarter.
Other hedge funds also recently modified their holdings of the company. Barnett & Company Inc. acquired a new position in Lincoln National Corp. during the first quarter worth $104,000. Capital Analysts LLC boosted its position in Lincoln National Corp. by 54.4% in the second quarter. Capital Analysts LLC now owns 1,685 shares of the company’s stock worth $106,000 after buying an additional 594 shares in the last quarter. North Star Investment Management Corp. acquired a new position in Lincoln National Corp. during the second quarter worth $127,000. Societe Generale acquired a new position in Lincoln National Corp. during the second quarter worth $132,000. Finally, Quadrant Capital Group LLC boosted its position in Lincoln National Corp. by 0.7% in the second quarter. Quadrant Capital Group LLC now owns 3,896 shares of the company’s stock worth $146,000 after buying an additional 26 shares in the last quarter. Institutional investors own 77.66% of the company’s stock.
Lincoln National Corp. (NYSE:LNC) opened at 64.15 on Friday. The stock has a market capitalization of $14.66 billion, a PE ratio of 12.12 and a beta of 1.99. Lincoln National Corp. has a one year low of $30.39 and a one year high of $64.71. The company’s 50-day moving average price is $53.62 and its 200-day moving average price is $46.65.
Lincoln National Corp. (NYSE:LNC) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.28. The firm earned $3.53 billion during the quarter, compared to analysts’ expectations of $3.43 billion. Lincoln National Corp. had a return on equity of 9.89% and a net margin of 9.63%. Lincoln National Corp.’s revenue was down 5.5% on a year-over-year basis. During the same period in the previous year, the firm posted $1.65 earnings per share. Equities research analysts predict that Lincoln National Corp. will post $6.35 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Tuesday, January 10th will be issued a dividend of $0.29 per share. The ex-dividend date is Friday, January 6th. This is a boost from Lincoln National Corp.’s previous quarterly dividend of $0.25. This represents a $1.16 annualized dividend and a yield of 1.81%. Lincoln National Corp.’s payout ratio is currently 18.83%.
LNC has been the subject of a number of research analyst reports. Zacks Investment Research cut Lincoln National Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, October 4th. Wells Fargo & Co. initiated coverage on Lincoln National Corp. in a report on Friday, September 23rd. They set a “market perform” rating for the company. Credit Suisse Group AG initiated coverage on Lincoln National Corp. in a report on Friday, October 7th. They set a “neutral” rating and a $57.00 price target for the company. Finally, FBR & Co increased their price target on Lincoln National Corp. from $52.00 to $55.00 and gave the stock an “outperform” rating in a report on Tuesday, October 18th. Nine research analysts have rated the stock with a hold rating, five have issued a buy rating and one has assigned a strong buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $52.83.
In other news, Director George W. Henderson III sold 16,599 shares of the business’s stock in a transaction on Tuesday, November 22nd. The stock was sold at an average price of $63.68, for a total value of $1,057,024.32. Following the completion of the transaction, the director now directly owns 26,235 shares of the company’s stock, valued at $1,670,644.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Dennis R. Glass sold 349,532 shares of the business’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $52.01, for a total value of $18,179,159.32. The disclosure for this sale can be found here. 1.41% of the stock is owned by insiders.
About Lincoln National Corp.
Lincoln National Corporation is a holding company, which operates insurance and retirement businesses through subsidiary companies. The Company sells a range of wealth protection, accumulation and retirement income products and solutions, through its business segments. It operates through four segments: Annuities segment, which offers fixed (including indexed) and variable annuities; Retirement Plan Services segment, which provides employers with retirement plan products and services; Life Insurance segment, which focuses in the creation and protection of wealth through life insurance products, and Group Protection, which offers principally group non-medical insurance products.