US Bancorp DE cut its stake in shares of Lincoln National Corp. (NYSE:LNC) by 5.2% during the third quarter, Holdings Channel reports. The fund owned 316,813 shares of the company’s stock after selling 17,294 shares during the period. US Bancorp DE’s holdings in Lincoln National Corp. were worth $14,883,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently made changes to their positions in the stock. Bank of Montreal Can purchased a new position in shares of Lincoln National Corp. during the second quarter valued at approximately $84,522,000. Lord Abbett & CO. LLC increased its position in shares of Lincoln National Corp. by 114.2% in the second quarter. Lord Abbett & CO. LLC now owns 1,224,586 shares of the company’s stock valued at $47,477,000 after buying an additional 652,965 shares during the last quarter. Hexavest Inc. purchased a new position in shares of Lincoln National Corp. during the second quarter valued at approximately $24,262,000. Virginia Retirement Systems ET AL purchased a new position in shares of Lincoln National Corp. during the second quarter valued at approximately $14,826,000. Finally, Vanguard Group Inc. increased its position in shares of Lincoln National Corp. by 1.3% in the second quarter. Vanguard Group Inc. now owns 21,063,183 shares of the company’s stock valued at $816,621,000 after buying an additional 267,632 shares during the last quarter. 77.97% of the stock is owned by hedge funds and other institutional investors.
Lincoln National Corp. (NYSE:LNC) traded down 1.29% during trading on Monday, hitting $63.32. 656,753 shares of the company’s stock were exchanged. The company has a market cap of $14.47 billion, a price-to-earnings ratio of 11.96 and a beta of 1.99. The firm has a 50 day moving average price of $53.62 and a 200 day moving average price of $46.65. Lincoln National Corp. has a 52-week low of $30.39 and a 52-week high of $64.71.
Lincoln National Corp. (NYSE:LNC) last announced its earnings results on Thursday, November 3rd. The company reported $1.89 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.61 by $0.28. Lincoln National Corp. had a net margin of 9.63% and a return on equity of 9.89%. The business had revenue of $3.53 billion for the quarter, compared to the consensus estimate of $3.43 billion. During the same quarter in the prior year, the firm posted $1.65 earnings per share. The business’s revenue for the quarter was down 5.5% on a year-over-year basis. On average, equities research analysts predict that Lincoln National Corp. will post $6.35 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Tuesday, January 10th will be paid a $0.29 dividend. The ex-dividend date of this dividend is Friday, January 6th. This represents a $1.16 annualized dividend and a dividend yield of 1.81%. This is an increase from Lincoln National Corp.’s previous quarterly dividend of $0.25. Lincoln National Corp.’s dividend payout ratio is currently 18.83%.
Several analysts have recently weighed in on the stock. FBR & Co raised their price objective on shares of Lincoln National Corp. from $55.00 to $63.00 and gave the company a “mkt perform” rating in a research report on Monday. Zacks Investment Research upgraded shares of Lincoln National Corp. from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a research report on Monday, November 21st. Credit Suisse Group AG assumed coverage on shares of Lincoln National Corp. in a research report on Friday, October 7th. They set a “neutral” rating and a $57.00 price objective on the stock. Finally, Wells Fargo & Co. assumed coverage on shares of Lincoln National Corp. in a research report on Friday, September 23rd. They set a “market perform” rating on the stock. Eight analysts have rated the stock with a hold rating, five have issued a buy rating and one has given a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $53.50.
In other Lincoln National Corp. news, EVP Lisa Buckingham sold 12,881 shares of the firm’s stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $48.26, for a total transaction of $621,637.06. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. Also, CAO Christine A. Janofsky sold 1,025 shares of the firm’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $60.11, for a total transaction of $61,612.75. The disclosure for this sale can be found here. 1.41% of the stock is currently 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.