Cornerstone Investment Partners LLC cut its position in shares of Lincoln National Corp. (NYSE:LNC) by 12.6% during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 1,723,086 shares of the company’s stock after selling 248,200 shares during the period. Lincoln National Corp. comprises approximately 3.5% of Cornerstone Investment Partners LLC’s investment portfolio, making the stock its 12th largest position. Cornerstone Investment Partners LLC owned 0.74% of Lincoln National Corp. worth $80,951,000 at the end of the most recent reporting period.
A number of other large investors have also bought and sold shares of LNC. Barnett & Company Inc. acquired a new stake in Lincoln National Corp. during the first quarter worth approximately $104,000. Capital Analysts LLC increased its stake 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 stake in Lincoln National Corp. during the second quarter worth approximately $127,000. Societe Generale acquired a new stake in Lincoln National Corp. during the second quarter worth approximately $132,000. Finally, Quadrant Capital Group LLC increased its stake 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 77.97% of the company’s stock.
Lincoln National Corp. (NYSE:LNC) traded down 0.75% on Monday, hitting $63.67. The stock had a trading volume of 909,758 shares. The company’s 50-day moving average is $53.62 and its 200-day moving average is $46.65. The stock has a market cap of $14.55 billion, a P/E ratio of 12.03 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.
Lincoln National Corp. (NYSE:LNC) last released its earnings results on Thursday, November 3rd. The company reported $1.89 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.28. The company earned $3.53 billion during the quarter, compared to analyst estimates of $3.43 billion. Lincoln National Corp. had a return on equity of 9.89% and a net margin of 9.63%. The company’s revenue for the quarter was down 5.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.65 earnings per share. On average, analysts anticipate that Lincoln National Corp. will post $6.35 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, February 1st. Stockholders of record on Tuesday, January 10th will be issued a $0.29 dividend. The ex-dividend date of this dividend is Friday, January 6th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.81%. This is a positive change from Lincoln National Corp.’s previous quarterly dividend of $0.25. Lincoln National Corp.’s dividend payout ratio is presently 18.83%.
A number of equities research analysts have commented on the company. FBR & Co lifted their target price on Lincoln National Corp. from $52.00 to $55.00 and gave the company an “outperform” rating in a research report on Tuesday, October 18th. Wells Fargo & Co. began coverage on Lincoln National Corp. in a report on Friday, September 23rd. They issued a “market perform” rating on the stock. Zacks Investment Research upgraded Lincoln National Corp. from a “hold” rating to a “buy” rating and set a $70.00 price objective on the stock in a report on Monday, November 21st. Finally, Credit Suisse Group AG began coverage on Lincoln National Corp. in a report on Friday, October 7th. They issued a “neutral” rating and a $57.00 price objective on the stock. Eight analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company. The company currently has a consensus rating of “Buy” and a consensus target price of $53.50.
In other news, insider Wilford H. Fuller sold 63,694 shares of the company’s stock in a transaction on Thursday, November 10th. The shares were sold at an average price of $59.13, for a total value of $3,766,226.22. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director M Leanne Lachman sold 5,499 shares of the company’s stock in a transaction on Monday, November 21st. The stock was sold at an average price of $63.21, for a total transaction of $347,591.79. Following the completion of the transaction, the director now directly owns 5,499 shares in the company, valued at $347,591.79. The disclosure for this sale can be found here. 1.41% of the stock is owned by insiders.
Lincoln National Corp. Company Profile
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.