Aviance Capital Management LLC bought a new position in Lincoln National Corp. (NYSE:LNC) during the second quarter, Holdings Channel reports. The firm bought 5,202 shares of the company’s stock, valued at approximately $202,000.
Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. State Street Corp raised its position in Lincoln National Corp. by 0.3% in the first quarter. State Street Corp now owns 10,674,434 shares of the company’s stock worth $418,428,000 after buying an additional 26,958 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in Lincoln National Corp. by 3.0% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 7,990,933 shares of the company’s stock worth $313,245,000 after buying an additional 232,131 shares during the period. Prudential PLC raised its position in Lincoln National Corp. by 30.6% in the first quarter. Prudential PLC now owns 4,098,900 shares of the company’s stock worth $160,677,000 after buying an additional 960,600 shares during the period. Bank of Montreal Can acquired a new position in Lincoln National Corp. during the second quarter worth $84,522,000. Finally, Geode Capital Management LLC raised its position in Lincoln National Corp. by 1.9% in the first quarter. Geode Capital Management LLC now owns 2,156,753 shares of the company’s stock worth $84,389,000 after buying an additional 39,352 shares during the period. 78.68% of the stock is currently owned by institutional investors and hedge funds.
Lincoln National Corp. (NYSE:LNC) traded up 1.13% during trading on Wednesday, hitting $46.57. 1,449,821 shares of the company’s stock traded hands. The stock has a market cap of $10.84 billion, a P/E ratio of 11.16 and a beta of 2.16. The firm’s 50-day moving average price is $46.55 and its 200 day moving average price is $43.25. Lincoln National Corp. has a 12-month low of $30.39 and a 12-month high of $57.54.
Lincoln National Corp. (NYSE:LNC) last posted its earnings results on Wednesday, August 3rd. The company reported $1.56 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.58 by $0.02. Lincoln National Corp. had a return on equity of 9.27% and a net margin of 7.71%. The firm earned $3.40 billion during the quarter, compared to the consensus estimate of $3.45 billion. During the same period in the previous year, the company posted $1.46 EPS. The firm’s revenue for the quarter was down .6% compared to the same quarter last year. Analysts anticipate that Lincoln National Corp. will post $6.07 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, November 1st. Stockholders of record on Monday, October 10th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.15%. The ex-dividend date of this dividend is Wednesday, October 5th. Lincoln National Corp.’s payout ratio is 23.92%.
A number of research analysts have weighed in on LNC shares. Bank of America Corp. lowered shares of Lincoln National Corp. from a “buy” rating to a “neutral” rating in a research note on Wednesday, June 29th. Citigroup Inc. reduced their price target on shares of Lincoln National Corp. from $46.00 to $44.00 and set a “neutral” rating on the stock in a research report on Thursday, July 7th. Zacks Investment Research lowered shares of Lincoln National Corp. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 19th. Deutsche Bank AG reduced their price target on shares of Lincoln National Corp. from $57.00 to $53.00 and set a “hold” rating on the stock in a research report on Thursday, July 7th. Finally, FBR & Co reaffirmed a “buy” rating on shares of Lincoln National Corp. in a research report on Friday, June 10th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, five have given a buy rating and one has issued a strong buy rating to the stock. Lincoln National Corp. has a consensus rating of “Hold” and an average price target of $53.00.
In other news, EVP Lisa Buckingham sold 12,881 shares of the company’s stock in a transaction dated Wednesday, August 31st. The shares were sold at an average price of $48.26, for a total value of $621,637.06. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Patrick S. Pittard sold 10,382 shares of the company’s stock in a transaction dated Monday, September 12th. The stock was sold at an average price of $46.67, for a total transaction of $484,527.94. Following the completion of the sale, the director now directly owns 13,115 shares in the company, valued at approximately $612,077.05. The disclosure for this sale can be found here. 1.41% of the stock is currently 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.
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