Retirement Systems of Alabama decreased its position in shares of Lincoln National Corp. (NYSE:LNC) by 0.2% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 485,149 shares of the company’s stock after selling 892 shares during the period. Retirement Systems of Alabama’s holdings in Lincoln National Corp. were worth $18,809,000 as of its most recent filing with the SEC.
Several other hedge funds also recently made changes to their positions in the stock. Prudential Financial Inc. increased its stake in shares of Lincoln National Corp. by 97.2% in the first quarter. Prudential Financial Inc. now owns 1,976,880 shares of the company’s stock worth $77,494,000 after buying an additional 974,590 shares during the last quarter. Teachers Advisors Inc. increased its stake in shares of Lincoln National Corp. by 11.8% in the first quarter. Teachers Advisors Inc. now owns 408,970 shares of the company’s stock worth $16,032,000 after buying an additional 43,298 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of Lincoln National Corp. by 7.9% in the first quarter. TIAA CREF Investment Management LLC now owns 1,199,935 shares of the company’s stock worth $47,037,000 after buying an additional 87,404 shares during the last quarter. Cornerstone Financial Partners LLC bought a new stake in shares of Lincoln National Corp. during the first quarter worth about $1,135,000. Finally, Pacad Investment Ltd. increased its stake in shares of Lincoln National Corp. by 189.4% in the first quarter. Pacad Investment Ltd. now owns 66,685 shares of the company’s stock worth $2,614,000 after buying an additional 43,644 shares during the last quarter. 78.68% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Lincoln National Corp. (NYSE:LNC) traded down 1.50% during midday trading on Thursday, reaching $45.87. 1,252,173 shares of the company traded hands. The firm has a market capitalization of $10.68 billion, a PE ratio of 10.99 and a beta of 2.16. Lincoln National Corp. has a 1-year low of $30.39 and a 1-year high of $57.54. The stock has a 50 day moving average price of $46.58 and a 200 day moving average price of $43.27.
Lincoln National Corp. (NYSE:LNC) last issued its earnings results on Wednesday, August 3rd. The company reported $1.56 EPS for the quarter, missing the Zacks’ consensus estimate of $1.58 by $0.02. The firm earned $3.40 billion during the quarter, compared to analysts’ expectations of $3.45 billion. Lincoln National Corp. had a net margin of 7.71% and a return on equity of 9.27%. Lincoln National Corp.’s quarterly revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.46 EPS. Analysts expect 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. Investors of record on Monday, October 10th will be given a $0.25 dividend. The ex-dividend date is Wednesday, October 5th. This represents a $1.00 dividend on an annualized basis and a yield of 2.18%. Lincoln National Corp.’s dividend payout ratio is currently 23.92%.
A number of equities analysts recently issued reports on the stock. Wells Fargo & Co. assumed coverage on shares of Lincoln National Corp. in a report on Friday, September 23rd. They issued a “market perform” rating on the stock. Zacks Investment Research downgraded shares of Lincoln National Corp. from a “hold” rating to a “sell” rating in a report on Tuesday, July 19th. FBR & Co reissued a “buy” rating on shares of Lincoln National Corp. in a report on Friday, June 10th. Morgan Stanley reissued a “buy” rating on shares of Lincoln National Corp. in a report on Friday, June 10th. Finally, Goldman Sachs Group Inc. downgraded shares of Lincoln National Corp. from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $51.00 to $46.00 in a report on Friday, July 15th. Two 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 assigned a strong buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $53.00.
In other news, Director Patrick S. Pittard sold 10,382 shares of Lincoln National Corp. stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $46.67, for a total transaction of $484,527.94. Following the completion of the transaction, the director now directly owns 13,115 shares of the company’s stock, valued at approximately $612,077.05. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, EVP Lisa Buckingham sold 12,881 shares of Lincoln National Corp. stock in a transaction that occurred on Wednesday, August 31st. The shares were sold at an average price of $48.26, for a total transaction of $621,637.06. The disclosure for this sale can be found here. 1.41% of the stock is owned by corporate 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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