Wright Investors Service Inc. raised its stake in shares of Lincoln National Co. (NYSE:LNC) by 0.9% in the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 22,932 shares of the financial services provider’s stock after acquiring an additional 195 shares during the period. Wright Investors Service Inc.’s holdings in Lincoln National were worth $1,478,000 as of its most recent SEC filing.
Other institutional investors and hedge funds also recently bought and sold shares of the company. Gemmer Asset Management LLC raised its stake in Lincoln National by 89.7% during the 1st quarter. Gemmer Asset Management LLC now owns 423 shares of the financial services provider’s stock valued at $25,000 after acquiring an additional 200 shares during the last quarter. Horan Capital Advisors LLC. purchased a new stake in Lincoln National during the 1st quarter valued at approximately $34,000. Cullen Frost Bankers Inc. purchased a new stake in Lincoln National during the 1st quarter valued at approximately $51,000. NuWave Investment Management LLC raised its stake in Lincoln National by 149.8% during the 2nd quarter. NuWave Investment Management LLC now owns 1,124 shares of the financial services provider’s stock valued at $72,000 after acquiring an additional 674 shares during the last quarter. Finally, Cerebellum GP LLC purchased a new stake in Lincoln National during the 2nd quarter valued at approximately $82,000. 81.53% of the stock is owned by hedge funds and other institutional investors.
Several analysts have commented on the company. Zacks Investment Research downgraded Lincoln National from a “buy” rating to a “hold” rating in a research note on Tuesday, May 21st. Goldman Sachs Group raised Lincoln National from a “neutral” rating to a “buy” rating and upped their price objective for the company from $65.00 to $77.00 in a research note on Tuesday, June 25th. Wells Fargo & Co reaffirmed a “hold” rating and set a $69.00 price objective on shares of Lincoln National in a research note on Wednesday, July 31st. UBS Group upped their price objective on Lincoln National from $67.00 to $69.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. Finally, Barclays set a $69.00 price objective on Lincoln National and gave the company a “buy” rating in a research note on Monday. One analyst has rated the stock with a sell rating, five have issued a hold rating and six have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $74.36.
Lincoln National (NYSE:LNC) last issued its earnings results on Wednesday, July 31st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.32 by $0.04. The business had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.46 billion. Lincoln National had a return on equity of 11.85% and a net margin of 8.74%. The company’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the business posted $2.02 EPS. Sell-side analysts forecast that Lincoln National Co. will post 9.3 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be paid a dividend of $0.37 per share. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.83%. The ex-dividend date of this dividend is Wednesday, October 9th. Lincoln National’s dividend payout ratio (DPR) is 17.45%.
In other news, CAO Christine A. Janofsky sold 7,928 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $62.62, for a total transaction of $496,451.36. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa Buckingham sold 8,500 shares of the stock in a transaction that occurred on Friday, June 14th. The stock was sold at an average price of $62.70, for a total value of $532,950.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 28,166 shares of company stock valued at $1,785,211. Company insiders own 1.50% of the company’s stock.
About Lincoln National
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers variable, fixed, and indexed variable annuities.
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