Algebris UK Ltd. lessened its holdings in Lincoln National Corporation (NYSE:LNC – Free Report) by 46.6% during the fourth quarter, HoldingsChannel reports. The institutional investor owned 583,777 shares of the financial services provider’s stock after selling 509,116 shares during the quarter. Lincoln National comprises 1.2% of Algebris UK Ltd.’s investment portfolio, making the stock its 21st biggest position. Algebris UK Ltd.’s holdings in Lincoln National were worth $26,008,000 at the end of the most recent reporting period.
A number of other institutional investors and hedge funds also recently made changes to their positions in the business. Vanguard Group Inc. increased its stake in Lincoln National by 6.3% in the third quarter. Vanguard Group Inc. now owns 19,903,720 shares of the financial services provider’s stock valued at $802,717,000 after acquiring an additional 1,183,934 shares during the last quarter. Impax Asset Management Group plc bought a new position in Lincoln National in the third quarter valued at $1,052,000. Vest Financial LLC increased its stake in Lincoln National by 8.9% in the third quarter. Vest Financial LLC now owns 384,803 shares of the financial services provider’s stock valued at $15,519,000 after acquiring an additional 31,441 shares during the last quarter. CSM Advisors LLC bought a new position in Lincoln National in the third quarter valued at $13,481,000. Finally, First Trust Advisors LP increased its stake in Lincoln National by 5.0% in the third quarter. First Trust Advisors LP now owns 4,879,862 shares of the financial services provider’s stock valued at $196,805,000 after acquiring an additional 234,415 shares during the last quarter. Hedge funds and other institutional investors own 72.81% of the company’s stock.
Lincoln National Stock Up 3.2%
Shares of NYSE:LNC opened at $35.43 on Thursday. The stock’s 50-day moving average price is $35.27 and its 200-day moving average price is $39.20. Lincoln National Corporation has a 12-month low of $31.61 and a 12-month high of $46.82. The stock has a market capitalization of $6.77 billion, a P/E ratio of 4.11, a price-to-earnings-growth ratio of 2.20 and a beta of 1.20. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.65.
Wall Street Analysts Forecast Growth
LNC has been the topic of a number of research analyst reports. National Bank Financial set a $48.00 target price on Lincoln National in a research note on Monday, April 13th. Barclays reduced their target price on Lincoln National from $44.00 to $42.00 and set an “equal weight” rating on the stock in a research note on Wednesday, April 8th. Keefe, Bruyette & Woods increased their target price on Lincoln National from $43.00 to $44.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. TD Cowen reduced their target price on Lincoln National from $43.00 to $38.00 and set a “hold” rating on the stock in a research note on Monday, March 9th. Finally, Wells Fargo & Company increased their target price on Lincoln National from $43.00 to $44.00 and gave the company an “overweight” rating in a research note on Tuesday, May 12th. Five investment analysts have rated the stock with a Buy rating, nine have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $44.00.
Insider Transactions at Lincoln National
In other news, EVP Sean Woodroffe sold 10,000 shares of the firm’s stock in a transaction dated Monday, March 2nd. The stock was sold at an average price of $34.46, for a total transaction of $344,600.00. Following the transaction, the executive vice president directly owned 206,159 shares of the company’s stock, valued at approximately $7,104,239.14. This trade represents a 4.63% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder National Life Insuranc Lincoln acquired 2,254,486 shares of Lincoln National stock in a transaction dated Wednesday, February 25th. The shares were bought at an average cost of $11.09 per share, for a total transaction of $25,002,249.74. Following the completion of the purchase, the insider directly owned 9,784,322 shares of the company’s stock, valued at approximately $108,508,130.98. The trade was a 29.94% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 1.03% of the stock is currently owned by company insiders.
Lincoln National Company Profile
Lincoln National Corporation, doing business as Lincoln Financial Group, is a diversified financial services holding company focused on providing retirement, insurance, and wealth management solutions in the United States and select international markets. Headquartered in Radnor, Pennsylvania, the company operates through several business segments, including Retirement Plan Services, Life Insurance, and Group Protection. Its offerings are designed to help individuals, families, and institutions plan and prepare for their financial futures.
The Retirement Plan Services segment delivers recordkeeping, administrative services, and investment management for defined contribution and defined benefit plans.
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