Western Wealth Management LLC purchased a new stake in Lincoln National Corporation (NYSE:LNC – Free Report) during the first quarter, HoldingsChannel.com reports. The fund purchased 10,884 shares of the financial services provider’s stock, valued at approximately $386,000.
Several other large investors have also modified their holdings of the company. Bank of America Corp DE boosted its holdings in shares of Lincoln National by 4.7% during the 1st quarter. Bank of America Corp DE now owns 1,428,845 shares of the financial services provider’s stock worth $50,724,000 after buying an additional 64,403 shares during the period. Kentucky Retirement Systems bought a new position in Lincoln National in the 1st quarter worth $769,000. California State Teachers Retirement System raised its holdings in Lincoln National by 23.6% in the 1st quarter. California State Teachers Retirement System now owns 198,336 shares of the financial services provider’s stock worth $7,041,000 after acquiring an additional 37,812 shares during the period. The Manufacturers Life Insurance Company lifted its position in Lincoln National by 9.0% during the 1st quarter. The Manufacturers Life Insurance Company now owns 42,028 shares of the financial services provider’s stock worth $1,492,000 after acquiring an additional 3,478 shares during the last quarter. Finally, Quantinno Capital Management LP lifted its position in Lincoln National by 223.2% during the 1st quarter. Quantinno Capital Management LP now owns 583,257 shares of the financial services provider’s stock worth $20,706,000 after acquiring an additional 402,783 shares during the last quarter. 72.81% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades
Several equities research analysts have recently issued reports on the company. Barclays raised Lincoln National from an “equal weight” rating to an “overweight” rating and raised their price target for the company from $42.00 to $45.00 in a research report on Monday, July 6th. Keefe, Bruyette & Woods boosted their price objective on Lincoln National from $46.00 to $51.00 and gave the stock an “outperform” rating in a research report on Friday, July 31st. Mizuho increased their target price on Lincoln National from $51.00 to $53.00 and gave the company an “outperform” rating in a research note on Friday, July 31st. Bank of America reaffirmed a “neutral” rating and issued a $47.00 target price on shares of Lincoln National in a report on Thursday, July 30th. Finally, JPMorgan Chase & Co. lifted their price target on Lincoln National from $40.00 to $42.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 21st. Seven research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $46.43.
Lincoln National Stock Performance
NYSE LNC opened at $46.97 on Wednesday. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.27 and a quick ratio of 0.27. The firm has a market capitalization of $8.99 billion, a price-to-earnings ratio of 4.07, a P/E/G ratio of 1.65 and a beta of 1.15. The company’s fifty day moving average is $38.66 and its two-hundred day moving average is $37.49. Lincoln National Corporation has a 52-week low of $32.18 and a 52-week high of $47.08.
Lincoln National (NYSE:LNC – Get Free Report) last posted its quarterly earnings data on Thursday, July 30th. The financial services provider reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.28. Lincoln National had a net margin of 12.21% and a return on equity of 17.35%. The company had revenue of $4.93 billion for the quarter, compared to the consensus estimate of $4.89 billion. During the same quarter in the previous year, the firm posted $2.36 EPS. The business’s revenue was up 12.3% compared to the same quarter last year. Equities research analysts forecast that Lincoln National Corporation will post 7.85 EPS for the current year.
Lincoln National Announces Dividend
The company also recently declared a quarterly dividend, which was paid on Monday, August 3rd. Investors of record on Friday, July 10th were paid a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 3.8%. The ex-dividend date was Friday, July 10th. Lincoln National’s payout ratio is currently 15.60%.
Insider Buying and Selling
In other Lincoln National news, EVP Craigt T. Beazer sold 30,000 shares of the company’s stock in a transaction that occurred on Friday, June 5th. The stock was sold at an average price of $34.45, for a total value of $1,033,500.00. Following the completion of the transaction, the executive vice president owned 103,906 shares of the company’s stock, valued at $3,579,561.70. This represents a 22.40% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.03% of the stock is currently owned by company insiders.
About Lincoln National
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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