Bank of New York Mellon Corp raised its holdings in Lincoln National Co. (NYSE:LNC) by 2.9% during the first quarter, Holdings Channel reports. The institutional investor owned 2,027,617 shares of the financial services provider’s stock after buying an additional 57,600 shares during the quarter. Bank of New York Mellon Corp’s holdings in Lincoln National were worth $53,366,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in LNC. Norges Bank bought a new position in shares of Lincoln National in the fourth quarter valued at $125,815,000. Cornerstone Investment Partners LLC purchased a new stake in shares of Lincoln National in the first quarter valued at about $30,082,000. Retirement Systems of Alabama raised its holdings in shares of Lincoln National by 945.8% in the first quarter. Retirement Systems of Alabama now owns 911,585 shares of the financial services provider’s stock valued at $23,993,000 after purchasing an additional 824,421 shares during the last quarter. Prana Capital Management LP raised its holdings in shares of Lincoln National by 113.1% in the fourth quarter. Prana Capital Management LP now owns 669,236 shares of the financial services provider’s stock valued at $39,492,000 after purchasing an additional 355,206 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its holdings in shares of Lincoln National by 43.3% in the fourth quarter. Russell Investments Group Ltd. now owns 1,027,127 shares of the financial services provider’s stock valued at $60,495,000 after purchasing an additional 310,325 shares during the last quarter. 81.22% of the stock is currently owned by hedge funds and other institutional investors.

LNC opened at $35.94 on Friday. The company has a market capitalization of $6.88 billion, a price-to-earnings ratio of 3.86 and a beta of 2.27. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.41. The firm has a 50-day moving average price of $31.24 and a 200-day moving average price of $47.39. Lincoln National Co. has a twelve month low of $16.11 and a twelve month high of $67.17.

Lincoln National (NYSE:LNC) last posted its earnings results on Thursday, May 7th. The financial services provider reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.07. The firm had revenue of $4.51 billion during the quarter, compared to the consensus estimate of $4.53 billion. Lincoln National had a net margin of 3.72% and a return on equity of 10.01%. The company’s revenue was up 3.4% on a year-over-year basis. During the same quarter last year, the company earned $2.14 earnings per share. On average, sell-side analysts expect that Lincoln National Co. will post 8.59 earnings per share for the current fiscal year.

In other Lincoln National news, EVP Lisa Buckingham bought 1,500 shares of Lincoln National stock in a transaction dated Monday, March 9th. The stock was purchased at an average price of $32.67 per share, for a total transaction of $49,005.00. Following the completion of the purchase, the executive vice president now directly owns 74,333 shares of the company’s stock, valued at $2,428,459.11. The acquisition was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director M Leanne Lachman bought 3,000 shares of Lincoln National stock in a transaction dated Tuesday, May 19th. The stock was acquired at an average price of $35.59 per share, with a total value of $106,770.00. Insiders bought 6,900 shares of company stock valued at $223,075 in the last quarter. Corporate insiders own 1.50% of the company’s stock.

LNC has been the subject of several analyst reports. Wells Fargo & Co lowered their target price on shares of Lincoln National from $66.00 to $33.00 and set an “equal weight” rating for the company in a report on Wednesday, April 1st. Morgan Stanley lowered their target price on shares of Lincoln National from $73.00 to $40.00 and set an “overweight” rating for the company in a report on Tuesday, March 17th. Piper Sandler lowered their target price on shares of Lincoln National from $36.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, April 3rd. Citigroup downgraded shares of Lincoln National from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $35.00 to $30.00 in a report on Friday, April 17th. Finally, Royal Bank of Canada raised their price objective on shares of Lincoln National from $40.00 to $43.00 and gave the stock a “sector perform” rating in a report on Friday, May 8th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $47.91.

Lincoln National Profile

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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Institutional Ownership by Quarter for Lincoln National (NYSE:LNC)

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