Geode Capital Management LLC raised its holdings in Lincoln National Co. (NYSE:LNC) by 1.7% during the second quarter, Holdings Channel reports. The institutional investor owned 3,216,847 shares of the financial services provider’s stock after buying an additional 53,824 shares during the period. Geode Capital Management LLC’s holdings in Lincoln National were worth $201,584,000 as of its most recent SEC filing.
Other institutional investors have also bought and sold shares of the company. Loomis Sayles & Co. L P increased its position in shares of Lincoln National by 575.9% during the first quarter. Loomis Sayles & Co. L P now owns 588 shares of the financial services provider’s stock worth $37,000 after purchasing an additional 501 shares in the last quarter. Stonebridge Capital Advisors LLC acquired a new stake in shares of Lincoln National during the first quarter worth about $42,000. Van ECK Associates Corp increased its position in shares of Lincoln National by 188.0% during the second quarter. Van ECK Associates Corp now owns 697 shares of the financial services provider’s stock worth $44,000 after purchasing an additional 455 shares in the last quarter. Compagnie Lombard Odier SCmA acquired a new stake in shares of Lincoln National during the second quarter worth about $88,000. Finally, Harvest Fund Management Co. Ltd increased its position in shares of Lincoln National by 104.2% during the second quarter. Harvest Fund Management Co. Ltd now owns 1,474 shares of the financial services provider’s stock worth $94,000 after purchasing an additional 752 shares in the last quarter. Institutional investors own 76.12% of the company’s stock.
In other news, CEO Dennis R. Glass sold 150,000 shares of the business’s stock in a transaction that occurred on Monday, September 27th. The stock was sold at an average price of $72.05, for a total transaction of $10,807,500.00. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. 1.89% of the stock is owned by insiders.
Lincoln National (NYSE:LNC) last announced its quarterly earnings data on Wednesday, August 4th. The financial services provider reported $3.17 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.30 by $0.87. The company had revenue of $4.85 billion for the quarter, compared to analyst estimates of $4.79 billion. Lincoln National had a return on equity of 5.47% and a net margin of 7.43%. The firm’s revenue for the quarter was up 37.9% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.97 EPS. On average, sell-side analysts predict that Lincoln National Co. will post 10.32 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 1st. Stockholders of record on Monday, October 11th will be paid a dividend of $0.42 per share. This represents a $1.68 annualized dividend and a dividend yield of 2.36%. The ex-dividend date of this dividend is Thursday, October 7th. Lincoln National’s dividend payout ratio (DPR) is 37.75%.
LNC has been the topic of a number of research analyst reports. Zacks Investment Research cut Lincoln National from a “buy” rating to a “hold” rating and set a $73.00 target price on the stock. in a research report on Tuesday, October 5th. lifted their target price on Lincoln National from $67.00 to $68.00 and gave the stock a “neutral” rating in a research report on Monday, June 21st. Barclays boosted their price target on Lincoln National from $69.00 to $73.00 and gave the company an “equal weight” rating in a research report on Tuesday. Morgan Stanley boosted their price target on Lincoln National from $73.00 to $75.00 and gave the company an “overweight” rating in a research report on Thursday, August 5th. Finally, Piper Sandler dropped their price target on Lincoln National from $70.00 to $65.00 and set a “neutral” rating on the stock in a research report on Thursday, July 8th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $67.57.
About Lincoln National
Lincoln National Corp. is a holding company, which operates multiple insurance and retirement businesses through its subsidiary companies. It provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. The company operates through the following segments: Annuities, Retirement Plan Services, Life Insurance, Group Protection, and Other Operations.
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