Lincoln National Corporation (NYSE:LNC) Position Decreased by CIBC Asset Management Inc
CIBC Asset Management Inc cut its stake in shares of Lincoln National Corporation (NYSE:LNC) by 0.3% during the second quarter, Holdings Channel reports. The firm owned 21,854 shares of the financial services provider’s stock after selling 57 shares during the period. CIBC Asset Management Inc’s holdings in Lincoln National Corporation were worth $1,477,000 at the end of the most recent quarter.
Several other institutional investors have also made changes to their positions in LNC. BlackRock Inc. raised its position in Lincoln National Corporation by 2,922.6% in the first quarter. BlackRock Inc. now owns 18,418,766 shares of the financial services provider’s stock valued at $1,205,509,000 after buying an additional 17,809,394 shares during the last quarter. Vanguard Group Inc. raised its position in Lincoln National Corporation by 5.6% in the first quarter. Vanguard Group Inc. now owns 22,884,373 shares of the financial services provider’s stock valued at $1,497,782,000 after buying an additional 1,215,192 shares during the last quarter. Teachers Advisors LLC raised its position in Lincoln National Corporation by 158.6% in the first quarter. Teachers Advisors LLC now owns 1,612,351 shares of the financial services provider’s stock valued at $105,528,000 after buying an additional 988,753 shares during the last quarter. Janus Capital Management LLC raised its position in Lincoln National Corporation by 3,586.0% in the first quarter. Janus Capital Management LLC now owns 990,323 shares of the financial services provider’s stock valued at $64,817,000 after buying an additional 963,456 shares during the last quarter. Finally, Acadian Asset Management LLC raised its position in Lincoln National Corporation by 207.0% in the second quarter. Acadian Asset Management LLC now owns 1,269,347 shares of the financial services provider’s stock valued at $85,784,000 after buying an additional 855,930 shares during the last quarter. 80.15% of the stock is currently owned by institutional investors and hedge funds.
Shares of Lincoln National Corporation (LNC) opened at 71.76 on Friday. The stock has a market cap of $15.89 billion, a P/E ratio of 10.93 and a beta of 1.99. The firm’s 50-day moving average price is $70.60 and its 200 day moving average price is $68.16. Lincoln National Corporation has a one year low of $44.68 and a one year high of $75.78.
Lincoln National Corporation (NYSE:LNC) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $1.85 EPS for the quarter, topping the Zacks’ consensus estimate of $1.73 by $0.12. The company had revenue of $3.58 billion for the quarter, compared to analysts’ expectations of $3.56 billion. Lincoln National Corporation had a return on equity of 10.99% and a net margin of 10.85%. The firm’s quarterly revenue was up 8.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.56 earnings per share. Equities research analysts expect that Lincoln National Corporation will post $7.45 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be paid a dividend of $0.29 per share. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.62%. Lincoln National Corporation’s dividend payout ratio is presently 17.79%.
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Several equities analysts recently issued reports on the company. BidaskClub raised Lincoln National Corporation from a “hold” rating to a “buy” rating in a research note on Thursday, August 3rd. Wells Fargo & Company reissued a “hold” rating on shares of Lincoln National Corporation in a research note on Wednesday, August 2nd. Zacks Investment Research raised Lincoln National Corporation from a “hold” rating to a “buy” rating and set a $83.00 target price on the stock in a research note on Tuesday. Royal Bank Of Canada increased their target price on Lincoln National Corporation from $77.00 to $83.00 and gave the stock an “outperform” rating in a research note on Friday, August 4th. Finally, Bank of America Corporation set a $78.00 target price on Lincoln National Corporation in a research note on Tuesday, July 4th. Five investment analysts have rated the stock with a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $73.40.
In other Lincoln National Corporation news, Director Isaiah Tidwell sold 13,946 shares of the business’s stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $65.04, for a total transaction of $907,047.84. The sale was disclosed in a legal filing with the SEC, which is available at this link. Insiders own 1.41% of the company’s stock.
Lincoln National Corporation Company Profile
Lincoln National Corporation is a holding company, which operates insurance and retirement businesses through subsidiary companies. The Company sells a range of wealth protection, accumulation and retirement income products and solutions, through its business segments. The Company operates through four segments: Annuities segment, which offers fixed (including indexed) and variable annuities; Retirement Plan Services segment, which provides employers with retirement plan products and services; Life Insurance segment, which focuses on the creation and protection of wealth through life insurance products, and Group Protection, which offers principally group non-medical insurance products.
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