Verition Fund Management LLC Buys 9,437 Shares of Lincoln National Co. (LNC)
Verition Fund Management LLC boosted its holdings in shares of Lincoln National Co. (NYSE:LNC) by 112.5% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 17,826 shares of the financial services provider’s stock after purchasing an additional 9,437 shares during the period. Verition Fund Management LLC’s holdings in Lincoln National were worth $1,110,000 at the end of the most recent reporting period.
A number of other large investors have also made changes to their positions in LNC. JPMorgan Chase & Co. increased its holdings in Lincoln National by 90.6% during the 1st quarter. JPMorgan Chase & Co. now owns 5,848,793 shares of the financial services provider’s stock valued at $427,315,000 after purchasing an additional 2,779,947 shares during the period. Millennium Management LLC increased its holdings in Lincoln National by 89.9% during the 2nd quarter. Millennium Management LLC now owns 1,646,582 shares of the financial services provider’s stock valued at $102,500,000 after purchasing an additional 779,470 shares during the period. Schroder Investment Management Group increased its holdings in Lincoln National by 1,033.3% during the 1st quarter. Schroder Investment Management Group now owns 810,566 shares of the financial services provider’s stock valued at $59,220,000 after purchasing an additional 739,043 shares during the period. Hexavest Inc. purchased a new position in Lincoln National during the 2nd quarter valued at about $39,203,000. Finally, BlackRock Inc. increased its holdings in Lincoln National by 3.2% during the 2nd quarter. BlackRock Inc. now owns 19,580,560 shares of the financial services provider’s stock valued at $1,218,887,000 after purchasing an additional 610,043 shares during the period. Institutional investors own 80.99% of the company’s stock.
LNC stock opened at $70.32 on Friday. Lincoln National Co. has a fifty-two week low of $61.18 and a fifty-two week high of $86.68. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.38. The company has a market cap of $15.24 billion, a price-to-earnings ratio of 8.79 and a beta of 1.94.
The business also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be paid a $0.33 dividend. The ex-dividend date is Tuesday, October 9th. This represents a $1.32 annualized dividend and a dividend yield of 1.88%. Lincoln National’s payout ratio is currently 16.94%.
LNC has been the topic of a number of research analyst reports. Zacks Investment Research upgraded Lincoln National from a “hold” rating to a “buy” rating and set a $73.00 price target on the stock in a report on Tuesday, July 24th. ValuEngine upgraded Lincoln National from a “strong sell” rating to a “sell” rating in a report on Wednesday, August 22nd. Goldman Sachs Group upgraded Lincoln National from a “sell” rating to a “neutral” rating and upped their target price for the stock from $69.00 to $70.00 in a report on Monday, September 10th. B. Riley upped their target price on Lincoln National from $79.00 to $83.00 and gave the stock a “neutral” rating in a report on Tuesday, August 7th. Finally, Credit Suisse Group reduced their target price on Lincoln National from $74.00 to $68.00 and set a “neutral” rating on the stock in a report on Friday, August 17th. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating and five have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $80.77.
Lincoln National Company 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 company sells a range of wealth protection, accumulation, and retirement income products and solutions.
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