US Bancorp DE lowered its position in shares of Lincoln National Co. (NYSE:LNC) by 10.4% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 150,643 shares of the financial services provider’s stock after selling 17,448 shares during the quarter. US Bancorp DE owned 0.07% of Lincoln National worth $10,193,000 at the end of the most recent quarter.
A number of other hedge funds have also recently made changes to their positions in the stock. BlackRock Inc. boosted its stake in Lincoln National by 3.2% during the second quarter. BlackRock Inc. now owns 19,580,560 shares of the financial services provider’s stock valued at $1,218,887,000 after buying an additional 610,043 shares in the last quarter. LSV Asset Management boosted its stake in Lincoln National by 2.4% during the second quarter. LSV Asset Management now owns 5,655,749 shares of the financial services provider’s stock valued at $352,070,000 after buying an additional 131,883 shares in the last quarter. Millennium Management LLC boosted its stake in Lincoln National by 89.9% during the second quarter. Millennium Management LLC now owns 1,646,582 shares of the financial services provider’s stock valued at $102,500,000 after buying an additional 779,470 shares in the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Lincoln National by 40.0% during the third quarter. Massachusetts Financial Services Co. MA now owns 1,010,106 shares of the financial services provider’s stock valued at $68,343,000 after buying an additional 288,841 shares in the last quarter. Finally, Sterling Capital Management LLC boosted its stake in Lincoln National by 21.7% during the second quarter. Sterling Capital Management LLC now owns 953,894 shares of the financial services provider’s stock valued at $59,380,000 after buying an additional 169,859 shares in the last quarter. 81.55% of the stock is owned by institutional investors and hedge funds.
LNC has been the subject of several research reports. Zacks Investment Research raised Lincoln National from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Tuesday, July 24th. ValuEngine upgraded Lincoln National from a “strong sell” rating to a “sell” rating in a research report on Wednesday, August 22nd. Bank of America decreased their price target on Lincoln National from $79.00 to $75.00 and set a “buy” rating for the company in a research report on Friday, November 2nd. Deutsche Bank decreased their price target on Lincoln National from $74.00 to $73.00 and set a “buy” rating for the company in a research report on Monday. Finally, Goldman Sachs Group upgraded Lincoln National from a “sell” rating to a “neutral” rating and increased their price target for the company from $69.00 to $70.00 in a research report on Monday, September 10th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and seven have given a buy rating to the company. The company currently has an average rating of “Hold” and a consensus target price of $77.62.
Lincoln National (NYSE:LNC) last released its quarterly earnings results on Thursday, November 1st. The financial services provider reported $2.34 earnings per share for the quarter, beating the Zacks’ consensus estimate of $2.17 by $0.17. Lincoln National had a return on equity of 11.61% and a net margin of 13.14%. The business had revenue of $4.26 billion during the quarter, compared to analyst estimates of $4.25 billion. During the same quarter last year, the company posted $1.87 EPS. Lincoln National’s revenue for the quarter was up 21.4% on a year-over-year basis. Research analysts expect that Lincoln National Co. will post 8.53 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be paid a $0.37 dividend. This is an increase from Lincoln National’s previous quarterly dividend of $0.33. This represents a $1.48 annualized dividend and a yield of 2.24%. The ex-dividend date is Wednesday, January 9th. Lincoln National’s dividend payout ratio is currently 16.94%.
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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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