OppenheimerFunds Inc. lessened its stake in shares of Lincoln National Co. (NYSE:LNC) by 3.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 586,108 shares of the financial services provider’s stock after selling 21,384 shares during the period. OppenheimerFunds Inc.’s holdings in Lincoln National were worth $34,405,000 at the end of the most recent reporting period.
Several other large investors also recently made changes to their positions in the company. FMR LLC lifted its holdings in shares of Lincoln National by 0.3% in the fourth quarter. FMR LLC now owns 5,730,943 shares of the financial services provider’s stock valued at $294,055,000 after purchasing an additional 16,379 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its holdings in shares of Lincoln National by 5,290.5% in the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,956,873 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 3,883,468 shares in the last quarter. Norges Bank purchased a new stake in shares of Lincoln National in the fourth quarter valued at $197,189,000. Prudential PLC lifted its holdings in shares of Lincoln National by 1.0% in the fourth quarter. Prudential PLC now owns 3,250,700 shares of the financial services provider’s stock valued at $166,793,000 after purchasing an additional 30,800 shares in the last quarter. Finally, Geode Capital Management LLC lifted its holdings in shares of Lincoln National by 7.3% in the fourth quarter. Geode Capital Management LLC now owns 2,898,554 shares of the financial services provider’s stock valued at $148,472,000 after purchasing an additional 197,294 shares in the last quarter. Institutional investors own 80.64% of the company’s stock.
Shares of NYSE LNC traded down $1.07 during mid-day trading on Wednesday, reaching $63.06. The company had a trading volume of 47,332 shares, compared to its average volume of 1,685,883. Lincoln National Co. has a twelve month low of $48.07 and a twelve month high of $71.27. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $12.90 billion, a PE ratio of 7.44, a price-to-earnings-growth ratio of 0.75 and a beta of 1.93.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th will be given a dividend of $0.37 per share. This represents a $1.48 annualized dividend and a yield of 2.35%. The ex-dividend date of this dividend is Tuesday, July 9th. Lincoln National’s payout ratio is 17.45%.
A number of research firms have recently weighed in on LNC. Zacks Investment Research downgraded shares of Lincoln National from a “buy” rating to a “hold” rating in a research note on Tuesday, May 21st. JPMorgan Chase & Co. set a $92.00 price target on shares of Lincoln National and gave the stock a “buy” rating in a research note on Thursday, May 2nd. UBS Group upped their price target on shares of Lincoln National from $67.00 to $69.00 and gave the stock a “neutral” rating in a research note on Thursday, May 2nd. Finally, ValuEngine raised shares of Lincoln National from a “strong sell” rating to a “sell” rating in a research note on Wednesday, February 27th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus target price of $75.85.
In other Lincoln National news, EVP Jamie Ohl sold 7,263 shares of the stock in a transaction on Thursday, March 14th. The shares were sold at an average price of $61.70, for a total transaction of $448,127.10. Following the transaction, the executive vice president now directly owns 23,159 shares of the company’s stock, valued at $1,428,910.30. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Gary C. Kelly sold 17,040 shares of the stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $66.63, for a total transaction of $1,135,375.20. The disclosure for this sale can be found here. Insiders have sold 36,041 shares of company stock worth $2,339,312 over the last three months. Company insiders own 1.50% of the company’s stock.
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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