New York State Common Retirement Fund lifted its position in shares of Lincoln National Co. (NYSE:LNC) by 1.9% during the third quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 690,836 shares of the financial services provider’s stock after buying an additional 13,057 shares during the quarter. New York State Common Retirement Fund owned approximately 0.32% of Lincoln National worth $50,763,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently made changes to their positions in the business. Stratos Wealth Partners LTD. purchased a new stake in shares of Lincoln National in the 2nd quarter worth approximately $200,000. Pictet Asset Management Ltd. boosted its holdings in Lincoln National by 4.1% during the second quarter. Pictet Asset Management Ltd. now owns 125,240 shares of the financial services provider’s stock worth $8,138,000 after buying an additional 4,900 shares in the last quarter. Seven Bridges Advisors LLC boosted its holdings in Lincoln National by 12.0% during the second quarter. Seven Bridges Advisors LLC now owns 24,695 shares of the financial services provider’s stock worth $1,669,000 after buying an additional 2,654 shares in the last quarter. BP PLC purchased a new position in Lincoln National during the second quarter valued at $1,757,000. Finally, Global X Management Co. LLC lifted its holdings in Lincoln National by 32.2% during the second quarter. Global X Management Co. LLC now owns 4,292 shares of the financial services provider’s stock valued at $290,000 after purchasing an additional 1,046 shares in the last quarter. Institutional investors own 80.44% of the company’s stock.
Several equities analysts have issued reports on the stock. Wells Fargo & Company set a $80.00 price objective on shares of Lincoln National and gave the company a “hold” rating in a report on Thursday, November 16th. ValuEngine cut shares of Lincoln National from a “strong-buy” rating to a “buy” rating in a research report on Thursday, November 9th. B. Riley reiterated a “neutral” rating on shares of Lincoln National in a research report on Monday, November 6th. Morgan Stanley increased their target price on shares of Lincoln National from $77.00 to $79.00 and gave the company an “equal weight” rating in a research report on Thursday, November 2nd. Finally, Goldman Sachs Group started coverage on shares of Lincoln National in a research report on Wednesday, October 18th. They issued a “sell” rating and a $71.00 target price for the company. One analyst has rated the stock with a sell rating, seven have issued a hold rating and five have issued a buy rating to the company. Lincoln National has a consensus rating of “Hold” and a consensus price target of $78.40.
Lincoln National (NYSE:LNC) last announced its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $2.03 earnings per share for the quarter, beating analysts’ consensus estimates of $1.84 by $0.19. Lincoln National had a net margin of 10.50% and a return on equity of 11.16%. The business had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.62 billion. During the same period last year, the business earned $1.89 earnings per share. The business’s revenue for the quarter was down .4% on a year-over-year basis. research analysts anticipate that Lincoln National Co. will post 7.69 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Shareholders of record on Wednesday, January 10th will be given a dividend of $0.33 per share. The ex-dividend date is Tuesday, January 9th. This is a boost from Lincoln National’s previous quarterly dividend of $0.29. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.74%. Lincoln National’s dividend payout ratio (DPR) is currently 18.15%.
About Lincoln National
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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