Pitcairn Co. reduced its position in Lincoln National Co. (NYSE:LNC) by 38.0% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 6,869 shares of the financial services provider’s stock after selling 4,214 shares during the quarter. Pitcairn Co.’s holdings in Lincoln National were worth $528,000 at the end of the most recent quarter.
A number of other institutional investors have also recently made changes to their positions in the stock. Koch Industries Inc. bought a new stake in Lincoln National in the fourth quarter valued at about $474,000. Invictus RG increased its holdings in Lincoln National by 1,268.7% in the fourth quarter. Invictus RG now owns 5,078 shares of the financial services provider’s stock valued at $390,000 after buying an additional 4,707 shares during the last quarter. ETRADE Capital Management LLC increased its holdings in Lincoln National by 10.2% in the fourth quarter. ETRADE Capital Management LLC now owns 24,121 shares of the financial services provider’s stock valued at $1,854,000 after buying an additional 2,238 shares during the last quarter. MML Investors Services LLC increased its holdings in Lincoln National by 118.3% in the fourth quarter. MML Investors Services LLC now owns 8,552 shares of the financial services provider’s stock valued at $657,000 after buying an additional 4,634 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. increased its holdings in Lincoln National by 17.8% in the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 1,213,557 shares of the financial services provider’s stock valued at $93,286,000 after buying an additional 183,500 shares during the last quarter. 82.30% of the stock is owned by hedge funds and other institutional investors.
Several analysts recently weighed in on LNC shares. Barclays reissued a “buy” rating and issued a $90.00 price objective on shares of Lincoln National in a report on Tuesday, January 9th. Zacks Investment Research raised Lincoln National from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a report on Monday, January 8th. Royal Bank of Canada reaffirmed a “buy” rating and set a $86.00 target price on shares of Lincoln National in a report on Friday, December 8th. Deutsche Bank initiated coverage on Lincoln National in a report on Tuesday, January 2nd. They set a “buy” rating and a $84.00 target price for the company. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $89.00 target price on shares of Lincoln National in a report on Friday, December 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have issued a buy rating and one has issued a strong buy rating to the company’s stock. Lincoln National presently has a consensus rating of “Hold” and a consensus target price of $83.33.
Lincoln National (NYSE:LNC) last issued its quarterly earnings data on Wednesday, January 31st. The financial services provider reported $1.98 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.94 by $0.04. Lincoln National had a return on equity of 10.86% and a net margin of 14.48%. The business had revenue of $3.78 billion during the quarter, compared to analyst estimates of $3.65 billion. During the same period in the prior year, the company posted $1.77 EPS. The business’s revenue for the quarter was up 7.3% compared to the same quarter last year. sell-side analysts forecast that Lincoln National Co. will post 8.5 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be issued a $0.33 dividend. This represents a $1.32 dividend on an annualized basis and a yield of 1.73%. The ex-dividend date is Monday, April 9th. Lincoln National’s dividend payout ratio (DPR) is 14.32%.
Lincoln National declared that its Board of Directors has initiated a share repurchase program on Friday, January 19th that allows the company to repurchase shares. This repurchase authorization allows the financial services provider to repurchase shares of its stock through open market purchases. Shares repurchase programs are generally a sign that the company’s board of directors believes its stock is undervalued.
In related news, CEO Dennis R. Glass sold 102,367 shares of the stock in a transaction that occurred on Friday, February 2nd. The stock was sold at an average price of $84.71, for a total value of $8,671,508.57. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa Buckingham sold 24,537 shares of the stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $78.39, for a total value of $1,923,455.43. Following the completion of the transaction, the executive vice president now directly owns 77,135 shares of the company’s stock, valued at $6,046,612.65. The disclosure for this sale can be found here. Insiders sold a total of 167,736 shares of company stock valued at $14,032,099 over the last three months. Corporate insiders own 1.12% of the company’s stock.
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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