Assenagon Asset Management S.A. boosted its holdings in shares of Lincoln National Co. (NYSE:LNC - Free Report) by 141.2% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 673,095 shares of the financial services provider's stock after purchasing an additional 394,028 shares during the period. Assenagon Asset Management S.A. owned about 0.39% of Lincoln National worth $24,171,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Norges Bank acquired a new position in shares of Lincoln National in the fourth quarter worth about $76,951,000. Balyasny Asset Management L.P. raised its position in shares of Lincoln National by 301.2% in the fourth quarter. Balyasny Asset Management L.P. now owns 1,522,195 shares of the financial services provider's stock worth $48,269,000 after acquiring an additional 1,142,759 shares during the period. Arrowstreet Capital Limited Partnership raised its position in shares of Lincoln National by 84.9% in the fourth quarter. Arrowstreet Capital Limited Partnership now owns 1,543,624 shares of the financial services provider's stock worth $48,948,000 after acquiring an additional 708,584 shares during the period. SG Americas Securities LLC raised its position in shares of Lincoln National by 1,818.4% in the first quarter. SG Americas Securities LLC now owns 661,972 shares of the financial services provider's stock worth $23,771,000 after acquiring an additional 627,466 shares during the period. Finally, LPL Financial LLC raised its position in shares of Lincoln National by 190.9% in the fourth quarter. LPL Financial LLC now owns 741,330 shares of the financial services provider's stock worth $23,508,000 after acquiring an additional 486,478 shares during the period. 72.81% of the stock is currently owned by institutional investors and hedge funds.
Lincoln National Price Performance
NYSE LNC traded down $0.70 during trading hours on Friday, hitting $32.43. 1,180,159 shares of the company's stock traded hands, compared to its average volume of 1,627,437. Lincoln National Co. has a 52-week low of $27.58 and a 52-week high of $39.85. The company has a market capitalization of $5.54 billion, a PE ratio of 1.76, a PEG ratio of 0.30 and a beta of 1.40. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.27 and a quick ratio of 0.27. The firm's 50-day moving average is $32.45 and its 200-day moving average is $33.83.
Lincoln National (NYSE:LNC - Get Free Report) last announced its quarterly earnings data on Thursday, May 8th. The financial services provider reported $1.60 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.54 by $0.06. Lincoln National had a net margin of 17.76% and a return on equity of 18.47%. The company had revenue of $4.69 billion during the quarter, compared to analysts' expectations of $4.71 billion. During the same quarter in the prior year, the company earned $0.41 EPS. Lincoln National's revenue was up 14.0% compared to the same quarter last year. Equities analysts forecast that Lincoln National Co. will post 7.69 EPS for the current fiscal year.
Lincoln National Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be paid a dividend of $0.45 per share. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.80 annualized dividend and a yield of 5.55%. Lincoln National's dividend payout ratio is presently 25.57%.
Insider Activity
In other news, EVP Brian Kroll sold 10,075 shares of the stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $33.10, for a total value of $333,482.50. Following the completion of the sale, the executive vice president now owns 48,743 shares of the company's stock, valued at $1,613,393.30. This represents a 17.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP Sean Woodroffe sold 43,622 shares of the stock in a transaction that occurred on Tuesday, May 27th. The shares were sold at an average price of $32.78, for a total transaction of $1,429,929.16. Following the completion of the sale, the executive vice president now directly owns 154,102 shares of the company's stock, valued at approximately $5,051,463.56. This trade represents a 22.06% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.51% of the company's stock.
Wall Street Analysts Forecast Growth
A number of brokerages have weighed in on LNC. Evercore ISI upped their price objective on shares of Lincoln National from $41.00 to $44.00 and gave the stock an "in-line" rating in a research report on Wednesday, February 19th. Wall Street Zen upgraded shares of Lincoln National from a "sell" rating to a "hold" rating in a research report on Saturday, June 7th. Piper Sandler reduced their price target on shares of Lincoln National from $38.00 to $36.00 and set a "neutral" rating for the company in a research report on Friday, May 9th. Barclays upped their price target on shares of Lincoln National from $38.00 to $40.00 and gave the stock an "equal weight" rating in a research report on Friday, May 9th. Finally, Wells Fargo & Company reduced their price target on shares of Lincoln National from $36.00 to $31.00 and set an "equal weight" rating for the company in a research report on Thursday, April 10th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $36.82.
Read Our Latest Analysis on Lincoln National
About Lincoln National
(
Free Report)
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates in four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders.
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