Bank of America Corp DE Sells 171,763 Shares of Lincoln National Co. (NYSE:LNC)

Bank of America Corp DE reduced its position in Lincoln National Co. (NYSE:LNC - Free Report) by 16.1% during the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 897,692 shares of the financial services provider's stock after selling 171,763 shares during the period. Bank of America Corp DE owned approximately 0.53% of Lincoln National worth $28,466,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also recently modified their holdings of the company. JPMorgan Chase & Co. boosted its stake in shares of Lincoln National by 14.4% in the 4th quarter. JPMorgan Chase & Co. now owns 330,755 shares of the financial services provider's stock worth $10,488,000 after buying an additional 41,533 shares during the last quarter. National Bank of Canada FI boosted its stake in shares of Lincoln National by 20,127.5% in the 4th quarter. National Bank of Canada FI now owns 316,965 shares of the financial services provider's stock worth $10,051,000 after buying an additional 315,398 shares during the last quarter. Nisa Investment Advisors LLC boosted its stake in shares of Lincoln National by 19.5% in the 4th quarter. Nisa Investment Advisors LLC now owns 64,658 shares of the financial services provider's stock worth $2,050,000 after buying an additional 10,560 shares during the last quarter. Proficio Capital Partners LLC purchased a new position in Lincoln National during the fourth quarter valued at $1,050,000. Finally, Amundi lifted its position in Lincoln National by 92.0% during the fourth quarter. Amundi now owns 119,294 shares of the financial services provider's stock valued at $3,747,000 after purchasing an additional 57,152 shares in the last quarter. 72.81% of the stock is currently owned by hedge funds and other institutional investors.

Lincoln National Price Performance

NYSE:LNC traded down $0.30 on Friday, reaching $32.37. 1,286,483 shares of the company's stock traded hands, compared to its average volume of 1,641,255. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.80. The stock has a 50-day simple moving average of $33.06 and a 200-day simple moving average of $34.07. The firm has a market cap of $5.53 billion, a PE ratio of 1.76, a P/E/G ratio of 0.30 and a beta of 1.42. Lincoln National Co. has a 12 month low of $27.58 and a 12 month high of $39.85.

Lincoln National (NYSE:LNC - Get Free Report) last posted its quarterly earnings results on Thursday, May 8th. The financial services provider reported $1.60 EPS for the quarter, beating analysts' consensus estimates of $1.54 by $0.06. Lincoln National had a return on equity of 18.47% and a net margin of 17.76%. The business had revenue of $4.69 billion for the quarter, compared to analysts' expectations of $4.71 billion. During the same period last year, the firm earned $0.41 earnings per share. The business's quarterly revenue was up 14.0% on a year-over-year basis. Equities research analysts forecast that Lincoln National Co. will post 7.69 earnings per share for the current year.

Lincoln National Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Thursday, July 10th. This represents a $1.80 annualized dividend and a dividend yield of 5.56%. Lincoln National's dividend payout ratio (DPR) is 25.57%.

Analysts Set New Price Targets

Several research firms recently weighed in on LNC. Wall Street Zen downgraded Lincoln National from a "hold" rating to a "sell" rating in a research report on Monday, May 12th. Barclays lifted their target price on Lincoln National from $38.00 to $40.00 and gave the company an "equal weight" rating in a research report on Friday, May 9th. UBS Group lifted their target price on Lincoln National from $32.00 to $38.00 and gave the company a "neutral" rating in a research report on Wednesday, April 2nd. Piper Sandler lowered their target price on Lincoln National from $38.00 to $36.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Finally, Evercore ISI lifted their target price on Lincoln National from $41.00 to $44.00 and gave the company an "in-line" rating in a research report on Wednesday, February 19th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company. Based on data from MarketBeat.com, Lincoln National presently has an average rating of "Hold" and an average price target of $36.82.

About Lincoln National

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.