Bank of New York Mellon Corp Reduces Holdings in Lincoln National Corporation (NYSE:LNC)

Bank of New York Mellon Corp reduced its position in Lincoln National Corporation (NYSE:LNC - Free Report) by 2.6% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,034,104 shares of the financial services provider's stock after selling 54,729 shares during the period. Bank of New York Mellon Corp owned about 1.19% of Lincoln National worth $73,045,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of the company. NBC Securities Inc. bought a new stake in shares of Lincoln National in the 1st quarter worth approximately $33,000. M Holdings Securities Inc. acquired a new stake in shares of Lincoln National in the 4th quarter valued at $29,000. Kapitalo Investimentos Ltda acquired a new stake in shares of Lincoln National in the 4th quarter valued at $32,000. Headlands Technologies LLC acquired a new stake in shares of Lincoln National during the fourth quarter worth $35,000. Finally, Aster Capital Management DIFC Ltd grew its stake in shares of Lincoln National by 182.2% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 1,250 shares of the financial services provider's stock worth $40,000 after purchasing an additional 807 shares during the period. 72.81% of the stock is owned by institutional investors and hedge funds.

Insider Transactions at Lincoln National

In other Lincoln National news, EVP Brian Kroll sold 10,075 shares of the firm's stock in a transaction that occurred on Thursday, May 29th. The shares were sold at an average price of $33.10, for a total transaction of $333,482.50. Following the sale, the executive vice president owned 48,743 shares of the company's stock, valued at approximately $1,613,393.30. This trade represents a 17.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Sean Woodroffe sold 43,622 shares of Lincoln National stock in a transaction 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 transaction, the executive vice president directly owned 154,102 shares in the company, valued at $5,051,463.56. The trade was a 22.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.54% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on the company. Keefe, Bruyette & Woods lifted their target price on Lincoln National from $39.00 to $40.00 and gave the company a "market perform" rating in a research report on Wednesday, July 9th. Wall Street Zen cut Lincoln National from a "hold" rating to a "sell" rating in a research note on Sunday. Piper Sandler decreased their price objective on Lincoln National from $38.00 to $36.00 and set a "neutral" rating for the company in a report on Friday, May 9th. Barclays increased their price objective 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, Morgan Stanley increased their price objective on shares of Lincoln National from $32.00 to $38.00 and gave the stock an "equal weight" rating in a research report on Monday, May 19th. Two equities research analysts have rated the stock with a sell rating and eight have issued a hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of "Hold" and an average price target of $38.78.

Lincoln National Stock Performance

LNC traded down $1.27 during trading on Tuesday, hitting $33.42. The company's stock had a trading volume of 2,103,330 shares, compared to its average volume of 1,676,752. The firm has a market cap of $5.70 billion, a PE ratio of 4.75, a P/E/G ratio of 0.45 and a beta of 1.39. Lincoln National Corporation has a one year low of $27.58 and a one year high of $39.85. The business's 50 day simple moving average is $33.62 and its 200-day simple moving average is $33.96. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.81.

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 for the quarter, beating analysts' consensus estimates of $1.54 by $0.06. Lincoln National had a net margin of 7.00% and a return on equity of 18.71%. The company had revenue of $4.69 billion during the quarter, compared to analyst estimates of $4.71 billion. During the same quarter last year, the business posted $0.41 EPS. The firm's revenue for the quarter was up 14.0% on a year-over-year basis. As a group, sell-side analysts predict that Lincoln National Corporation will post 7.69 EPS for the current fiscal year.

Lincoln National Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be given a dividend of $0.45 per share. The ex-dividend date is Thursday, July 10th. This represents a $1.80 annualized dividend and a dividend yield of 5.39%. Lincoln National's dividend payout ratio (DPR) is presently 25.57%.

Lincoln National Company Profile

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.