Comerica Bank Sells 42,362 Shares of Lincoln National Corporation $LNC

Key Points

• Comerica Bank sold 42,362 shares, cutting its stake in Lincoln National by 47.9% to 46,015 shares valued at about $2.05 million at quarter-end.
• Lincoln National beat quarterly estimates with EPS of $2.21 vs. $1.86 expected and revenue of $4.89 billion; the stock trades near $37.70, has a P/E of 7.1, and pays a $0.45 quarterly dividend (4.8% yield).
• Major shareholder National Life Insurance bought 2,254,486 shares (~$25.0M), raising its holdings by ~29.9%, while insiders sold ~21,050 shares in the quarter and institutional investors own 72.81% of the stock.

Comerica Bank decreased its holdings in Lincoln National Corporation (NYSE:LNC - Free Report) by 47.9% during the 4th quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 46,015 shares of the financial services provider's stock after selling 42,362 shares during the quarter. Comerica Bank's holdings in Lincoln National were worth $2,049,000 at the end of the most recent quarter.

Several other large investors have also added to or reduced their stakes in the business. Pictet Asset Management Holding SA lifted its position in Lincoln National by 5.1% in the 4th quarter. Pictet Asset Management Holding SA now owns 25,593 shares of the financial services provider's stock valued at $1,140,000 after acquiring an additional 1,253 shares in the last quarter. Advisors Capital Management LLC lifted its position in Lincoln National by 0.8% in the 4th quarter. Advisors Capital Management LLC now owns 573,705 shares of the financial services provider's stock valued at $25,547,000 after acquiring an additional 4,525 shares in the last quarter. Concurrent Investment Advisors LLC lifted its position in Lincoln National by 46.7% in the 4th quarter. Concurrent Investment Advisors LLC now owns 27,255 shares of the financial services provider's stock valued at $1,214,000 after acquiring an additional 8,682 shares in the last quarter. Kingswood Wealth Advisors LLC bought a new position in Lincoln National in the 4th quarter valued at about $208,000. Finally, Bedel Financial Consulting Inc. bought a new position in Lincoln National in the 4th quarter valued at about $204,000. Institutional investors own 72.81% of the company's stock.

Lincoln National Trading Up 0.4%

Shares of LNC stock opened at $37.70 on Thursday. The company has a 50 day moving average of $35.28 and a 200-day moving average of $39.54. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.59. Lincoln National Corporation has a 12-month low of $31.61 and a 12-month high of $46.82. The firm has a market cap of $7.21 billion, a P/E ratio of 7.10, a PEG ratio of 2.39 and a beta of 1.20.

Lincoln National (NYSE:LNC - Get Free Report) last issued its quarterly earnings results on Thursday, February 12th. The financial services provider reported $2.21 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.86 by $0.35. Lincoln National had a net margin of 6.46% and a return on equity of 18.52%. The company had revenue of $4.89 billion during the quarter, compared to analyst estimates of $4.85 billion. During the same quarter last year, the business posted $1.91 EPS. Lincoln National's quarterly revenue was down 2.8% compared to the same quarter last year. Sell-side analysts anticipate that Lincoln National Corporation will post 7.79 earnings per share for the current year.

Lincoln National Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Friday, May 1st. Stockholders of record on Friday, April 10th were paid a dividend of $0.45 per share. The ex-dividend date was Friday, April 10th. This represents a $1.80 annualized dividend and a dividend yield of 4.8%. Lincoln National's dividend payout ratio (DPR) is presently 33.90%.

Insider Transactions at Lincoln National

In other news, EVP James Waltman Reid sold 3,050 shares of the firm's stock in a transaction that occurred on Wednesday, February 18th. The shares were sold at an average price of $41.81, for a total transaction of $127,520.50. Following the completion of the sale, the executive vice president owned 118,567 shares in the company, valued at $4,957,286.27. This trade represents a 2.51% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, major shareholder National Life Insuranc Lincoln purchased 2,254,486 shares of the firm's stock in a transaction dated Wednesday, February 25th. The shares were bought at an average price of $11.09 per share, with a total value of $25,002,249.74. Following the purchase, the insider owned 9,784,322 shares in the company, valued at $108,508,130.98. The trade was a 29.94% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders sold a total of 21,050 shares of company stock worth $734,041 in the last quarter. Insiders own 0.51% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have commented on LNC shares. Barclays dropped their target price on shares of Lincoln National from $44.00 to $42.00 and set an "equal weight" rating on the stock in a research report on Wednesday, April 8th. TD Cowen dropped their target price on shares of Lincoln National from $43.00 to $38.00 and set a "hold" rating on the stock in a research report on Monday, March 9th. Mizuho dropped their target price on shares of Lincoln National from $54.00 to $48.00 and set an "outperform" rating on the stock in a research report on Monday, April 13th. UBS Group dropped their target price on shares of Lincoln National from $43.00 to $37.00 and set a "neutral" rating on the stock in a research report on Thursday, April 9th. Finally, Morgan Stanley dropped their target price on shares of Lincoln National from $50.00 to $46.00 and set an "overweight" rating on the stock in a research report on Tuesday, March 3rd. Six investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $43.79.

About Lincoln National

Lincoln National Corporation, doing business as Lincoln Financial Group, is a diversified financial services holding company focused on providing retirement, insurance, and wealth management solutions in the United States and select international markets. Headquartered in Radnor, Pennsylvania, the company operates through several business segments, including Retirement Plan Services, Life Insurance, and Group Protection. Its offerings are designed to help individuals, families, and institutions plan and prepare for their financial futures.

The Retirement Plan Services segment delivers recordkeeping, administrative services, and investment management for defined contribution and defined benefit plans.

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