Convergence Investment Partners LLC Invests $963,000 in Lincoln National Corporation (NYSE:LNC)

Convergence Investment Partners LLC bought a new position in shares of Lincoln National Corporation (NYSE:LNC - Free Report) in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund bought 26,815 shares of the financial services provider's stock, valued at approximately $963,000.

Several other institutional investors have also recently added to or reduced their stakes in LNC. Hollencrest Capital Management increased its position in Lincoln National by 383.2% during the first quarter. Hollencrest Capital Management now owns 749 shares of the financial services provider's stock worth $27,000 after buying an additional 594 shares during the period. Kapitalo Investimentos Ltda acquired a new position in Lincoln National during the fourth quarter worth approximately $32,000. NBC Securities Inc. acquired a new position in Lincoln National during the first quarter worth approximately $33,000. Headlands Technologies LLC acquired a new position in Lincoln National during the fourth quarter worth approximately $35,000. Finally, Aster Capital Management DIFC Ltd increased its position in 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 buying an additional 807 shares during the period. Hedge funds and other institutional investors own 72.81% of the company's stock.

Analysts Set New Price Targets

A number of research firms have recently issued reports on LNC. Piper Sandler dropped their target price on Lincoln National from $38.00 to $36.00 and set a "neutral" rating on the stock in a report on Friday, May 9th. Morgan Stanley lifted their price target on Lincoln National from $32.00 to $38.00 and gave the company an "equal weight" rating in a research note on Monday, May 19th. Keefe, Bruyette & Woods lifted their price target on Lincoln National from $39.00 to $40.00 and gave the company a "market perform" rating in a research note on Wednesday, July 9th. Barclays lifted their price target on Lincoln National from $38.00 to $40.00 and gave the company an "equal weight" rating in a research note on Friday, May 9th. Finally, Wells Fargo & Company lifted their price target on Lincoln National from $33.00 to $35.00 and gave the company an "equal weight" rating in a research note on Thursday, July 10th. Two investment analysts have rated the stock with a sell rating and eight have assigned a hold rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and an average price target of $38.78.

Lincoln National Price Performance

LNC traded up $0.11 during trading on Friday, reaching $34.83. 1,123,508 shares of the stock were exchanged, compared to its average volume of 1,822,810. The business's 50 day moving average price is $33.70 and its two-hundred day moving average price is $34.13. The company has a debt-to-equity ratio of 0.81, a current ratio of 0.25 and a quick ratio of 0.25. The company has a market capitalization of $5.94 billion, a price-to-earnings ratio of 4.95, a P/E/G ratio of 0.50 and a beta of 1.39. Lincoln National Corporation has a 1 year low of $27.58 and a 1 year high of $39.85.

Lincoln National (NYSE:LNC - Get Free Report) last posted its earnings results on Thursday, May 8th. The financial services provider reported $1.60 EPS for the quarter, topping analysts' consensus estimates of $1.54 by $0.06. The company had revenue of $4.69 billion for the quarter, compared to the consensus estimate of $4.71 billion. Lincoln National had a return on equity of 18.71% and a net margin of 7.00%. Lincoln National's quarterly revenue was up 14.0% compared to the same quarter last year. During the same period in the previous year, the business earned $0.41 earnings per share. As a group, equities research analysts anticipate that Lincoln National Corporation will post 7.69 earnings per share for the current year.

Lincoln National Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, August 1st. Investors of record on Thursday, July 10th will be paid a $0.45 dividend. The ex-dividend date is Thursday, July 10th. This represents a $1.80 annualized dividend and a yield of 5.17%. Lincoln National's payout ratio is currently 25.57%.

Insider Buying and Selling at Lincoln National

In other Lincoln National news, EVP Brian Kroll sold 10,075 shares of the company's stock in a transaction dated Thursday, May 29th. The stock was sold at an average price of $33.10, for a total transaction of $333,482.50. Following the completion of the sale, the executive vice president directly owned 48,743 shares in the company, valued at $1,613,393.30. This represents a 17.13% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Sean Woodroffe sold 43,622 shares of the company's stock in a transaction dated Tuesday, May 27th. The stock was sold at an average price of $32.78, for a total value of $1,429,929.16. Following the sale, the executive vice president owned 154,102 shares of the company's stock, valued at $5,051,463.56. This represents a 22.06% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.51% of the company's stock.

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.