First Eagle Investment Management LLC Sells 79,560 Shares of Lincoln National Corporation $LNC

Key Points

• First Eagle Investment Management reduced its Lincoln National stake by 18.6%, selling 79,560 shares during the second quarter and retaining 348,750 shares valued at approximately $12.3 million.
• Lincoln National reported quarterly EPS of $2.24, exceeding the $1.96 consensus estimate, while revenue rose 12.3% year over year to $4.93 billion. The company also declared a quarterly dividend of $0.45, representing a 4.0% annualized yield.
• Analyst sentiment remains mixed, with a consensus rating of “Hold” and an average price target of $47.07; shares recently opened at $45.42.

First Eagle Investment Management LLC lowered its position in shares of Lincoln National Corporation (NYSE:LNC - Free Report) by 18.6% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 348,750 shares of the financial services provider's stock after selling 79,560 shares during the quarter. First Eagle Investment Management LLC owned about 0.18% of Lincoln National worth $12,328,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Trust Co. of Vermont purchased a new position in Lincoln National during the 2nd quarter valued at about $28,000. JPL Wealth Management LLC purchased a new stake in Lincoln National in the third quarter worth about $29,000. Transamerica Financial Advisors LLC purchased a new stake in Lincoln National in the fourth quarter worth about $32,000. NBT Bank N A NY increased its stake in shares of Lincoln National by 2,051.1% during the first quarter. NBT Bank N A NY now owns 968 shares of the financial services provider's stock valued at $34,000 after purchasing an additional 923 shares in the last quarter. Finally, Los Angeles Capital Management LLC bought a new position in shares of Lincoln National during the fourth quarter valued at approximately $34,000. 72.81% of the stock is owned by hedge funds and other institutional investors.

Lincoln National Price Performance

Shares of LNC opened at $45.42 on Monday. Lincoln National Corporation has a twelve month low of $32.18 and a twelve month high of $47.67. The company has a market capitalization of $8.70 billion, a P/E ratio of 3.94, a price-to-earnings-growth ratio of 1.61 and a beta of 1.12. The firm has a 50 day moving average of $42.41 and a 200 day moving average of $38.08. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.62.

Lincoln National (NYSE:LNC - Get Free Report) last released its quarterly earnings data on Thursday, July 30th. The financial services provider reported $2.24 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.96 by $0.28. Lincoln National had a return on equity of 17.35% and a net margin of 12.21%.The business had revenue of $4.93 billion for the quarter, compared to analysts' expectations of $4.89 billion. During the same period in the prior year, the firm posted $2.36 EPS. The firm's quarterly revenue was up 12.3% on a year-over-year basis. As a group, equities research analysts anticipate that Lincoln National Corporation will post 7.97 earnings per share for the current fiscal year.

Lincoln National Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Monday, October 12th will be paid a $0.45 dividend. The ex-dividend date is Friday, October 9th. This represents a $1.80 annualized dividend and a dividend yield of 4.0%. Lincoln National's payout ratio is currently 15.60%.

Insiders Place Their Bets

In other Lincoln National news, Director Gary C. Kelly sold 15,007 shares of the business's stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $26.50, for a total value of $397,685.50. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Sean Woodroffe sold 11,000 shares of the company's stock in a transaction dated Monday, August 17th. The shares were sold at an average price of $45.28, for a total transaction of $498,080.00. Following the transaction, the executive vice president owned 119,947 shares in the company, valued at $5,431,200.16. This represents a 8.40% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.03% of the company's stock.

Analyst Ratings Changes

A number of brokerages have recently commented on LNC. Bank of America reissued a "neutral" rating and issued a $47.00 price target on shares of Lincoln National in a research report on Thursday, July 30th. Wells Fargo & Company lifted their price objective on Lincoln National from $44.00 to $47.00 and gave the company an "overweight" rating in a research note on Thursday, July 9th. National Bank Financial set a $50.00 target price on Lincoln National in a report on Monday, August 24th. Morgan Stanley increased their target price on Lincoln National from $40.00 to $50.00 and gave the stock an "overweight" rating in a research note on Monday, August 24th. Finally, JPMorgan Chase & Co. raised their price target on Lincoln National from $40.00 to $42.00 and gave the company an "underweight" rating in a report on Tuesday, July 21st. Seven investment analysts have rated the stock with a Buy rating, six have given a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $47.07.

Lincoln National Company Profile

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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