New York State Teachers Retirement System Sells 16,424 Shares of Lincoln National Corporation $LNC

Key Points

• New York State Teachers Retirement System has decreased its holdings in Lincoln National Corporation by 7.5%, selling 16,424 shares and now owning 203,464 shares valued at approximately $7,040,000.
• Lincoln National Corporation reported earnings of $2.36 EPS for the last quarter, surpassing estimates, but had a revenue of $4.04 billion, which was below the consensus estimate of $4.65 billion.
• The company announced a quarterly dividend of $0.45, with a dividend yield of 4.7%, scheduled for payment on November 3rd.

New York State Teachers Retirement System decreased its holdings in Lincoln National Corporation (NYSE:LNC - Free Report) by 7.5% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 203,464 shares of the financial services provider's stock after selling 16,424 shares during the period. New York State Teachers Retirement System owned approximately 0.12% of Lincoln National worth $7,040,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of LNC. GAMMA Investing LLC increased its stake in shares of Lincoln National by 32.0% in the 1st quarter. GAMMA Investing LLC now owns 8,838 shares of the financial services provider's stock valued at $317,000 after purchasing an additional 2,142 shares during the last quarter. Wealth Enhancement Advisory Services LLC increased its stake in shares of Lincoln National by 6.0% in the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 31,437 shares of the financial services provider's stock valued at $1,129,000 after purchasing an additional 1,770 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Lincoln National by 22.2% in the 1st quarter. Janney Montgomery Scott LLC now owns 184,957 shares of the financial services provider's stock valued at $6,642,000 after purchasing an additional 33,644 shares during the last quarter. PFG Investments LLC increased its stake in shares of Lincoln National by 21.0% in the 1st quarter. PFG Investments LLC now owns 8,887 shares of the financial services provider's stock valued at $319,000 after purchasing an additional 1,541 shares during the last quarter. Finally, Innealta Capital LLC bought a new position in shares of Lincoln National in the 1st quarter valued at $310,000. Institutional investors own 72.81% of the company's stock.

Insider Buying and Selling at Lincoln National

In other news, EVP John Christopher Kennedy sold 5,000 shares of Lincoln National stock in a transaction dated Thursday, August 7th. The stock was sold at an average price of $39.29, for a total value of $196,450.00. Following the completion of the transaction, the executive vice president directly owned 123,815 shares of the company's stock, valued at approximately $4,864,691.35. This trade represents a 3.88% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.54% of the company's stock.

Lincoln National Stock Up 1.4%

Shares of LNC opened at $38.56 on Monday. The company has a market capitalization of $7.31 billion, a PE ratio of 6.73, a PEG ratio of 0.49 and a beta of 1.43. Lincoln National Corporation has a 12 month low of $27.58 and a 12 month high of $43.66. The stock's 50-day moving average price is $40.82 and its two-hundred day moving average price is $35.99. The company has a current ratio of 0.26, a quick ratio of 0.26 and a debt-to-equity ratio of 0.67.

Lincoln National (NYSE:LNC - Get Free Report) last announced its earnings results on Thursday, July 31st. The financial services provider reported $2.36 EPS for the quarter, topping the consensus estimate of $1.91 by $0.45. The firm had revenue of $4.04 billion for the quarter, compared to the consensus estimate of $4.65 billion. Lincoln National had a return on equity of 19.14% and a net margin of 6.34%.During the same period in the previous year, the business earned $1.87 EPS. On average, analysts anticipate that Lincoln National Corporation will post 7.69 EPS for the current year.

Lincoln National Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, November 3rd. Stockholders of record on Friday, October 10th will be given a $0.45 dividend. The ex-dividend date of this dividend is Friday, October 10th. This represents a $1.80 annualized dividend and a dividend yield of 4.7%. Lincoln National's dividend payout ratio (DPR) is 31.41%.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on the company. JPMorgan Chase & Co. lifted their price target on Lincoln National from $38.00 to $41.00 and gave the company an "underweight" rating in a research note on Tuesday, July 8th. Cfra Research raised Lincoln National to a "hold" rating in a report on Wednesday, August 6th. Morgan Stanley cut their price objective on Lincoln National from $58.00 to $53.00 and set an "overweight" rating on the stock in a report on Tuesday, October 7th. Barclays raised their price objective on Lincoln National from $42.00 to $46.00 and gave the company an "equal weight" rating in a report on Wednesday, October 8th. Finally, Wolfe Research raised Lincoln National to a "strong sell" rating in a report on Tuesday, September 16th. One research analyst has rated the stock with a Buy rating, nine have assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, Lincoln National presently has an average rating of "Reduce" and a consensus price target of $43.09.

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.

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