State Street Corp Acquires 215,007 Shares of Lincoln National Corporation $LNC

Key Points

• State Street increased its Lincoln National stake by 3.6%, purchasing 215,007 shares to own 6.11 million shares, or approximately 3.19% of LNC. Institutional investors collectively own 72.81% of the company.
• Analyst sentiment remains mixed but leans positive: seven analysts rate LNC a Buy, six Hold, and one Sell, with a consensus price target of $47.85 versus a recent price of $41.10.
• Lincoln National exceeded quarterly earnings expectations, reporting $2.24 EPS and $4.93 billion in revenue, while maintaining a quarterly dividend of $0.45 per share, representing a 4.4% annualized yield.

State Street Corp raised its holdings in shares of Lincoln National Corporation (NYSE:LNC - Free Report) by 3.6% in the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 6,106,302 shares of the financial services provider's stock after buying an additional 215,007 shares during the quarter. State Street Corp owned about 3.19% of Lincoln National worth $215,858,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds have also recently modified their holdings of LNC. The Manufacturers Life Insurance Company grew its stake in shares of Lincoln National by 25.1% in the second quarter. The Manufacturers Life Insurance Company now owns 52,570 shares of the financial services provider's stock worth $1,858,000 after purchasing an additional 10,542 shares during the last quarter. Integrated Wealth Concepts LLC lifted its stake in Lincoln National by 22.1% in the second quarter. Integrated Wealth Concepts LLC now owns 8,188 shares of the financial services provider's stock worth $289,000 after acquiring an additional 1,483 shares during the period. NewEdge Advisors LLC boosted its holdings in Lincoln National by 18.3% in the second quarter. NewEdge Advisors LLC now owns 28,982 shares of the financial services provider's stock valued at $1,025,000 after acquiring an additional 4,486 shares in the last quarter. IFP Advisors Inc boosted its holdings in Lincoln National by 18.0% in the second quarter. IFP Advisors Inc now owns 5,013 shares of the financial services provider's stock valued at $177,000 after acquiring an additional 765 shares in the last quarter. Finally, Allworth Financial LP increased its position in Lincoln National by 8.7% during the 2nd quarter. Allworth Financial LP now owns 6,771 shares of the financial services provider's stock valued at $239,000 after purchasing an additional 544 shares during the period. Hedge funds and other institutional investors own 72.81% of the company's stock.

Insider Activity at Lincoln National

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

Analyst Ratings Changes

LNC has been the subject of several research analyst reports. Weiss Ratings raised shares of Lincoln National from a "hold (c)" rating to a "buy (b)" rating in a research report on Monday, August 3rd. National Bank Financial set a $50.00 price target on shares of Lincoln National in a research report on Monday, August 24th. JPMorgan Chase & Co. increased their price target on shares of Lincoln National from $40.00 to $42.00 and gave the stock an "underweight" rating in a research note on Tuesday, July 21st. Wells Fargo & Company raised their price objective on shares of Lincoln National from $44.00 to $47.00 and gave the stock an "overweight" rating in a report on Thursday, July 9th. Finally, Barclays raised Lincoln National from an "equal weight" rating to an "overweight" rating and lifted their price objective for the company from $42.00 to $45.00 in a research report on Monday, July 6th. Seven equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, Lincoln National presently has an average rating of "Hold" and a consensus price target of $47.85.

Lincoln National Stock Performance

Shares of LNC stock opened at $41.10 on Thursday. The company's fifty day moving average price is $43.55 and its 200-day moving average price is $38.62. The stock has a market cap of $7.87 billion, a PE ratio of 3.56, a price-to-earnings-growth ratio of 1.45 and a beta of 1.12. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.62. Lincoln National Corporation has a 12 month low of $32.18 and a 12 month high of $47.67.

Lincoln National (NYSE:LNC - Get Free Report) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $2.24 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.96 by $0.28. Lincoln National had a net margin of 12.21% and a return on equity of 17.35%. The company had revenue of $4.93 billion during the quarter, compared to analyst estimates of $4.89 billion. During the same period last year, the business earned $2.36 EPS. Lincoln National's quarterly revenue was up 12.3% compared to the same quarter last year. On average, equities analysts expect that Lincoln National Corporation will post 7.99 EPS for the current fiscal year.

Lincoln National Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Monday, October 12th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 4.4%. The ex-dividend date is Friday, October 9th. Lincoln National's dividend payout ratio (DPR) is presently 15.60%.

About Lincoln National

Lincoln National Corporation, operating under the Lincoln Financial Group brand, is a financial services company that provides insurance and retirement solutions primarily in the United States. Its businesses are designed to help individuals, employers and institutions manage income protection, long-term financial planning and retirement needs.

The company offers life insurance, annuities and group protection products. Its group protection business includes employer-sponsored life, disability and dental insurance, while its retirement business provides products and services intended to support workplace retirement plans and individual retirement income strategies.

Lincoln traces its origins to the founding of The Lincoln National Life Insurance Company in 1905 and takes its name from President Abraham Lincoln.

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