Todd Asset Management LLC lessened its holdings in Lincoln National Co. (NYSE:LNC) by 0.3% during the first quarter, HoldingsChannel reports. The firm owned 483,574 shares of the financial services provider’s stock after selling 1,394 shares during the quarter. Todd Asset Management LLC’s holdings in Lincoln National were worth $28,386,000 at the end of the most recent reporting period.
Several other hedge funds have also modified their holdings of LNC. Oregon Public Employees Retirement Fund boosted its holdings in shares of Lincoln National by 5,290.5% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,956,873 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 3,883,468 shares in the last quarter. Norges Bank acquired a new stake in shares of Lincoln National in the 4th quarter valued at $197,189,000. Millennium Management LLC boosted its holdings in shares of Lincoln National by 148.9% in the 4th quarter. Millennium Management LLC now owns 1,180,277 shares of the financial services provider’s stock valued at $60,560,000 after purchasing an additional 706,124 shares in the last quarter. Prudential Financial Inc. boosted its holdings in shares of Lincoln National by 109.4% in the 4th quarter. Prudential Financial Inc. now owns 1,328,483 shares of the financial services provider’s stock valued at $68,165,000 after purchasing an additional 694,063 shares in the last quarter. Finally, Acadian Asset Management LLC boosted its holdings in shares of Lincoln National by 47.4% in the 4th quarter. Acadian Asset Management LLC now owns 1,714,824 shares of the financial services provider’s stock valued at $87,992,000 after purchasing an additional 551,058 shares in the last quarter. 84.44% of the stock is currently owned by hedge funds and other institutional investors.
A number of equities research analysts have weighed in on the company. ValuEngine raised Lincoln National from a “strong sell” rating to a “sell” rating in a report on Wednesday, February 27th. Zacks Investment Research downgraded Lincoln National from a “buy” rating to a “hold” rating in a report on Monday, May 13th. UBS Group raised their target price on Lincoln National from $62.00 to $67.00 and gave the company a “neutral” rating in a report on Tuesday, April 9th. Finally, JPMorgan Chase & Co. set a $92.00 target price on Lincoln National and gave the company a “buy” rating in a report on Thursday, May 2nd. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $75.85.
Lincoln National (NYSE:LNC) last announced its quarterly earnings results on Wednesday, May 1st. The financial services provider reported $2.14 EPS for the quarter, beating the Zacks’ consensus estimate of $2.08 by $0.06. Lincoln National had a return on equity of 12.32% and a net margin of 9.02%. The company had revenue of $4.36 billion during the quarter, compared to analysts’ expectations of $4.25 billion. During the same period in the prior year, the company earned $1.97 EPS. Lincoln National’s revenue was up 19.7% compared to the same quarter last year. As a group, equities analysts forecast that Lincoln National Co. will post 9.29 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were paid a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.28%. The ex-dividend date of this dividend was Tuesday, April 9th. Lincoln National’s payout ratio is 17.45%.
In related news, Director Gary C. Kelly sold 17,040 shares of the firm’s stock in a transaction on Friday, May 3rd. The stock was sold at an average price of $66.63, for a total transaction of $1,135,375.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Jamie Ohl sold 7,263 shares of the firm’s stock in a transaction on Thursday, March 14th. The stock was sold at an average price of $61.70, for a total value of $448,127.10. Following the transaction, the executive vice president now directly owns 23,159 shares of the company’s stock, valued at $1,428,910.30. The disclosure for this sale can be found here. 1.50% of the stock is currently owned by corporate insiders.
Lincoln National Profile
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers variable, fixed, and indexed variable annuities.
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