Lincoln National Corp. (LNC) Shares Gap Up to $39.55
Shares of Lincoln National Corp. (NYSE:LNC) gapped up prior to trading on Tuesday . The stock had previously closed at $39.05, but opened at $39.55. Lincoln National Corp. shares last traded at $41.42, with a volume of 1,579,916 shares changing hands.
A number of brokerages recently issued reports on LNC. Barclays PLC decreased their target price on Lincoln National Corp. from $51.00 to $49.00 and set an “overweight” rating for the company in a research report on Thursday, May 5th. FBR & Co reaffirmed a “buy” rating on shares of Lincoln National Corp. in a research report on Thursday, May 5th. Zacks Investment Research raised Lincoln National Corp. from a “sell” rating to a “hold” rating in a research report on Wednesday, April 13th. Deutsche Bank AG reissued a “hold” rating on shares of Lincoln National Corp. in a report on Monday, March 14th. Finally, Morgan Stanley reissued a “buy” rating on shares of Lincoln National Corp. in a report on Friday, June 10th. One analyst has rated the stock with a sell rating, nine have given a hold rating, seven have issued a buy rating and one has assigned a strong buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $53.56.
The company’s 50 day moving average price is $42.05 and its 200 day moving average price is $40.96. The firm has a market capitalization of $9.89 billion and a price-to-earnings ratio of 9.88.
Lincoln National Corp. (NYSE:LNC) last issued its quarterly earnings data on Wednesday, May 4th. The company reported $1.25 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.49 by $0.24. During the same period in the previous year, the company posted $1.35 EPS. The firm earned $3.24 billion during the quarter, compared to analyst estimates of $3.44 billion. The company’s revenue for the quarter was down 1.8% on a year-over-year basis. On average, analysts expect that Lincoln National Corp. will post $6.11 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 1st. Stockholders of record on Monday, July 11th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Thursday, July 7th. This represents a $1.00 annualized dividend and a dividend yield of 2.53%.
In other Lincoln National Corp. news, insider Mark E. Konen sold 16,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 18th. The stock was sold at an average price of $45.25, for a total value of $724,000.00. Following the completion of the sale, the insider now directly owns 113,067 shares in the company, valued at $5,116,281.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website.
Several large investors recently made changes to their positions in the stock. Wells Fargo & Company MN increased its stake in shares of Lincoln National Corp. by 10.0% in the fourth quarter. Wells Fargo & Company MN now owns 1,854,434 shares of the company’s stock worth $93,205,000 after buying an additional 168,865 shares during the period. Winton Capital Group Ltd increased its stake in shares of Lincoln National Corp. by 19.7% in the fourth quarter. Winton Capital Group Ltd now owns 1,414,457 shares of the company’s stock worth $71,091,000 after buying an additional 233,130 shares during the period. Cornercap Investment Counsel Inc. increased its stake in shares of Lincoln National Corp. by 1.3% in the fourth quarter. Cornercap Investment Counsel Inc. now owns 159,961 shares of the company’s stock worth $8,040,000 after buying an additional 1,977 shares during the period. Comerica Bank increased its stake in shares of Lincoln National Corp. by 5.5% in the fourth quarter. Comerica Bank now owns 152,449 shares of the company’s stock worth $6,744,000 after buying an additional 8,000 shares during the period. Finally, Bank of Montreal Can increased its stake in shares of Lincoln National Corp. by 73.4% in the fourth quarter. Bank of Montreal Can now owns 2,236,419 shares of the company’s stock worth $112,401,000 after buying an additional 946,844 shares during the period.
Lincoln National Corporation is a holding company, which operates insurance and retirement businesses through subsidiary companies. The Company sells a range of wealth protection, accumulation and retirement income products and solutions, through its business segments. It operates through four segments: Annuities segment, which offers fixed (including indexed) and variable annuities; Retirement Plan Services segment, which provides employers with retirement plan products and services; Life Insurance segment, which focuses in the creation and protection of wealth through life insurance products, and Group Protection, which offers principally group non-medical insurance products.
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