Lincoln National Corp. (LNC) Trading 4.5% Higher
Lincoln National Corp. (NYSE:LNC) shares traded up 4.5% during mid-day trading on Thursday . The stock traded as high as $42.89 and last traded at $42.82, with a volume of 1,675,581 shares trading hands. The stock had previously closed at $40.96.
Several research analysts recently issued reports on the company. Goldman Sachs Group Inc. lowered Lincoln National Corp. from a “buy” rating to a “neutral” rating and reduced their target price for the company from $51.00 to $46.00 in a research report on Friday. Deutsche Bank AG reduced their target price on Lincoln National Corp. from $57.00 to $53.00 and set a “hold” rating on the stock in a research report on Thursday, July 7th. Citigroup Inc. cut their price objective on Lincoln National Corp. from $46.00 to $44.00 and set a “neutral” rating on the stock in a report on Thursday, July 7th. Evercore ISI started coverage on Lincoln National Corp. in a report on Wednesday, July 6th. They issued a “buy” rating and a $47.00 price objective on the stock. Finally, Bank of America Corp. lowered Lincoln National Corp. from a “buy” rating to a “neutral” rating in a report on Wednesday, June 29th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating, six have given a buy rating and one has assigned a strong buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus target price of $53.13.
The firm’s 50-day moving average is $41.77 and its 200-day moving average is $40.91. The stock has a market cap of $10.20 billion and a price-to-earnings ratio of 10.19.
Lincoln National Corp. (NYSE:LNC) last posted its earnings results on Wednesday, May 4th. The company reported $1.25 EPS for the quarter, missing the Zacks’ consensus estimate of $1.49 by $0.24. During the same quarter in the prior year, the business earned $1.35 EPS. The firm earned $3.24 billion during the quarter, compared to analyst estimates of $3.44 billion. The business’s quarterly revenue was down 1.8% on a year-over-year basis. Analysts expect that Lincoln National Corp. will post $6.11 EPS for the current year.
The company also recently announced 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.34%. The ex-dividend date is Thursday, July 7th.
In other news, insider Mark E. Konen sold 16,000 shares of Lincoln National Corp. stock in a transaction dated Wednesday, May 18th. The stock was sold at an average price of $45.25, for a total transaction of $724,000.00. Following the sale, the insider now 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 can be accessed through the SEC website.
A number of institutional investors recently modified their holdings of the stock. Sei Investments Co. boosted its position in shares of Lincoln National Corp. by 2.6% in the fourth quarter. Sei Investments Co. now owns 23,365 shares of the company’s stock valued at $1,174,000 after buying an additional 592 shares during the period. Advantus Capital Management Inc boosted its position in shares of Lincoln National Corp. by 0.9% in the fourth quarter. Advantus Capital Management Inc now owns 23,662 shares of the company’s stock valued at $1,189,000 after buying an additional 213 shares during the period. GAM Holding AG boosted its position in shares of Lincoln National Corp. by 6.5% in the fourth quarter. GAM Holding AG now owns 23,711 shares of the company’s stock valued at $1,192,000 after buying an additional 1,448 shares during the period. SECOR Capital Advisors LP boosted its position in shares of Lincoln National Corp. by 13.1% in the fourth quarter. SECOR Capital Advisors LP now owns 23,801 shares of the company’s stock valued at $1,196,000 after buying an additional 2,753 shares during the period. Finally, Freestone Capital Holdings LLC boosted its position in shares of Lincoln National Corp. by 14.2% in the fourth quarter. Freestone Capital Holdings LLC now owns 29,082 shares of the company’s stock valued at $1,462,000 after buying an additional 3,613 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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