Amalgamated Bank Cuts Stake in Lincoln National Corporation (LNC)
Amalgamated Bank lowered its position in Lincoln National Corporation (NYSE:LNC) by 6.6% during the first quarter, Holdings Channel reports. The firm owned 16,739 shares of the financial services provider’s stock after selling 1,174 shares during the period. Amalgamated Bank’s holdings in Lincoln National Corporation were worth $1,096,000 at the end of the most recent reporting period.
A number of other hedge funds have also recently made changes to their positions in the company. Miles Capital Inc. purchased a new stake in shares of Lincoln National Corporation during the fourth quarter worth about $363,000. Putnam Investments LLC increased its stake in shares of Lincoln National Corporation by 7.5% in the fourth quarter. Putnam Investments LLC now owns 551,946 shares of the financial services provider’s stock worth $36,577,000 after buying an additional 38,547 shares during the period. Numeric Investors LLC increased its stake in shares of Lincoln National Corporation by 160.5% in the fourth quarter. Numeric Investors LLC now owns 441,387 shares of the financial services provider’s stock worth $29,251,000 after buying an additional 271,962 shares during the period. Hanlon Investment Management Inc. purchased a new stake in shares of Lincoln National Corporation during the fourth quarter worth about $2,911,000. Finally, Advantage Investment Management LLC purchased a new stake in shares of Lincoln National Corporation during the fourth quarter worth about $120,000. 80.14% of the stock is currently owned by hedge funds and other institutional investors.
Lincoln National Corporation (NYSE LNC) opened at 65.44 on Tuesday. Lincoln National Corporation has a 52-week low of $35.27 and a 52-week high of $73.31. The firm’s 50-day moving average is $66.63 and its 200-day moving average is $67.27. The firm has a market capitalization of $14.68 billion, a PE ratio of 10.73 and a beta of 1.97.
Lincoln National Corporation (NYSE:LNC) last released its quarterly earnings results on Wednesday, May 3rd. The financial services provider reported $1.92 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.62 by $0.30. The business had revenue of $3.50 billion during the quarter, compared to the consensus estimate of $3.54 billion. Lincoln National Corporation had a return on equity of 10.70% and a net margin of 10.43%. The business’s revenue was up 7.9% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.25 EPS. On average, analysts anticipate that Lincoln National Corporation will post $7.32 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be paid a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.77%. The ex-dividend date is Thursday, July 6th. Lincoln National Corporation’s dividend payout ratio (DPR) is presently 19.14%.
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A number of brokerages recently issued reports on LNC. Zacks Investment Research downgraded shares of Lincoln National Corporation from a “buy” rating to a “hold” rating in a report on Tuesday, June 13th. BidaskClub raised shares of Lincoln National Corporation from a “sell” rating to a “hold” rating in a report on Saturday, June 10th. Keefe, Bruyette & Woods reissued a “hold” rating and set a $75.00 price target on shares of Lincoln National Corporation in a report on Tuesday, March 21st. Wells Fargo & Company reissued a “hold” rating on shares of Lincoln National Corporation in a report on Thursday, May 4th. Finally, Bank of America Corporation raised shares of Lincoln National Corporation from a “neutral” rating to a “buy” rating and set a $78.00 price target on the stock in a report on Thursday, April 6th. They noted that the move was a valuation call. Eight equities research analysts have rated the stock with a hold rating and five have assigned a buy rating to the company’s stock. Lincoln National Corporation presently has a consensus rating of “Hold” and a consensus price target of $67.75.
In other news, Director Isaiah Tidwell sold 13,946 shares of Lincoln National Corporation stock in a transaction on Thursday, June 1st. The stock was sold at an average price of $65.04, for a total transaction of $907,047.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Michael F. Mee sold 13,574 shares of Lincoln National Corporation stock in a transaction on Tuesday, May 9th. The stock was sold at an average price of $68.62, for a total value of $931,447.88. Following the transaction, the director now directly owns 6,336 shares of the company’s stock, valued at approximately $434,776.32. The disclosure for this sale can be found here. Insiders have sold a total of 57,693 shares of company stock valued at $3,899,915 in the last ninety days. Corporate insiders own 1.41% of the company’s stock.
About Lincoln National Corporation
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. The Company 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 on 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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