First Manhattan Co. Has $496,000 Position in Lincoln National Corporation (NYSE:LNC)
First Manhattan Co. cut its stake in shares of Lincoln National Corporation (NYSE:LNC) by 24.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,345 shares of the financial services provider’s stock after selling 2,400 shares during the period. First Manhattan Co.’s holdings in Lincoln National Corporation were worth $496,000 at the end of the most recent quarter.
Other large investors have also made changes to their positions in the company. Trust Co. of Vermont acquired a new stake in shares of Lincoln National Corporation during the second quarter valued at about $101,000. SRS Capital Advisors Inc. raised its stake in shares of Lincoln National Corporation by 15.9% in the first quarter. SRS Capital Advisors Inc. now owns 2,073 shares of the financial services provider’s stock valued at $135,000 after buying an additional 285 shares during the period. Americafirst Capital Management LLC acquired a new stake in shares of Lincoln National Corporation during the first quarter valued at about $150,000. Financial Architects Inc raised its stake in shares of Lincoln National Corporation by 109.2% in the first quarter. Financial Architects Inc now owns 2,900 shares of the financial services provider’s stock valued at $190,000 after buying an additional 1,514 shares during the period. Finally, Balentine LLC raised its stake in shares of Lincoln National Corporation by 120.4% in the first quarter. Balentine LLC now owns 2,965 shares of the financial services provider’s stock valued at $194,000 after buying an additional 1,620 shares during the period. 80.15% of the stock is currently owned by hedge funds and other institutional investors.
Lincoln National Corporation (NYSE:LNC) opened at 74.34 on Wednesday. The firm has a market cap of $16.74 billion, a P/E ratio of 11.38 and a beta of 1.99. The company’s 50-day moving average is $69.94 and its 200 day moving average is $67.97. Lincoln National Corporation has a 12 month low of $44.68 and a 12 month high of $75.78.
Lincoln National Corporation (NYSE:LNC) last released its earnings results on Wednesday, August 2nd. The financial services provider reported $1.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.73 by $0.12. Lincoln National Corporation had a return on equity of 10.99% and a net margin of 10.85%. The firm had revenue of $3.58 billion for the quarter, compared to analysts’ expectations of $3.56 billion. During the same quarter in the previous year, the business posted $1.56 earnings per share. The business’s revenue for the quarter was up 8.2% on a year-over-year basis. Equities research analysts expect that Lincoln National Corporation will post $7.43 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Tuesday, August 1st. Shareholders of record on Monday, July 10th were given a $0.29 dividend. This represents a $1.16 dividend on an annualized basis and a yield of 1.56%. The ex-dividend date of this dividend was Thursday, July 6th. Lincoln National Corporation’s dividend payout ratio is presently 17.79%.
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Several equities research analysts have issued reports on the stock. Zacks Investment Research raised shares of Lincoln National Corporation from a “hold” rating to a “strong-buy” rating and set a $81.00 price target on the stock in a report on Tuesday, July 11th. Bank of America Corporation set a $78.00 price target on shares of Lincoln National Corporation in a report on Tuesday, July 4th. Royal Bank Of Canada boosted their target price on shares of Lincoln National Corporation from $77.00 to $83.00 and gave the company an “outperform” rating in a research note on Friday, August 4th. Wells Fargo & Company restated a “hold” rating on shares of Lincoln National Corporation in a research note on Thursday, May 4th. Finally, BidaskClub downgraded shares of Lincoln National Corporation from a “buy” rating to a “hold” rating in a research note on Thursday, July 27th. Five research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. The company has a consensus rating of “Buy” and an average target price of $73.40.
In other Lincoln National Corporation news, Director Isaiah Tidwell sold 13,946 shares of Lincoln National Corporation stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $65.04, for a total value of $907,047.84. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 1.41% of the company’s stock.
Lincoln National Corporation Company Profile
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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