Lincoln National Corporation (NYSE:LNC) Position Reduced by New Mexico Educational Retirement Board
New Mexico Educational Retirement Board reduced its position in shares of Lincoln National Corporation (NYSE:LNC) by 8.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 20,813 shares of the financial services provider’s stock after selling 2,000 shares during the period. New Mexico Educational Retirement Board’s holdings in Lincoln National Corporation were worth $1,521,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LNC. Global X Management Co. LLC boosted its position in Lincoln National Corporation by 32.2% in the second quarter. Global X Management Co. LLC now owns 4,292 shares of the financial services provider’s stock worth $290,000 after buying an additional 1,046 shares during the last quarter. BP PLC purchased a new position in Lincoln National Corporation during the second quarter worth $1,757,000. Seven Bridges Advisors LLC boosted its position in Lincoln National Corporation by 12.0% in the second quarter. Seven Bridges Advisors LLC now owns 24,695 shares of the financial services provider’s stock worth $1,669,000 after buying an additional 2,654 shares during the last quarter. Advisor Partners LLC boosted its position in Lincoln National Corporation by 10.4% in the second quarter. Advisor Partners LLC now owns 11,440 shares of the financial services provider’s stock worth $773,000 after buying an additional 1,077 shares during the last quarter. Finally, Pictet Asset Management Ltd. boosted its position in Lincoln National Corporation by 4.1% in the second quarter. Pictet Asset Management Ltd. now owns 125,240 shares of the financial services provider’s stock worth $8,138,000 after buying an additional 4,900 shares during the last quarter. 80.15% of the stock is owned by institutional investors.
Shares of Lincoln National Corporation (NYSE LNC) opened at 71.40 on Friday. The stock’s 50 day moving average is $70.77 and its 200-day moving average is $68.20. Lincoln National Corporation has a 1-year low of $44.74 and a 1-year high of $75.78. The stock has a market cap of $15.81 billion, a PE ratio of 10.88 and a beta of 1.99.
Lincoln National Corporation (NYSE:LNC) last announced its quarterly 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. The business had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.56 billion. Lincoln National Corporation had a net margin of 10.85% and a return on equity of 10.99%. The business’s revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.56 EPS. On average, analysts predict that Lincoln National Corporation will post $7.45 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be issued a $0.29 dividend. The ex-dividend date is Friday, October 6th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.62%. Lincoln National Corporation’s dividend payout ratio is presently 17.79%.
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A number of research analysts have weighed in on the stock. Barclays PLC lifted their price objective on shares of Lincoln National Corporation from $84.00 to $85.00 and gave the company an “overweight” rating in a report on Friday. Zacks Investment Research raised shares of Lincoln National Corporation from a “hold” rating to a “buy” rating and set a $83.00 price objective for the company in a report on Tuesday. Royal Bank Of Canada lifted their price objective on shares of Lincoln National Corporation from $77.00 to $83.00 and gave the company an “outperform” rating in a report on Friday, August 4th. BidaskClub raised shares of Lincoln National Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Finally, Wells Fargo & Company reaffirmed a “hold” rating on shares of Lincoln National Corporation in a report on Wednesday, August 2nd. Five analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Lincoln National Corporation presently has an average rating of “Buy” and an average target price of $74.10.
In other news, Director Isaiah Tidwell sold 13,946 shares of the stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $65.04, for a total value of $907,047.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company 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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