Victory Capital Management Inc. Raises Holdings in Lincoln National Co. (LNC)
Victory Capital Management Inc. grew its holdings in shares of Lincoln National Co. (NYSE:LNC) by 13.3% in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 109,103 shares of the financial services provider’s stock after purchasing an additional 12,765 shares during the quarter. Victory Capital Management Inc.’s holdings in Lincoln National were worth $7,382,000 at the end of the most recent reporting period.
Other large investors have also modified their holdings of the company. Tuttle Tactical Management bought a new position in Lincoln National during the second quarter worth about $997,000. IFM Investors Pty Ltd boosted its position in Lincoln National by 16.2% during the third quarter. IFM Investors Pty Ltd now owns 12,504 shares of the financial services provider’s stock worth $846,000 after purchasing an additional 1,746 shares during the period. Premier Fund Managers Ltd boosted its position in Lincoln National by 5.3% during the second quarter. Premier Fund Managers Ltd now owns 55,560 shares of the financial services provider’s stock worth $3,458,000 after purchasing an additional 2,786 shares during the period. Rehmann Capital Advisory Group boosted its position in Lincoln National by 983.6% during the second quarter. Rehmann Capital Advisory Group now owns 7,553 shares of the financial services provider’s stock worth $470,000 after purchasing an additional 6,856 shares during the period. Finally, Manning & Napier Group LLC boosted its position in Lincoln National by 14.9% during the third quarter. Manning & Napier Group LLC now owns 11,045 shares of the financial services provider’s stock worth $747,000 after purchasing an additional 1,429 shares during the period. Hedge funds and other institutional investors own 82.85% of the company’s stock.
A number of brokerages have weighed in on LNC. Zacks Investment Research upgraded shares of Lincoln National from a “hold” rating to a “buy” rating and set a $78.00 target price for the company in a research report on Monday, October 8th. UBS Group increased their target price on shares of Lincoln National from $73.00 to $74.00 and gave the stock a “neutral” rating in a research report on Monday, October 8th. B. Riley increased their target price on shares of Lincoln National from $79.00 to $83.00 and gave the stock a “neutral” rating in a research report on Tuesday, August 7th. ValuEngine upgraded shares of Lincoln National from a “strong sell” rating to a “sell” rating in a research report on Thursday, July 26th. Finally, Royal Bank of Canada reissued a “buy” rating and issued a $82.00 price target on shares of Lincoln National in a report on Friday, August 3rd. One analyst has rated the stock with a sell rating, six have issued a hold rating and seven have given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $76.85.
Lincoln National (NYSE:LNC) last announced its quarterly earnings results on Thursday, November 1st. The financial services provider reported $2.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.17 by $0.17. Lincoln National had a net margin of 13.14% and a return on equity of 11.61%. The firm had revenue of $4.26 billion for the quarter, compared to the consensus estimate of $4.25 billion. During the same period in the prior year, the firm posted $1.87 earnings per share. The company’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, analysts anticipate that Lincoln National Co. will post 8.56 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, February 1st. Stockholders of record on Thursday, January 10th will be issued a $0.37 dividend. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.35%. This is an increase from Lincoln National’s previous quarterly dividend of $0.33. The ex-dividend date is Wednesday, January 9th. Lincoln National’s dividend payout ratio is presently 16.94%.
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About Lincoln National
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The company sells a range of wealth protection, accumulation, and retirement income products and solutions.
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