Commonwealth Bank of Australia Has $3.12 Million Stake in Lincoln National Co. (LNC)
Commonwealth Bank of Australia lifted its stake in Lincoln National Co. (NYSE:LNC) by 4.5% during the third quarter, HoldingsChannel reports. The firm owned 46,255 shares of the financial services provider’s stock after purchasing an additional 2,000 shares during the quarter. Commonwealth Bank of Australia’s holdings in Lincoln National were worth $3,123,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds also recently modified their holdings of the company. Bowen Hanes & Co. Inc. bought a new stake in shares of Lincoln National in the 3rd quarter worth approximately $201,000. Twin Capital Management Inc. boosted its position in shares of Lincoln National by 2.4% in the 3rd quarter. Twin Capital Management Inc. now owns 172,510 shares of the financial services provider’s stock worth $11,672,000 after purchasing an additional 4,050 shares in the last quarter. FNY Investment Advisers LLC bought a new stake in shares of Lincoln National in the 3rd quarter worth approximately $135,000. AGF Investments Inc. lifted its position in Lincoln National by 0.3% in the 3rd quarter. AGF Investments Inc. now owns 295,876 shares of the financial services provider’s stock valued at $20,019,000 after acquiring an additional 878 shares in the last quarter. Finally, Nomura Asset Management Co. Ltd. lifted its position in Lincoln National by 5.8% in the 3rd quarter. Nomura Asset Management Co. Ltd. now owns 38,493 shares of the financial services provider’s stock valued at $2,604,000 after acquiring an additional 2,104 shares in the last quarter. 82.85% of the stock is currently owned by hedge funds and other institutional investors.
A number of analysts have commented on the company. Zacks Investment Research raised Lincoln National from a “hold” rating to a “buy” rating and set a $72.00 target price for the company in a report on Thursday, November 15th. ValuEngine upgraded Lincoln National from a “strong sell” rating to a “sell” rating in a research note on Thursday, July 26th. Royal Bank of Canada reaffirmed a “buy” rating and set a $82.00 price target on shares of Lincoln National in a report on Friday, August 3rd. Morgan Stanley dropped their price objective on Lincoln National from $76.00 to $74.00 and set an “equal weight” rating on the stock in a research report on Tuesday, November 13th. Finally, Keefe, Bruyette & Woods upgraded Lincoln National from a “market perform” rating to an “outperform” rating and set a $80.00 price objective for the company in a report on Monday, November 5th. One research analyst has rated the stock with a sell rating, six have given a hold rating and seven have issued a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average price target of $76.85.
Lincoln National (NYSE:LNC) last released its quarterly earnings data on Thursday, November 1st. The financial services provider reported $2.34 EPS for the quarter, topping the consensus estimate of $2.17 by $0.17. Lincoln National had a return on equity of 11.61% and a net margin of 13.14%. The company had revenue of $4.26 billion during the quarter, compared to the consensus estimate of $4.25 billion. During the same period last year, the company earned $1.87 EPS. Lincoln National’s revenue for the quarter was up 21.4% on a year-over-year basis. On average, sell-side analysts expect that Lincoln National Co. will post 8.56 EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, February 1st. Investors of record on Thursday, January 10th will be issued a $0.37 dividend. This represents a $1.48 annualized dividend and a yield of 2.35%. This is an increase from Lincoln National’s previous quarterly dividend of $0.33. The ex-dividend date of this dividend is Wednesday, January 9th. Lincoln National’s dividend payout ratio (DPR) 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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