Nuveen Asset Management LLC lowered its stake in Lincoln National Corporation (NYSE:LNC) by 84.1% during the first quarter, according to its most recent filing with the SEC. The firm owned 13,226 shares of the financial services provider’s stock after selling 70,076 shares during the period. Nuveen Asset Management LLC’s holdings in Lincoln National Corporation were worth $866,000 at the end of the most recent reporting period.
A number of other large investors have also recently made changes to their positions in LNC. Skandinaviska Enskilda Banken AB publ raised its position in Lincoln National Corporation by 3.6% in the first quarter. Skandinaviska Enskilda Banken AB publ now owns 31,203 shares of the financial services provider’s stock valued at $2,042,000 after buying an additional 1,070 shares during the period. Ibex Wealth Advisors raised its position in Lincoln National Corporation by 8.7% in the first quarter. Ibex Wealth Advisors now owns 48,707 shares of the financial services provider’s stock valued at $3,144,000 after buying an additional 3,915 shares during the period. Achmea Investment Management B.V. acquired a new position in Lincoln National Corporation during the first quarter valued at about $1,874,000. Bank of Nova Scotia raised its position in Lincoln National Corporation by 887.4% in the first quarter. Bank of Nova Scotia now owns 51,561 shares of the financial services provider’s stock valued at $3,375,000 after buying an additional 46,339 shares during the period. Finally, Point72 Asset Management L.P. acquired a new position in Lincoln National Corporation during the first quarter valued at about $10,492,000. 80.15% of the stock is currently owned by hedge funds and other institutional investors.
Lincoln National Corporation (NYSE LNC) opened at 71.40 on Friday. Lincoln National Corporation has a 12-month low of $44.74 and a 12-month high of $75.78. The stock’s 50 day moving average is $70.77 and its 200 day moving average is $68.20. The stock has a market capitalization of $15.81 billion, a PE ratio of 10.88 and a beta of 1.99.
Lincoln National Corporation (NYSE:LNC) last issued its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $1.85 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $1.73 by $0.12. Lincoln National Corporation had a net margin of 10.85% and a return on equity of 10.99%. The company had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.56 billion. During the same quarter in the prior year, the firm earned $1.56 earnings per share. The firm’s revenue was up 8.2% compared to the same quarter last year. Analysts forecast that Lincoln National Corporation will post $7.45 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Stockholders of record on Tuesday, October 10th will be given a dividend of $0.29 per share. This represents a $1.16 annualized dividend and a dividend yield of 1.62%. The ex-dividend date is Friday, October 6th. Lincoln National Corporation’s dividend payout ratio is 17.79%.
LNC has been the topic of several recent research reports. BidaskClub lowered shares of Lincoln National Corporation from a “buy” rating to a “hold” rating in a research report on Thursday, July 27th. Keefe, Bruyette & Woods restated a “hold” rating on shares of Lincoln National Corporation in a research report on Monday, June 26th. Royal Bank Of Canada lifted their price target on shares of Lincoln National Corporation from $77.00 to $83.00 and gave the stock an “outperform” rating in a research report on Friday, August 4th. Zacks Investment Research cut shares of Lincoln National Corporation from a “buy” rating to a “hold” rating in a research report on Tuesday, June 13th. Finally, Wells Fargo & Company reiterated a “hold” rating on shares of Lincoln National Corporation in a research report on Thursday, May 4th. Five investment analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus price target of $74.10.
In other news, Director Isaiah Tidwell sold 13,946 shares of the stock in a transaction on Thursday, June 1st. The shares were sold at an average price of $65.04, for a total transaction of $907,047.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. 1.41% of the stock is owned by corporate insiders.
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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