Insider Selling: Lincoln National Corp. (LNC) Insider Sells $9,027,480.00 in Stock
Lincoln National Corp. (NYSE:LNC) insider Mark E. Konen sold 154,000 shares of the business’s stock in a transaction dated Monday, November 14th. The shares were sold at an average price of $58.62, for a total value of $9,027,480.00. Following the sale, the insider now owns 190,411 shares in the company, valued at approximately $11,161,892.82. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
Lincoln National Corp. (NYSE:LNC) opened at 61.48 on Thursday. The firm has a market cap of $14.05 billion, a PE ratio of 11.62 and a beta of 1.99. Lincoln National Corp. has a one year low of $30.39 and a one year high of $62.86. The firm’s 50 day moving average price is $50.81 and its 200-day moving average price is $45.75.
Lincoln National Corp. (NYSE:LNC) last issued its quarterly earnings data on Thursday, November 3rd. The company reported $1.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.61 by $0.28. The company had revenue of $3.53 billion for the quarter, compared to analyst estimates of $3.43 billion. Lincoln National Corp. had a return on equity of 9.89% and a net margin of 9.63%. The business’s quarterly revenue was down 5.5% compared to the same quarter last year. During the same quarter last year, the company posted $1.65 earnings per share. Equities analysts predict that Lincoln National Corp. will post $6.35 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, February 1st. Shareholders of record on Tuesday, January 10th will be issued a dividend of $0.29 per share. This is a positive change from Lincoln National Corp.’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, January 6th. This represents a $1.16 annualized dividend and a dividend yield of 1.89%. Lincoln National Corp.’s dividend payout ratio (DPR) is presently 18.83%.
Several institutional investors have recently modified their holdings of LNC. Bank of Montreal Can bought a new position in Lincoln National Corp. during the second quarter worth about $84,522,000. Bloom Tree Partners LLC bought a new position in Lincoln National Corp. during the third quarter worth about $37,376,000. Lord Abbett & CO. LLC raised its position in Lincoln National Corp. by 114.2% in the second quarter. Lord Abbett & CO. LLC now owns 1,224,586 shares of the company’s stock worth $47,477,000 after buying an additional 652,965 shares in the last quarter. Hexavest Inc. bought a new position in Lincoln National Corp. during the second quarter worth about $24,262,000. Finally, The Manufacturers Life Insurance Company bought a new position in Lincoln National Corp. during the third quarter worth about $23,244,000. 78.31% of the stock is currently owned by institutional investors.
Several analysts have weighed in on LNC shares. Wells Fargo & Co. started coverage on Lincoln National Corp. in a research note on Friday, September 23rd. They set a “market perform” rating on the stock. FBR & Co downgraded Lincoln National Corp. from an “outperform” rating to a “market perform” rating and set a $55.00 price target on the stock. in a research note on Wednesday, November 9th. Credit Suisse Group AG started coverage on Lincoln National Corp. in a research note on Friday, October 7th. They set a “neutral” rating and a $57.00 price target on the stock. Finally, Zacks Investment Research downgraded Lincoln National Corp. from a “hold” rating to a “sell” rating in a research note on Tuesday, October 4th. One equities research analyst has rated the stock with a sell rating, nine have given a hold rating, four have assigned a buy rating and one has issued a strong buy rating to the company. The company has a consensus rating of “Hold” and an average target price of $50.92.
About Lincoln National Corp.
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. It 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 in 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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