Mark E. Konen Sells 50,000 Shares of Lincoln National Corp. (LNC) Stock
Lincoln National Corp. (NYSE:LNC) insider Mark E. Konen sold 50,000 shares of the business’s stock in a transaction dated Thursday, November 17th. The shares were sold at an average price of $61.44, for a total transaction of $3,072,000.00. Following the completion of the transaction, the insider now directly owns 145,432 shares of the company’s stock, valued at approximately $8,935,342.08. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink.
Shares of Lincoln National Corp. (NYSE:LNC) opened at 62.24 on Monday. The stock has a market cap of $14.23 billion, a PE ratio of 11.76 and a beta of 1.99. Lincoln National Corp. has a one year low of $30.39 and a one year high of $63.08. The stock’s 50 day moving average price is $49.50 and its 200-day moving average price is $45.36.
Lincoln National Corp. (NYSE:LNC) last released its quarterly earnings results on Thursday, November 3rd. The company reported $1.89 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.61 by $0.28. Lincoln National Corp. had a return on equity of 9.89% and a net margin of 9.63%. The business earned $3.53 billion during the quarter, compared to analyst estimates of $3.43 billion. During the same quarter last year, the company posted $1.65 EPS. Lincoln National Corp.’s revenue for the quarter was down 5.5% on a year-over-year basis. On average, equities analysts predict that Lincoln National Corp. will post $6.35 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, February 1st. Investors of record on Tuesday, January 10th will be given a $0.29 dividend. 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 dividend on an annualized basis and a dividend yield of 1.86%. Lincoln National Corp.’s dividend payout ratio (DPR) is 18.83%.
Several institutional investors have recently added to or reduced their stakes in LNC. Bank of Montreal Can bought a new position in Lincoln National Corp. during the second quarter worth $84,522,000. Bloom Tree Partners LLC bought a new position in Lincoln National Corp. during the third quarter worth $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 during the period. Hexavest Inc. bought a new position in Lincoln National Corp. during the second quarter worth $24,262,000. Finally, Scout Investments Inc. bought a new position in Lincoln National Corp. during the third quarter worth $26,758,000. Institutional investors and hedge funds own 77.66% of the company’s stock.
Several brokerages recently weighed in on LNC. Zacks Investment Research downgraded shares of Lincoln National Corp. from a “buy” rating to a “hold” rating in a research note on Thursday. FBR & Co downgraded shares of Lincoln National Corp. from an “outperform” rating to a “market perform” rating and set a $55.00 target price for the company. in a research note on Wednesday, November 9th. Credit Suisse Group AG began coverage on shares of Lincoln National Corp. in a research note on Friday, October 7th. They issued a “neutral” rating and a $57.00 target price for the company. Finally, Wells Fargo & Co. began coverage on shares of Lincoln National Corp. in a research note on Friday, September 23rd. They issued a “market perform” rating for the company. Ten research analysts have rated the stock with a hold rating, four have given a buy rating and one has given a strong buy rating to the company’s stock. Lincoln National Corp. currently has a consensus rating of “Hold” and a consensus 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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