Lincoln National Corporation (LNC) Stake Raised by Sumitomo Mitsui Trust Holdings Inc.
Sumitomo Mitsui Trust Holdings Inc. raised its stake in Lincoln National Corporation (NYSE:LNC) by 2.5% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 778,424 shares of the financial services provider’s stock after buying an additional 18,784 shares during the period. Sumitomo Mitsui Trust Holdings Inc. owned approximately 0.35% of Lincoln National Corporation worth $52,606,000 at the end of the most recent quarter.
Other hedge funds have also made changes to their positions in the company. DUPONT CAPITAL MANAGEMENT Corp acquired a new stake in shares of Lincoln National Corporation during the first quarter valued at $472,000. Old Mutual Global Investors UK Ltd. acquired a new stake in shares of Lincoln National Corporation during the first quarter valued at $53,857,000. Hennessy Advisors Inc. acquired a new stake in shares of Lincoln National Corporation during the first quarter valued at $3,639,000. KAMES CAPITAL plc acquired a new stake in shares of Lincoln National Corporation during the first quarter valued at $1,241,000. Finally, IFP Advisors Inc increased its stake in shares of Lincoln National Corporation by 1.8% in the first quarter. IFP Advisors Inc now owns 22,371 shares of the financial services provider’s stock valued at $1,464,000 after buying an additional 385 shares in the last quarter. Institutional investors and hedge funds own 80.84% of the company’s stock.
Shares of Lincoln National Corporation (NYSE:LNC) opened at 68.18 on Friday. Lincoln National Corporation has a 52 week low of $44.74 and a 52 week high of $75.78. The firm has a market cap of $15.10 billion, a PE ratio of 10.39 and a beta of 1.99. The stock has a 50 day moving average price of $71.19 and a 200 day moving average price of $68.22.
Lincoln National Corporation (NYSE:LNC) last announced 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. The business had revenue of $3.58 billion during the quarter, compared to the consensus estimate of $3.56 billion. Lincoln National Corporation had a net margin of 10.85% and a return on equity of 10.99%. The firm’s quarterly revenue was up 8.2% compared to the same quarter last year. During the same quarter last year, the firm earned $1.56 earnings per share. Equities analysts expect that Lincoln National Corporation will post $7.47 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Shareholders of record on Tuesday, October 10th will be paid a $0.29 dividend. This represents a $1.16 annualized dividend and a yield of 1.70%. The ex-dividend date of this dividend is Friday, October 6th. Lincoln National Corporation’s payout ratio is currently 17.79%.
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LNC has been the subject of several research reports. Zacks Investment Research upgraded Lincoln National Corporation from a “hold” rating to a “buy” rating and set a $83.00 target price for the company in a research report on Tuesday, August 8th. BidaskClub upgraded Lincoln National Corporation from a “hold” rating to a “buy” rating in a research report on Thursday, August 3rd. Wells Fargo & Company reiterated a “hold” rating on shares of Lincoln National Corporation in a research report on Wednesday, August 2nd. Royal Bank Of Canada increased their target price on Lincoln National Corporation from $77.00 to $83.00 and gave the company an “outperform” rating in a research report on Friday, August 4th. Finally, Barclays PLC increased their target price on Lincoln National Corporation from $84.00 to $85.00 and gave the company an “overweight” rating in a research report on Friday, August 11th. Six equities research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Lincoln National Corporation currently has an average rating of “Hold” and a consensus price target of $73.40.
In other Lincoln National Corporation news, Director Isaiah Tidwell sold 13,946 shares of the firm’s stock in a transaction dated Thursday, June 1st. The shares were sold at an average price of $65.04, for a total value of $907,047.84. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.41% of the stock is owned by company 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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