Neuberger Berman Group LLC Sells 494,797 Shares of Lincoln National Corporation (LNC)
Neuberger Berman Group LLC cut its position in shares of Lincoln National Corporation (NYSE:LNC) by 11.0% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 3,989,039 shares of the financial services provider’s stock after selling 494,797 shares during the period. Neuberger Berman Group LLC owned approximately 1.80% of Lincoln National Corporation worth $269,579,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Macquarie Group Ltd. raised its position in shares of Lincoln National Corporation by 26.0% in the fourth quarter. Macquarie Group Ltd. now owns 9,600 shares of the financial services provider’s stock valued at $637,000 after buying an additional 1,982 shares during the last quarter. State of Alaska Department of Revenue bought a new position in shares of Lincoln National Corporation during the first quarter valued at $258,000. ProShare Advisors LLC raised its position in shares of Lincoln National Corporation by 1.0% in the first quarter. ProShare Advisors LLC now owns 52,106 shares of the financial services provider’s stock valued at $3,410,000 after buying an additional 522 shares during the last quarter. Janney Montgomery Scott LLC raised its position in shares of Lincoln National Corporation by 164.1% in the first quarter. Janney Montgomery Scott LLC now owns 21,717 shares of the financial services provider’s stock valued at $1,421,000 after buying an additional 13,494 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Lincoln National Corporation by 1.4% in the first quarter. Russell Investments Group Ltd. now owns 126,797 shares of the financial services provider’s stock valued at $8,300,000 after buying an additional 1,777 shares during the last quarter. Institutional investors own 80.84% of the company’s stock.
Lincoln National Corporation (NYSE:LNC) traded up 0.26% on Friday, reaching $68.18. 1,179,143 shares of the company traded hands. The firm has a 50 day moving average price of $71.19 and a 200 day moving average price of $68.22. The stock has a market capitalization of $15.10 billion, a price-to-earnings ratio of 10.39 and a beta of 1.99. Lincoln National Corporation has a 52-week low of $44.74 and a 52-week high of $75.78.
Lincoln National Corporation (NYSE:LNC) last posted its quarterly earnings data on Wednesday, August 2nd. The financial services provider reported $1.85 earnings per share (EPS) for the quarter, topping the Zacks’ 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 return on equity of 10.99% and a net margin of 10.85%. Lincoln National Corporation’s quarterly revenue was up 8.2% on a year-over-year basis. During the same period last year, the company earned $1.56 earnings per share. Equities research analysts predict that Lincoln National Corporation will post $7.47 EPS for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 1st. Investors of record on Tuesday, October 10th will be issued a dividend of $0.29 per share. The ex-dividend date of this dividend is Friday, October 6th. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.70%. Lincoln National Corporation’s payout ratio is presently 17.79%.
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Several brokerages have recently weighed in on LNC. Zacks Investment Research upgraded shares of Lincoln National Corporation from a “hold” rating to a “buy” rating and set a $83.00 price objective on the stock in a report on Tuesday, August 8th. BidaskClub upgraded shares of Lincoln National Corporation from a “hold” rating to a “buy” rating in a report on Thursday, August 3rd. Wells Fargo & Company reiterated a “hold” rating on shares of Lincoln National Corporation in a report on Wednesday, August 2nd. Royal Bank Of Canada increased their price objective on shares of Lincoln National Corporation from $77.00 to $83.00 and gave the stock an “outperform” rating in a report on Friday, August 4th. Finally, Barclays PLC increased their price objective on shares of Lincoln National Corporation from $84.00 to $85.00 and gave the stock an “overweight” rating in a report on Friday, August 11th. Six investment analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $73.40.
In related news, Director Isaiah Tidwell sold 13,946 shares of the stock in a transaction dated Thursday, June 1st. The stock was sold at an average price of $65.04, for a total transaction of $907,047.84. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 1.41% of the stock is currently owned by company insiders.
Lincoln National Corporation Company Profile
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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