Ellington Management Group LLC Has $561,000 Holdings in Lincoln National Co. (NYSE:LNC)
Ellington Management Group LLC cut its stake in Lincoln National Co. (NYSE:LNC) by 16.3% in the second quarter, HoldingsChannel reports. The institutional investor owned 8,700 shares of the financial services provider’s stock after selling 1,700 shares during the quarter. Ellington Management Group LLC’s holdings in Lincoln National were worth $561,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Rational Advisors LLC raised its holdings in shares of Lincoln National by 225.0% in the 2nd quarter. Rational Advisors LLC now owns 442 shares of the financial services provider’s stock worth $28,000 after buying an additional 306 shares in the last quarter. Meeder Asset Management Inc. acquired a new position in shares of Lincoln National in the 2nd quarter worth approximately $39,000. Ossiam acquired a new position in shares of Lincoln National in the 2nd quarter worth approximately $49,000. Mirova acquired a new position in shares of Lincoln National in the 2nd quarter worth approximately $62,000. Finally, Glassman Wealth Services raised its holdings in shares of Lincoln National by 3,589.3% in the 2nd quarter. Glassman Wealth Services now owns 1,033 shares of the financial services provider’s stock worth $67,000 after buying an additional 1,005 shares in the last quarter. 80.93% of the stock is owned by institutional investors and hedge funds.
A number of equities analysts have recently issued reports on LNC shares. Wells Fargo & Co reissued a “hold” rating and issued a $69.00 target price on shares of Lincoln National in a report on Wednesday, July 31st. Barclays set a $69.00 price target on Lincoln National and gave the stock a “buy” rating in a research report on Monday, August 12th. ValuEngine lowered Lincoln National from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. Zacks Investment Research lowered Lincoln National from a “buy” rating to a “hold” rating in a research report on Tuesday, May 21st. Finally, Goldman Sachs Group upgraded Lincoln National from a “neutral” rating to a “buy” rating and increased their price target for the stock from $65.00 to $77.00 in a research report on Tuesday, June 25th. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have given a buy rating to the company. The stock presently has an average rating of “Buy” and an average price target of $74.64.
Lincoln National (NYSE:LNC) last released its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $2.36 EPS for the quarter, topping the Zacks’ consensus estimate of $2.32 by $0.04. The business had revenue of $4.31 billion for the quarter, compared to analyst estimates of $4.46 billion. Lincoln National had a return on equity of 11.85% and a net margin of 8.74%. Lincoln National’s revenue for the quarter was up 7.2% on a year-over-year basis. During the same period in the prior year, the company earned $2.02 EPS. As a group, equities analysts expect that Lincoln National Co. will post 9.3 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a $0.37 dividend. The ex-dividend date is Wednesday, October 9th. This represents a $1.48 dividend on an annualized basis and a yield of 2.45%. Lincoln National’s payout ratio is 17.45%.
Lincoln National Company Profile
Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers variable, fixed, and indexed variable annuities.
See Also: Equity Income
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