Millennium Management LLC boosted its holdings in Lincoln National Co. (NYSE:LNC) by 107.0% in the fourth quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 994,144 shares of the financial services provider’s stock after purchasing an additional 513,786 shares during the quarter. Millennium Management LLC owned about 0.45% of Lincoln National worth $76,420,000 at the end of the most recent quarter.
A number of other hedge funds have also modified their holdings of LNC. Sei Investments Co. increased its holdings in Lincoln National by 18.3% in the third quarter. Sei Investments Co. now owns 68,604 shares of the financial services provider’s stock worth $5,041,000 after purchasing an additional 10,626 shares in the last quarter. New York State Common Retirement Fund increased its holdings in Lincoln National by 1.9% in the third quarter. New York State Common Retirement Fund now owns 690,836 shares of the financial services provider’s stock worth $50,763,000 after purchasing an additional 13,057 shares in the last quarter. Advisor Group Inc. increased its holdings in Lincoln National by 11.6% in the third quarter. Advisor Group Inc. now owns 18,665 shares of the financial services provider’s stock worth $1,373,000 after purchasing an additional 1,939 shares in the last quarter. Rhumbline Advisers increased its holdings in Lincoln National by 0.3% in the third quarter. Rhumbline Advisers now owns 401,459 shares of the financial services provider’s stock worth $29,499,000 after purchasing an additional 1,058 shares in the last quarter. Finally, Comerica Bank increased its holdings in Lincoln National by 4.5% in the third quarter. Comerica Bank now owns 69,564 shares of the financial services provider’s stock worth $5,315,000 after purchasing an additional 3,024 shares in the last quarter. Institutional investors and hedge funds own 82.30% of the company’s stock.
A number of equities research analysts have commented on LNC shares. Barclays reissued a “buy” rating and issued a $90.00 price objective on shares of Lincoln National in a research note on Tuesday, January 9th. Zacks Investment Research raised Lincoln National from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research note on Monday, January 8th. Deutsche Bank started coverage on Lincoln National in a research note on Tuesday, January 2nd. They issued a “buy” rating and a $84.00 price objective for the company. Royal Bank of Canada reissued a “buy” rating and issued a $86.00 price objective on shares of Lincoln National in a research note on Friday, December 8th. Finally, Keefe, Bruyette & Woods reissued a “hold” rating and issued a $89.00 price objective on shares of Lincoln National in a research note on Friday, December 22nd. One investment analyst has rated the stock with a sell rating, seven have assigned a hold rating, six have assigned a buy rating and one has given a strong buy rating to the company. Lincoln National currently has a consensus rating of “Hold” and a consensus price target of $83.33.
Shares of Lincoln National Co. (LNC) opened at $76.36 on Friday. The company has a quick ratio of 0.10, a current ratio of 0.10 and a debt-to-equity ratio of 0.28. Lincoln National Co. has a one year low of $61.45 and a one year high of $86.68. The company has a market capitalization of $16,694.52, a P/E ratio of 8.26, a price-to-earnings-growth ratio of 1.13 and a beta of 1.97.
Lincoln National (NYSE:LNC) last announced its earnings results on Wednesday, January 31st. The financial services provider reported $1.98 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $1.94 by $0.04. The company had revenue of $3.78 billion for the quarter, compared to analysts’ expectations of $3.65 billion. Lincoln National had a return on equity of 10.86% and a net margin of 14.48%. Lincoln National’s quarterly revenue was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.77 earnings per share. equities research analysts expect that Lincoln National Co. will post 8.5 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Tuesday, May 1st. Investors of record on Tuesday, April 10th will be given a dividend of $0.33 per share. The ex-dividend date is Monday, April 9th. This represents a $1.32 annualized dividend and a dividend yield of 1.73%. Lincoln National’s payout ratio is 14.29%.
Lincoln National declared that its Board of Directors has initiated a stock buyback plan on Friday, January 19th that authorizes the company to buyback outstanding shares. This buyback authorization authorizes the financial services provider to reacquire shares of its stock through open market purchases. Shares buyback plans are typically an indication that the company’s leadership believes its shares are undervalued.
In related news, EVP Lisa Buckingham sold 24,537 shares of Lincoln National stock in a transaction that occurred on Monday, March 12th. The stock was sold at an average price of $78.39, for a total transaction of $1,923,455.43. Following the transaction, the executive vice president now owns 77,135 shares of the company’s stock, valued at $6,046,612.65. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CEO Dennis R. Glass sold 102,367 shares of Lincoln National stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $84.71, for a total value of $8,671,508.57. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 167,736 shares of company stock worth $14,032,099. 1.12% of the stock is owned by insiders.
Lincoln National 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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