Mirae Asset Global Investments Co. Ltd. bought a new position in shares of Lincoln National Co. (NYSE:LNC) during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 16,626 shares of the financial services provider’s stock, valued at approximately $1,126,000.
A number of other institutional investors have also recently bought and sold shares of LNC. JPMorgan Chase & Co. increased its holdings in Lincoln National by 59.7% during the 3rd quarter. JPMorgan Chase & Co. now owns 11,919,511 shares of the financial services provider’s stock worth $806,475,000 after acquiring an additional 4,457,743 shares during the period. Levin Capital Strategies L.P. increased its holdings in Lincoln National by 22,593.4% during the 3rd quarter. Levin Capital Strategies L.P. now owns 907,735 shares of the financial services provider’s stock worth $61,417,000 after acquiring an additional 903,735 shares during the period. Millennium Management LLC increased its holdings in Lincoln National by 89.9% during the 2nd quarter. Millennium Management LLC now owns 1,646,582 shares of the financial services provider’s stock worth $102,500,000 after acquiring an additional 779,470 shares during the period. BlackRock Inc. increased its holdings in Lincoln National by 3.2% during the 2nd quarter. BlackRock Inc. now owns 19,580,560 shares of the financial services provider’s stock worth $1,218,887,000 after acquiring an additional 610,043 shares during the period. Finally, Renaissance Technologies LLC increased its holdings in Lincoln National by 1,669.8% during the 2nd quarter. Renaissance Technologies LLC now owns 641,974 shares of the financial services provider’s stock worth $39,963,000 after acquiring an additional 605,700 shares during the period. 80.85% of the stock is currently owned by institutional investors and hedge funds.
In other Lincoln National news, EVP Jamie Ohl sold 2,152 shares of the company’s stock in a transaction on Thursday, December 6th. The shares were sold at an average price of $58.00, for a total value of $124,816.00. Following the completion of the transaction, the executive vice president now directly owns 12,732 shares in the company, valued at approximately $738,456. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.12% of the stock is currently owned by corporate insiders.
A number of research firms recently weighed in on LNC. Zacks Investment Research raised shares of Lincoln National from a “hold” rating to a “buy” rating and set a $72.00 target price on the stock in a report on Thursday, November 15th. Keefe, Bruyette & Woods raised shares of Lincoln National from a “market perform” rating to an “outperform” rating and set a $80.00 price target for the company in a research note on Monday, November 5th. UBS Group boosted their price target on shares of Lincoln National from $73.00 to $74.00 and gave the stock a “neutral” rating in a research note on Monday, October 8th. Morgan Stanley cut their price target on shares of Lincoln National from $76.00 to $74.00 and set an “equal weight” rating for the company in a research note on Tuesday, November 13th. Finally, ValuEngine cut shares of Lincoln National from a “sell” rating to a “strong sell” rating in a research note on Wednesday, October 24th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $76.15.
Shares of LNC opened at $53.53 on Friday. The firm has a market cap of $11.43 billion, a price-to-earnings ratio of 6.44 and a beta of 1.87. The company has a debt-to-equity ratio of 0.39, a current ratio of 0.19 and a quick ratio of 0.19. Lincoln National Co. has a twelve month low of $53.26 and a twelve month high of $86.68.
Lincoln National (NYSE:LNC) last announced its quarterly earnings results on Thursday, November 1st. The financial services provider reported $2.34 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $2.17 by $0.17. The business had revenue of $4.26 billion during the quarter, compared to analysts’ expectations of $4.25 billion. Lincoln National had a net margin of 13.14% and a return on equity of 11.61%. The firm’s revenue for the quarter was up 21.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.87 EPS. As a group, equities research analysts forecast that Lincoln National Co. will post 8.56 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, February 1st. Shareholders of record on Thursday, January 10th will be issued a $0.37 dividend. The ex-dividend date is Wednesday, January 9th. This is a positive change from Lincoln National’s previous quarterly dividend of $0.33. This represents a $1.48 annualized dividend and a yield of 2.76%. Lincoln National’s dividend payout ratio is 16.94%.
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About Lincoln National
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 company sells a range of wealth protection, accumulation, and retirement income products and solutions.
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