Wedge Capital Management L L P NC lowered its position in shares of Lincoln National Co. (NYSE:LNC) by 0.4% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 440,535 shares of the financial services provider’s stock after selling 1,808 shares during the period. Wedge Capital Management L L P NC owned 0.22% of Lincoln National worth $28,392,000 at the end of the most recent quarter.
Several other hedge funds have also recently modified their holdings of the stock. Pendal Group Ltd acquired a new position in shares of Lincoln National during the second quarter worth $1,874,000. Westpac Banking Corp grew its stake in shares of Lincoln National by 121.3% during the second quarter. Westpac Banking Corp now owns 29,393 shares of the financial services provider’s stock worth $1,894,000 after purchasing an additional 16,112 shares in the last quarter. Sheaff Brock Investment Advisors LLC acquired a new position in shares of Lincoln National during the second quarter worth $734,000. Stevens Capital Management LP grew its stake in shares of Lincoln National by 39.0% during the second quarter. Stevens Capital Management LP now owns 167,803 shares of the financial services provider’s stock worth $10,815,000 after purchasing an additional 47,068 shares in the last quarter. Finally, Janus Henderson Group PLC grew its stake in shares of Lincoln National by 76.0% during the second quarter. Janus Henderson Group PLC now owns 157,990 shares of the financial services provider’s stock worth $10,182,000 after purchasing an additional 68,241 shares in the last quarter. Hedge funds and other institutional investors own 81.53% of the company’s stock.
In other news, CAO Christine A. Janofsky sold 7,928 shares of the company’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $62.62, for a total value of $496,451.36. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Kenneth S. Solon sold 11,738 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $64.39, for a total transaction of $755,809.82. The disclosure for this sale can be found here. Insiders sold 28,166 shares of company stock valued at $1,785,211 over the last ninety days. Corporate insiders own 1.50% of the company’s stock.
Lincoln National (NYSE:LNC) last released its quarterly earnings data on Wednesday, July 31st. The financial services provider reported $2.36 earnings per share (EPS) for the quarter, beating the consensus estimate of $2.32 by $0.04. Lincoln National had a net margin of 8.74% and a return on equity of 11.85%. The company had revenue of $4.31 billion during the quarter, compared to the consensus estimate of $4.46 billion. During the same quarter in the prior year, the firm posted $2.02 earnings per share. Lincoln National’s revenue for the quarter was up 7.2% on a year-over-year basis. On average, sell-side analysts predict that Lincoln National Co. will post 9.3 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.37 dividend. The ex-dividend date of this dividend is Wednesday, October 9th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.83%. Lincoln National’s payout ratio is 17.45%.
A number of equities analysts recently commented on the stock. JPMorgan Chase & Co. set a $92.00 target price on shares of Lincoln National and gave the stock a “buy” rating in a research note on Thursday, May 2nd. Wells Fargo & Co restated a “hold” rating and issued a $69.00 price objective on shares of Lincoln National in a research note on Wednesday, July 31st. UBS Group upped their price objective on shares of Lincoln National from $67.00 to $69.00 and gave the company a “neutral” rating in a research note on Thursday, May 2nd. ValuEngine downgraded shares of Lincoln National from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. Finally, Zacks Investment Research downgraded shares of Lincoln National from a “buy” rating to a “hold” rating in a research note on Tuesday, May 21st. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $74.90.
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 Annuities segment offers variable, fixed, and indexed variable annuities.
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