Cambridge Investment Research Advisors Inc. lifted its stake in shares of Lincoln National Co. (NYSE:LNC) by 1,103.0% in the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 135,224 shares of the financial services provider’s stock after purchasing an additional 123,983 shares during the period. Cambridge Investment Research Advisors Inc. owned about 0.07% of Lincoln National worth $3,559,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in LNC. Norges Bank purchased a new position in Lincoln National in the 4th quarter valued at about $125,815,000. Cornerstone Investment Partners LLC acquired a new position in shares of Lincoln National during the first quarter valued at approximately $30,082,000. Retirement Systems of Alabama lifted its position in shares of Lincoln National by 945.8% in the first quarter. Retirement Systems of Alabama now owns 911,585 shares of the financial services provider’s stock valued at $23,993,000 after acquiring an additional 824,421 shares in the last quarter. Prana Capital Management LP boosted its stake in shares of Lincoln National by 113.1% in the fourth quarter. Prana Capital Management LP now owns 669,236 shares of the financial services provider’s stock worth $39,492,000 after acquiring an additional 355,206 shares during the last quarter. Finally, Russell Investments Group Ltd. increased its position in shares of Lincoln National by 43.3% during the fourth quarter. Russell Investments Group Ltd. now owns 1,027,127 shares of the financial services provider’s stock worth $60,495,000 after purchasing an additional 310,325 shares in the last quarter. Hedge funds and other institutional investors own 81.22% of the company’s stock.
In other news, EVP Lisa Buckingham bought 2,000 shares of the business’s stock in a transaction that occurred on Friday, March 13th. The shares were purchased at an average cost of $26.82 per share, for a total transaction of $53,640.00. Following the completion of the purchase, the executive vice president now owns 76,333 shares of the company’s stock, valued at $2,047,251.06. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director M Leanne Lachman bought 3,000 shares of Lincoln National stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average cost of $35.59 per share, for a total transaction of $106,770.00. Insiders have purchased a total of 6,900 shares of company stock valued at $223,075 over the last three months. 1.50% of the stock is currently owned by insiders.
Lincoln National (NYSE:LNC) last announced its earnings results on Thursday, May 7th. The financial services provider reported $2.24 earnings per share for the quarter, topping the consensus estimate of $2.17 by $0.07. The firm had revenue of $4.51 billion for the quarter, compared to the consensus estimate of $4.53 billion. Lincoln National had a net margin of 3.72% and a return on equity of 10.01%. The firm’s revenue for the quarter was up 3.4% on a year-over-year basis. During the same period in the prior year, the firm earned $2.14 EPS. Equities research analysts anticipate that Lincoln National Co. will post 8.59 earnings per share for the current year.
Several brokerages have issued reports on LNC. Citigroup cut shares of Lincoln National from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $35.00 to $30.00 in a research note on Friday, April 17th. Royal Bank of Canada raised their price target on shares of Lincoln National from $40.00 to $43.00 and gave the stock a “sector perform” rating in a research note on Friday, May 8th. Wells Fargo & Co dropped their price objective on shares of Lincoln National from $66.00 to $33.00 and set an “equal weight” rating for the company in a research note on Wednesday, April 1st. ValuEngine downgraded shares of Lincoln National from a “sell” rating to a “strong sell” rating in a report on Friday, March 20th. Finally, TheStreet lowered Lincoln National from a “b-” rating to a “c+” rating in a research report on Thursday, March 5th. Two investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the stock. Lincoln National currently has a consensus rating of “Hold” and a consensus target price of $47.91.
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.
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