State Board of Administration of Florida Retirement System Has $15.16 Million Position in Lincoln National Co. (NYSE:LNC)

State Board of Administration of Florida Retirement System reduced its holdings in Lincoln National Co. (NYSE:LNC) by 3.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund owned 241,314 shares of the financial services provider’s stock after selling 9,640 shares during the period. State Board of Administration of Florida Retirement System owned 0.13% of Lincoln National worth $15,164,000 at the end of the most recent reporting period.

A number of other hedge funds have also modified their holdings of the business. Mercer Global Advisors Inc. ADV increased its stake in Lincoln National by 0.9% in the 1st quarter. Mercer Global Advisors Inc. ADV now owns 17,709 shares of the financial services provider’s stock valued at $1,103,000 after buying an additional 156 shares during the last quarter. Keystone Financial Group increased its stake in shares of Lincoln National by 2.9% during the 1st quarter. Keystone Financial Group now owns 5,514 shares of the financial services provider’s stock worth $343,000 after purchasing an additional 158 shares during the last quarter. Cigna Investments Inc. New increased its stake in shares of Lincoln National by 2.7% during the 1st quarter. Cigna Investments Inc. New now owns 6,564 shares of the financial services provider’s stock worth $409,000 after purchasing an additional 170 shares during the last quarter. AMG National Trust Bank increased its stake in shares of Lincoln National by 0.9% during the 1st quarter. AMG National Trust Bank now owns 20,867 shares of the financial services provider’s stock worth $1,300,000 after purchasing an additional 181 shares during the last quarter. Finally, Cambridge Investment Research Advisors Inc. increased its stake in shares of Lincoln National by 0.5% during the 1st quarter. Cambridge Investment Research Advisors Inc. now owns 38,691 shares of the financial services provider’s stock worth $2,409,000 after purchasing an additional 193 shares during the last quarter. Hedge funds and other institutional investors own 76.12% of the company’s stock.

Several research firms have recently weighed in on LNC. Zacks Investment Research upgraded shares of Lincoln National from a “sell” rating to a “hold” rating and set a $65.00 price objective on the stock in a research note on Friday, July 9th. Piper Sandler decreased their price target on shares of Lincoln National from $70.00 to $65.00 and set a “neutral” rating on the stock in a research note on Thursday, July 8th. They noted that the move was a valuation call. Royal Bank of Canada upped their price target on shares of Lincoln National from $69.00 to $70.00 and gave the company a “sector perform” rating in a research note on Friday, August 6th. upped their price target on shares of Lincoln National from $67.00 to $68.00 and gave the company a “neutral” rating in a research note on Monday, June 21st. Finally, Wells Fargo & Company upped their price target on shares of Lincoln National from $70.00 to $72.00 and gave the company an “equal weight” rating in a research note on Monday, August 9th. One research analyst has rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average target price of $66.50.

Shares of Lincoln National stock opened at $67.54 on Friday. The company has a 50 day moving average of $65.31 and a 200-day moving average of $64.84. Lincoln National Co. has a 1-year low of $29.42 and a 1-year high of $71.68. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.29. The company has a market cap of $12.69 billion, a PE ratio of 9.32, a price-to-earnings-growth ratio of 0.16 and a beta of 2.24.

Lincoln National (NYSE:LNC) last released its quarterly earnings data on Wednesday, August 4th. The financial services provider reported $3.17 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $2.30 by $0.87. The business had revenue of $4.85 billion during the quarter, compared to analysts’ expectations of $4.79 billion. Lincoln National had a net margin of 7.43% and a return on equity of 5.47%. The firm’s quarterly revenue was up 37.9% compared to the same quarter last year. During the same period in the prior year, the company earned $0.97 EPS. Research analysts forecast that Lincoln National Co. will post 10.32 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 1st. Investors of record on Monday, October 11th will be given a dividend of $0.42 per share. This represents a $1.68 dividend on an annualized basis and a yield of 2.49%. The ex-dividend date of this dividend is Thursday, October 7th. Lincoln National’s dividend payout ratio is 37.75%.

Lincoln National Profile

Lincoln National Corp. is a holding company, which operates multiple insurance and retirement businesses through its subsidiary companies. It provides advice and solutions that help empower people to take charge of their financial lives with confidence and optimism. The company operates through the following segments: Annuities, Retirement Plan Services, Life Insurance, Group Protection, and Other Operations.

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Institutional Ownership by Quarter for Lincoln National (NYSE:LNC)

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