HGK Asset Management Inc. cut its position in Lincoln National Co. (NYSE:LNC) by 11.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,637 shares of the financial services provider’s stock after selling 882 shares during the period. HGK Asset Management Inc.’s holdings in Lincoln National were worth $413,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds have also recently modified their holdings of the company. Point72 Asia Hong Kong Ltd acquired a new stake in shares of Lincoln National in the 1st quarter valued at about $111,000. CX Institutional acquired a new stake in shares of Lincoln National in the 2nd quarter valued at about $117,000. Picton Mahoney Asset Management acquired a new stake in shares of Lincoln National in the 1st quarter valued at about $146,000. Mariner LLC acquired a new stake in shares of Lincoln National in the 1st quarter valued at about $212,000. Finally, NEXT Financial Group Inc acquired a new stake in shares of Lincoln National in the 1st quarter valued at about $212,000. Institutional investors own 79.82% of the company’s stock.
Shares of NYSE LNC opened at $66.54 on Wednesday. Lincoln National Co. has a fifty-two week low of $61.18 and a fifty-two week high of $86.68. The stock has a market capitalization of $14.14 billion, a P/E ratio of 8.15 and a beta of 1.92. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.38.
Lincoln National (NYSE:LNC) last announced its quarterly earnings results on Wednesday, August 1st. The financial services provider reported $2.02 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $2.10 by ($0.08). Lincoln National had a net margin of 13.31% and a return on equity of 11.04%. The business had revenue of $4.02 billion during the quarter, compared to the consensus estimate of $4 billion. During the same period in the previous year, the business posted $1.85 EPS. Lincoln National’s revenue was up 12.4% compared to the same quarter last year. sell-side analysts expect that Lincoln National Co. will post 8.33 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, November 1st. Investors of record on Wednesday, October 10th will be given a $0.33 dividend. The ex-dividend date of this dividend is Tuesday, October 9th. This represents a $1.32 annualized dividend and a yield of 1.98%. Lincoln National’s payout ratio is 16.94%.
LNC has been the subject of several research reports. Credit Suisse Group reduced their target price on Lincoln National from $74.00 to $68.00 and set a “neutral” rating for the company in a research note on Friday, August 17th. Zacks Investment Research upgraded Lincoln National from a “hold” rating to a “buy” rating and set a $73.00 target price for the company in a research note on Tuesday, July 24th. ValuEngine downgraded Lincoln National from a “sell” rating to a “strong sell” rating in a research note on Monday, July 2nd. Deutsche Bank reduced their target price on Lincoln National from $87.00 to $82.00 and set a “buy” rating for the company in a research note on Monday, May 21st. Finally, Morgan Stanley dropped their price target on shares of Lincoln National from $79.00 to $78.00 and set an “equal weight” rating on the stock in a research report on Wednesday, July 11th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company. The company currently has an average rating of “Hold” and an average price target of $81.00.
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 company sells a range of wealth protection, accumulation, and retirement income products and solutions.
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