Icon Advisers Inc. Co. increased its position in shares of Lincoln National Co. (NYSE:LNC) by 155.5% during the 2nd quarter, Holdings Channel reports. The firm owned 278,352 shares of the financial services provider’s stock after acquiring an additional 169,400 shares during the period. Lincoln National comprises 1.7% of Icon Advisers Inc. Co.’s investment portfolio, making the stock its 9th biggest position. Icon Advisers Inc. Co.’s holdings in Lincoln National were worth $17,940,000 as of its most recent SEC filing.
Several other hedge funds have also recently made changes to their positions in LNC. Comerica Bank increased its holdings in Lincoln National by 0.7% in the 2nd quarter. Comerica Bank now owns 40,760 shares of the financial services provider’s stock valued at $2,674,000 after acquiring an additional 268 shares during the last quarter. Envestnet Asset Management Inc. increased its holdings in Lincoln National by 28.8% in the 2nd quarter. Envestnet Asset Management Inc. now owns 64,896 shares of the financial services provider’s stock valued at $4,183,000 after acquiring an additional 14,499 shares during the last quarter. Candriam Luxembourg S.C.A. increased its holdings in Lincoln National by 14.9% in the 2nd quarter. Candriam Luxembourg S.C.A. now owns 157,473 shares of the financial services provider’s stock valued at $10,105,000 after acquiring an additional 20,453 shares during the last quarter. Cullen Frost Bankers Inc. increased its holdings in Lincoln National by 611.8% in the 2nd quarter. Cullen Frost Bankers Inc. now owns 6,207 shares of the financial services provider’s stock valued at $400,000 after acquiring an additional 5,335 shares during the last quarter. Finally, FinTrust Capital Advisors LLC purchased a new position in shares of Lincoln National in the 2nd quarter worth $657,000. Hedge funds and other institutional investors own 81.53% of the company’s stock.
A number of equities analysts have commented on LNC shares. ValuEngine cut shares of Lincoln National from a “sell” rating to a “strong sell” rating in a research note on Thursday, August 1st. Zacks Investment Research cut shares of Lincoln National from a “buy” rating to a “hold” rating in a research note on Tuesday, May 21st. Goldman Sachs Group raised shares of Lincoln National from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $65.00 to $77.00 in a research note on Tuesday, June 25th. Wells Fargo & Co reissued a “hold” rating and issued a $69.00 price objective on shares of Lincoln National in a research note on Wednesday, July 31st. Finally, Barclays set a $69.00 price objective on shares of Lincoln National and gave the stock a “buy” rating in a research note on Monday. One analyst has rated the stock with a sell rating, five have given a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $74.36.
Shares of LNC stock traded up $1.48 during trading hours on Friday, reaching $53.18. 26,680 shares of the stock were exchanged, compared to its average volume of 1,648,480. Lincoln National Co. has a 12-month low of $48.07 and a 12-month high of $71.27. The company has a current ratio of 0.21, a quick ratio of 0.21 and a debt-to-equity ratio of 0.30. The company’s 50-day moving average price is $62.95 and its 200-day moving average price is $62.69. The firm has a market capitalization of $10.91 billion, a price-to-earnings ratio of 6.25, a price-to-earnings-growth ratio of 0.65 and a beta of 1.91.
Lincoln National (NYSE:LNC) last released its quarterly earnings results on Wednesday, July 31st. The financial services provider reported $2.36 EPS for the quarter, topping analysts’ consensus estimates of $2.32 by $0.04. Lincoln National had a net margin of 8.74% and a return on equity of 11.85%. The firm had revenue of $4.31 billion during the quarter, compared to analysts’ expectations of $4.46 billion. During the same period in the previous year, the company earned $2.02 EPS. The firm’s revenue for the quarter was up 7.2% compared to the same quarter last year. On average, sell-side analysts expect that Lincoln National Co. will post 9.3 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Investors of record on Thursday, October 10th will be paid a dividend of $0.37 per share. The ex-dividend date is Wednesday, October 9th. This represents a $1.48 dividend on an annualized basis and a dividend yield of 2.78%. Lincoln National’s dividend payout ratio is presently 17.45%.
In other Lincoln National news, CAO Christine A. Janofsky sold 7,928 shares of the business’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 transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Lisa Buckingham sold 8,500 shares of the business’s stock in a transaction dated Friday, June 14th. The shares were sold at an average price of $62.70, for a total transaction of $532,950.00. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 28,166 shares of company stock valued at $1,785,211. 1.50% of the stock is owned by corporate insiders.
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.
Read More: Buy-Side Analysts
Want to see what other hedge funds are holding LNC? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lincoln National Co. (NYSE:LNC).
Receive News & Ratings for Lincoln National Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lincoln National and related companies with MarketBeat.com's FREE daily email newsletter.