SummitTX Capital L.P. Boosts Stake in Lincoln National Corporation $LNC

SummitTX Capital L.P. grew its position in shares of Lincoln National Corporation (NYSE:LNC) by 49.1% during the 1st quarter, Holdings Channel.com reports. The institutional investor owned 83,181 shares of the financial services provider’s stock after buying an additional 27,376 shares during the quarter. SummitTX Capital L.P.’s holdings in Lincoln National were worth $2,953,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Entropy Technologies LP purchased a new stake in shares of Lincoln National during the first quarter valued at approximately $2,012,000. Arrowstreet Capital Limited Partnership lifted its holdings in Lincoln National by 509.0% during the first quarter. Arrowstreet Capital Limited Partnership now owns 683,040 shares of the financial services provider’s stock worth $24,248,000 after acquiring an additional 570,884 shares during the period. Caxton Associates LLP boosted its position in Lincoln National by 4.6% in the first quarter. Caxton Associates LLP now owns 42,696 shares of the financial services provider’s stock worth $1,516,000 after purchasing an additional 1,883 shares during the last quarter. Sei Investments Co. grew its stake in Lincoln National by 9.5% in the 1st quarter. Sei Investments Co. now owns 522,832 shares of the financial services provider’s stock valued at $18,561,000 after purchasing an additional 45,549 shares during the period. Finally, Lido Advisors LLC bought a new position in Lincoln National in the 1st quarter valued at $202,000. Hedge funds and other institutional investors own 72.81% of the company’s stock.

Insider Activity

In related news, EVP Craigt T. Beazer sold 30,000 shares of the stock in a transaction on Friday, June 5th. The stock was sold at an average price of $34.45, for a total value of $1,033,500.00. Following the sale, the executive vice president owned 103,906 shares in the company, valued at approximately $3,579,561.70. This trade represents a 22.40% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Company insiders own 1.03% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on LNC. Bank of America lowered their target price on Lincoln National from $41.00 to $37.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 14th. National Bank Financial set a $51.00 price objective on shares of Lincoln National in a report on Thursday, July 9th. UBS Group raised their price objective on shares of Lincoln National from $39.00 to $44.00 and gave the stock a “neutral” rating in a report on Wednesday, July 8th. Wells Fargo & Company boosted their target price on shares of Lincoln National from $44.00 to $47.00 and gave the company an “overweight” rating in a research note on Thursday, July 9th. Finally, TD Cowen increased their target price on shares of Lincoln National from $37.00 to $42.00 and gave the company a “hold” rating in a research report on Wednesday, July 22nd. Six analysts have rated the stock with a Buy rating, eight have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Lincoln National currently has an average rating of “Hold” and an average target price of $45.21.

Lincoln National Price Performance

LNC stock opened at $42.92 on Wednesday. The firm has a 50 day moving average of $37.72 and a 200-day moving average of $37.40. The company has a current ratio of 0.25, a quick ratio of 0.25 and a debt-to-equity ratio of 0.65. Lincoln National Corporation has a 12 month low of $32.18 and a 12 month high of $46.82. The firm has a market capitalization of $8.21 billion, a P/E ratio of 4.98, a price-to-earnings-growth ratio of 2.91 and a beta of 1.17.

Lincoln National (NYSE:LNC) last issued its quarterly earnings data on Thursday, May 7th. The financial services provider reported $1.66 EPS for the quarter, beating the consensus estimate of $1.58 by $0.08. Lincoln National had a net margin of 9.17% and a return on equity of 18.07%. The company had revenue of $4.87 billion during the quarter, compared to analysts’ expectations of $4.93 billion. During the same quarter in the previous year, the company earned $1.60 earnings per share. Lincoln National’s revenue for the quarter was up 13.1% on a year-over-year basis. As a group, sell-side analysts predict that Lincoln National Corporation will post 7.73 earnings per share for the current fiscal year.

Lincoln National Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, August 3rd. Stockholders of record on Friday, July 10th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Friday, July 10th. This represents a $1.80 annualized dividend and a dividend yield of 4.2%. Lincoln National’s dividend payout ratio is presently 20.88%.

About Lincoln National

Lincoln National Corporation, doing business as Lincoln Financial Group, is a diversified financial services holding company focused on providing retirement, insurance, and wealth management solutions in the United States and select international markets. Headquartered in Radnor, Pennsylvania, the company operates through several business segments, including Retirement Plan Services, Life Insurance, and Group Protection. Its offerings are designed to help individuals, families, and institutions plan and prepare for their financial futures.

The Retirement Plan Services segment delivers recordkeeping, administrative services, and investment management for defined contribution and defined benefit plans.