Penn Capital Management Company LLC trimmed its position in shares of Lincoln National Co. (NYSE:LNC – Get Rating) by 86.2% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,323 shares of the financial services provider’s stock after selling 39,570 shares during the period. Penn Capital Management Company LLC’s holdings in Lincoln National were worth $278,000 as of its most recent SEC filing.
A number of other hedge funds also recently bought and sold shares of the company. State Street Corp lifted its stake in shares of Lincoln National by 20.8% in the third quarter. State Street Corp now owns 9,443,719 shares of the financial services provider’s stock valued at $414,674,000 after buying an additional 1,628,081 shares during the period. Dodge & Cox lifted its stake in shares of Lincoln National by 0.7% in the second quarter. Dodge & Cox now owns 4,297,162 shares of the financial services provider’s stock valued at $200,978,000 after buying an additional 27,805 shares during the period. Dimensional Fund Advisors LP lifted its stake in shares of Lincoln National by 1.4% in the third quarter. Dimensional Fund Advisors LP now owns 3,101,324 shares of the financial services provider’s stock valued at $136,185,000 after buying an additional 41,656 shares during the period. Invesco Ltd. lifted its stake in shares of Lincoln National by 15.9% in the first quarter. Invesco Ltd. now owns 3,005,501 shares of the financial services provider’s stock valued at $196,440,000 after buying an additional 411,343 shares during the period. Finally, Northern Trust Corp lifted its stake in shares of Lincoln National by 6.0% in the second quarter. Northern Trust Corp now owns 2,469,553 shares of the financial services provider’s stock valued at $115,501,000 after buying an additional 139,987 shares during the period. 78.00% of the stock is currently owned by institutional investors.
Wall Street Analyst Weigh In
Several equities research analysts recently weighed in on the stock. Jefferies Financial Group cut shares of Lincoln National from a “hold” rating to an “underperform” rating and reduced their target price for the company from $40.00 to $25.00 in a research note on Friday, December 16th. StockNews.com assumed coverage on shares of Lincoln National in a research note on Thursday. They issued a “sell” rating for the company. The Goldman Sachs Group dropped their price target on shares of Lincoln National from $46.00 to $40.00 and set a “buy” rating for the company in a research report on Monday, January 9th. Barclays lowered shares of Lincoln National from an “equal weight” rating to an “underweight” rating and dropped their price target for the stock from $35.00 to $29.00 in a research report on Monday, January 9th. Finally, Morgan Stanley dropped their price target on shares of Lincoln National from $40.00 to $38.00 and set an “equal weight” rating for the company in a research report on Thursday, February 9th. Three investment analysts have rated the stock with a sell rating, ten have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $36.21.
Lincoln National Stock Performance
Lincoln National Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, May 1st. Stockholders of record on Monday, April 10th will be issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a dividend yield of 8.14%. The ex-dividend date is Thursday, April 6th. Lincoln National’s payout ratio is -13.60%.
About Lincoln National
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. It operates through the following segments: Annuities, Retirement Plan Services, Life Insurance, Group Protection, and Other Operations.
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