Korea Investment CORP increased its stake in shares of Lincoln National Co. (NYSE:LNC – Get Rating) by 59.1% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 98,556 shares of the financial services provider’s stock after purchasing an additional 36,628 shares during the quarter. Korea Investment CORP owned approximately 0.06% of Lincoln National worth $3,028,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in LNC. Teacher Retirement System of Texas boosted its stake in Lincoln National by 186.5% in the 4th quarter. Teacher Retirement System of Texas now owns 66,867 shares of the financial services provider’s stock worth $2,054,000 after buying an additional 43,526 shares during the last quarter. ING Groep NV boosted its stake in Lincoln National by 7.8% in the 4th quarter. ING Groep NV now owns 26,181 shares of the financial services provider’s stock worth $804,000 after buying an additional 1,903 shares during the last quarter. Ontario Teachers Pension Plan Board boosted its stake in Lincoln National by 12.6% in the 4th quarter. Ontario Teachers Pension Plan Board now owns 44,933 shares of the financial services provider’s stock worth $1,380,000 after buying an additional 5,032 shares during the last quarter. Creative Planning boosted its stake in Lincoln National by 11.1% in the 4th quarter. Creative Planning now owns 34,536 shares of the financial services provider’s stock worth $1,061,000 after buying an additional 3,454 shares during the last quarter. Finally, Amalgamated Bank boosted its stake in Lincoln National by 44.1% in the 4th quarter. Amalgamated Bank now owns 84,459 shares of the financial services provider’s stock worth $2,595,000 after buying an additional 25,859 shares during the last quarter. Hedge funds and other institutional investors own 78.00% of the company’s stock.
Insider Activity
In other news, Director Gary C. Kelly purchased 7,838 shares of the stock in a transaction dated Thursday, May 11th. The stock was acquired at an average cost of $25.52 per share, for a total transaction of $200,025.76. Following the acquisition, the director now owns 15,007 shares of the company’s stock, valued at $382,978.64. The acquisition was disclosed in a filing with the SEC, which is available at this link. Company insiders own 1.75% of the company’s stock.
Lincoln National Price Performance
Lincoln National (NYSE:LNC – Get Rating) last posted its quarterly earnings data on Tuesday, May 9th. The financial services provider reported $1.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.49 by $0.03. Lincoln National had a negative return on equity of 17.09% and a negative net margin of 17.97%. The company had revenue of $3.81 billion for the quarter, compared to the consensus estimate of $4.59 billion. During the same period in the previous year, the business earned $1.66 EPS. Lincoln National’s revenue for the quarter was down 19.2% compared to the same quarter last year. On average, analysts predict that Lincoln National Co. will post 7.06 EPS for the current fiscal year.
Lincoln National Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Tuesday, August 1st. Stockholders of record on Monday, July 10th will be issued a $0.45 dividend. The ex-dividend date of this dividend is Friday, July 7th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 8.00%. Lincoln National’s dividend payout ratio (DPR) is -9.38%.
Analyst Upgrades and Downgrades
LNC has been the topic of several research analyst reports. StockNews.com initiated coverage on Lincoln National in a research note on Thursday, May 18th. They issued a “sell” rating on the stock. JPMorgan Chase & Co. reduced their price objective on Lincoln National from $36.00 to $29.00 and set a “neutral” rating on the stock in a research note on Tuesday, April 4th. The Goldman Sachs Group reduced their price objective on Lincoln National from $39.00 to $30.00 and set a “buy” rating on the stock in a research note on Wednesday, April 5th. Piper Sandler reduced their price objective on Lincoln National from $23.00 to $22.00 in a research note on Wednesday, May 3rd. Finally, 22nd Century Group reaffirmed a “maintains” rating on shares of Lincoln National in a research note on Monday, May 15th. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and an average price target of $31.43.
Lincoln National Company 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. It operates through the following segments: Annuities, Retirement Plan Services, Life Insurance, Group Protection, and Other Operations.
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