Rhumbline Advisers Sells 10,512 Shares of Lincoln National Co. (NYSE:LNC)

Rhumbline Advisers lessened its stake in Lincoln National Co. (NYSE:LNC) by 2.4% during the second quarter, HoldingsChannel reports. The firm owned 430,958 shares of the financial services provider’s stock after selling 10,512 shares during the period. Rhumbline Advisers’ holdings in Lincoln National were worth $13,403,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also bought and sold shares of the company. Norges Bank bought a new stake in shares of Lincoln National in the fourth quarter valued at $54,026,000. Principal Financial Group Inc. increased its holdings in Lincoln National by 59.2% in the 2nd quarter. Principal Financial Group Inc. now owns 3,086,324 shares of the financial services provider’s stock worth $95,985,000 after acquiring an additional 1,147,896 shares during the last quarter. Vanguard Group Inc. raised its stake in Lincoln National by 5.3% in the 4th quarter. Vanguard Group Inc. now owns 21,688,670 shares of the financial services provider’s stock valued at $584,943,000 after acquiring an additional 1,094,789 shares during the period. Jupiter Asset Management Ltd. purchased a new stake in Lincoln National during the first quarter valued at about $28,649,000. Finally, Algebris UK Ltd boosted its position in Lincoln National by 122.5% during the first quarter. Algebris UK Ltd now owns 861,259 shares of the financial services provider’s stock worth $25,582,000 after purchasing an additional 474,171 shares during the period. Hedge funds and other institutional investors own 72.81% of the company’s stock.

Lincoln National Price Performance

Lincoln National stock opened at $28.87 on Wednesday. The business has a 50-day simple moving average of $31.33 and a 200 day simple moving average of $30.30. Lincoln National Co. has a 52 week low of $20.85 and a 52 week high of $36.46. The stock has a market cap of $4.91 billion, a price-to-earnings ratio of 3.95, a PEG ratio of 0.30 and a beta of 1.81. The company has a quick ratio of 0.27, a current ratio of 0.27 and a debt-to-equity ratio of 0.82.

Lincoln National (NYSE:LNC) last issued its quarterly earnings data on Thursday, August 1st. The financial services provider reported $1.84 EPS for the quarter, topping the consensus estimate of $1.77 by $0.07. The company had revenue of $5.15 billion during the quarter, compared to analyst estimates of $4.65 billion. Lincoln National had a return on equity of 17.13% and a net margin of 12.24%. During the same quarter in the previous year, the firm earned $2.02 earnings per share. On average, research analysts forecast that Lincoln National Co. will post 5.74 earnings per share for the current fiscal year.

Lincoln National Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Stockholders of record on Thursday, October 10th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.23%. The ex-dividend date is Thursday, October 10th. Lincoln National’s payout ratio is 24.62%.

Analyst Upgrades and Downgrades

Several research firms have recently issued reports on LNC. Bank of America lowered their price target on shares of Lincoln National from $32.00 to $31.00 and set a “neutral” rating on the stock in a research report on Thursday, July 11th. Barclays started coverage on shares of Lincoln National in a report on Wednesday, September 4th. They set an “equal weight” rating and a $35.00 target price on the stock. Piper Sandler raised their price target on Lincoln National from $30.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. JPMorgan Chase & Co. boosted their price objective on Lincoln National from $28.00 to $34.00 and gave the company an “underweight” rating in a research note on Tuesday, July 2nd. Finally, Morgan Stanley dropped their price objective on Lincoln National from $30.00 to $29.00 and set an “equal weight” rating on the stock in a report on Monday, August 19th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, Lincoln National has an average rating of “Hold” and a consensus target price of $32.64.

Lincoln National Profile

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates in four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders.