Cornerstone Investment Partners LLC reduced its holdings in Lincoln National Co. (NYSE:LNC) by 12.2% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,003,700 shares of the financial services provider’s stock after selling 139,251 shares during the period. Lincoln National makes up 2.6% of Cornerstone Investment Partners LLC’s portfolio, making the stock its 18th largest holding. Cornerstone Investment Partners LLC’s holdings in Lincoln National were worth $36,926,000 as of its most recent SEC filing.
Several other large investors have also modified their holdings of LNC. Norges Bank purchased a new position in shares of Lincoln National in the 4th quarter worth $125,815,000. Ceredex Value Advisors LLC purchased a new position in shares of Lincoln National in the 1st quarter worth $42,194,000. APG Asset Management N.V. boosted its stake in shares of Lincoln National by 668.4% during the 1st quarter. APG Asset Management N.V. now owns 1,798,110 shares of the financial services provider’s stock worth $47,326,000 after purchasing an additional 1,564,100 shares during the period. Retirement Systems of Alabama boosted its stake in shares of Lincoln National by 945.8% during the 1st quarter. Retirement Systems of Alabama now owns 911,585 shares of the financial services provider’s stock worth $23,993,000 after purchasing an additional 824,421 shares during the period. Finally, AGF Investments Inc. boosted its stake in shares of Lincoln National by 214.2% during the 1st quarter. AGF Investments Inc. now owns 915,164 shares of the financial services provider’s stock worth $24,087,000 after purchasing an additional 623,851 shares during the period. 78.31% of the stock is owned by institutional investors and hedge funds.
Shares of NYSE:LNC traded up $0.34 during trading hours on Friday, hitting $37.27. The company’s stock had a trading volume of 3,886,115 shares, compared to its average volume of 1,681,582. Lincoln National Co. has a 52 week low of $16.11 and a 52 week high of $66.44. The company has a debt-to-equity ratio of 0.41, a current ratio of 0.23 and a quick ratio of 0.23. The company has a market capitalization of $7.20 billion, a price-to-earnings ratio of 4.04 and a beta of 2.28. The firm’s fifty day moving average price is $37.08 and its 200 day moving average price is $40.01.
The firm also recently declared a quarterly dividend, which was paid on Saturday, August 1st. Stockholders of record on Friday, July 10th were issued a $0.40 dividend. The ex-dividend date was Thursday, July 9th. This represents a $1.60 annualized dividend and a dividend yield of 4.29%. Lincoln National’s dividend payout ratio is currently 18.39%.
LNC has been the subject of a number of recent analyst reports. Citigroup cut shares of Lincoln National from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $35.00 to $30.00 in a research note on Friday, April 17th. Wells Fargo & Co reaffirmed a “hold” rating on shares of Lincoln National in a research note on Tuesday, July 7th. Zacks Investment Research cut shares of Lincoln National from a “hold” rating to a “sell” rating and set a $43.00 price target for the company. in a research note on Thursday, May 28th. Morgan Stanley lifted their price target on shares of Lincoln National from $40.00 to $44.00 and gave the stock an “overweight” rating in a research note on Monday, July 6th. Finally, B. Riley boosted their price objective on shares of Lincoln National from $26.00 to $35.00 and gave the company a “neutral” rating in a research report on Tuesday, May 12th. Two research analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $42.45.
In other news, Director M Leanne Lachman acquired 3,000 shares of Lincoln National stock in a transaction that occurred on Tuesday, May 19th. The stock was purchased at an average price of $35.59 per share, for a total transaction of $106,770.00. Insiders own 1.50% of the company’s stock.
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.
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