Cornerstone Investment Partners LLC Sells 139,251 Shares of Lincoln National Co. (NYSE:LNC)

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.

Lincoln National (NYSE:LNC) last posted its quarterly earnings results on Thursday, May 7th. The financial services provider reported $2.24 EPS for the quarter, beating the consensus estimate of $2.17 by $0.07. Lincoln National had a net margin of 3.72% and a return on equity of 10.01%. The business had revenue of $4.51 billion during the quarter, compared to analyst estimates of $4.53 billion. During the same quarter in the previous year, the business posted $2.14 EPS. The company’s quarterly revenue was up 3.4% compared to the same quarter last year. On average, equities research analysts predict that Lincoln National Co. will post 8.46 earnings per share for the current fiscal year.

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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Institutional Ownership by Quarter for Lincoln National (NYSE:LNC)

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