Teachers Retirement System of The State of Kentucky lifted its stake in Lincoln National Co. (NYSE:LNC) by 0.7% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 539,608 shares of the financial services provider’s stock after buying an additional 3,900 shares during the period. Teachers Retirement System of The State of Kentucky’s holdings in Lincoln National were worth $41,479,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors have also added to or reduced their stakes in LNC. Rowland & Co. Investment Counsel ADV bought a new stake in Lincoln National during the 4th quarter worth approximately $108,000. Cerebellum GP LLC bought a new stake in Lincoln National during the 4th quarter worth approximately $123,000. Resources Investment Advisors Inc. grew its position in Lincoln National by 125.0% during the 4th quarter. Resources Investment Advisors Inc. now owns 1,800 shares of the financial services provider’s stock worth $138,000 after acquiring an additional 1,000 shares during the last quarter. Focused Wealth Management Inc bought a new stake in Lincoln National during the 4th quarter worth approximately $169,000. Finally, Valeo Financial Advisors LLC bought a new position in Lincoln National in the 3rd quarter valued at $171,000. Institutional investors and hedge funds own 82.30% of the company’s stock.
Shares of Lincoln National Co. (NYSE LNC) opened at $78.71 on Monday. Lincoln National Co. has a 1-year low of $61.45 and a 1-year high of $86.68. The stock has a market capitalization of $17,179.05, a P/E ratio of 8.52, a PEG ratio of 1.16 and a beta of 1.97. The company has a current ratio of 0.10, a quick ratio of 0.10 and a debt-to-equity ratio of 0.28.
Lincoln National announced that its board has authorized a share repurchase plan on Friday, January 19th that allows the company to repurchase shares. This repurchase authorization allows the financial services provider to purchase shares of its stock through open market purchases. Stock repurchase plans are usually an indication that the company’s management believes its shares are undervalued.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 1st. Stockholders of record on Tuesday, April 10th will be issued a dividend of $0.33 per share. This represents a $1.32 dividend on an annualized basis and a dividend yield of 1.68%. The ex-dividend date is Monday, April 9th. Lincoln National’s dividend payout ratio is presently 14.29%.
In other news, EVP Kenneth S. Solon sold 1,875 shares of Lincoln National stock in a transaction that occurred on Thursday, February 22nd. The shares were sold at an average price of $78.53, for a total value of $147,243.75. Following the completion of the sale, the executive vice president now directly owns 148,067 shares in the company, valued at $11,627,701.51. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Randal J. Freitag sold 31,657 shares of Lincoln National stock in a transaction that occurred on Friday, February 2nd. The shares were sold at an average price of $84.32, for a total transaction of $2,669,318.24. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 143,199 shares of company stock valued at $12,108,644. Corporate insiders own 1.12% of the company’s stock.
A number of brokerages have commented on LNC. Barclays reiterated a “buy” rating and issued a $90.00 price objective on shares of Lincoln National in a research report on Tuesday, January 9th. ValuEngine upgraded Lincoln National from a “buy” rating to a “strong-buy” rating in a research report on Wednesday, March 7th. Deutsche Bank began coverage on Lincoln National in a research report on Tuesday, January 2nd. They issued a “buy” rating and a $84.00 price objective on the stock. JPMorgan Chase & Co. upgraded Lincoln National from a “neutral” rating to an “overweight” rating and set a $87.00 price objective on the stock in a research report on Tuesday, January 2nd. Finally, Zacks Investment Research lowered Lincoln National from a “buy” rating to a “hold” rating in a research report on Tuesday, March 6th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating, six have assigned a buy rating and one has assigned a strong buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $83.33.
Lincoln National Profile
Lincoln National Corporation is a holding company, which operates insurance and retirement businesses through subsidiary companies. The Company sells a range of wealth protection, accumulation and retirement income products and solutions, through its business segments. The Company operates through four segments: Annuities segment, which offers fixed (including indexed) and variable annuities; Retirement Plan Services segment, which provides employers with retirement plan products and services; Life Insurance segment, which focuses on the creation and protection of wealth through life insurance products, and Group Protection, which offers principally group non-medical insurance products.
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