Lincoln National Co. (NYSE:LNC) shares gapped down before the market opened on Thursday . The stock had previously closed at $62.47, but opened at $62.04. Lincoln National shares last traded at $60.39, with a volume of 2693265 shares.
Several brokerages have recently commented on LNC. ValuEngine upgraded shares of Lincoln National from a “strong sell” rating to a “sell” rating in a report on Tuesday, November 13th. Morgan Stanley dropped their target price on shares of Lincoln National from $76.00 to $74.00 and set an “equal weight” rating on the stock in a report on Tuesday, November 13th. Finally, Zacks Investment Research cut shares of Lincoln National from a “buy” rating to a “hold” rating in a research note on Wednesday, November 14th. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $74.69.
The firm has a market capitalization of $12.83 billion, a price-to-earnings ratio of 7.41, a P/E/G ratio of 0.76 and a beta of 1.90. The company has a current ratio of 0.19, a quick ratio of 0.19 and a debt-to-equity ratio of 0.41.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th will be issued a $0.37 dividend. The ex-dividend date is Tuesday, April 9th. This represents a $1.48 annualized dividend and a dividend yield of 2.45%. Lincoln National’s dividend payout ratio is currently 17.45%.
In other Lincoln National news, CEO Dennis R. Glass sold 10,000 shares of Lincoln National stock in a transaction that occurred on Tuesday, February 12th. The shares were sold at an average price of $60.49, for a total transaction of $604,900.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. 6.31% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. boosted its holdings in Lincoln National by 59.7% in the third quarter. JPMorgan Chase & Co. now owns 11,919,511 shares of the financial services provider’s stock worth $806,475,000 after acquiring an additional 4,457,743 shares in the last quarter. Oregon Public Employees Retirement Fund lifted its stake in Lincoln National by 5,290.5% during the 4th quarter. Oregon Public Employees Retirement Fund now owns 3,956,873 shares of the financial services provider’s stock worth $77,000 after acquiring an additional 3,883,468 shares in the last quarter. Norges Bank purchased a new stake in Lincoln National during the 4th quarter worth about $197,189,000. Millennium Management LLC increased its holdings in shares of Lincoln National by 148.9% in the 4th quarter. Millennium Management LLC now owns 1,180,277 shares of the financial services provider’s stock valued at $60,560,000 after acquiring an additional 706,124 shares during the last quarter. Finally, Prudential Financial Inc. lifted its position in Lincoln National by 109.4% during the 4th quarter. Prudential Financial Inc. now owns 1,328,483 shares of the financial services provider’s stock worth $68,165,000 after acquiring an additional 694,063 shares during the period. 79.43% of the stock is owned by hedge funds and other institutional investors.
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Lincoln National Company Profile (NYSE:LNC)
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 company sells a range of wealth protection, accumulation, and retirement income products and solutions.
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