Bank of New York Mellon Corp Invests $63.11 Million in Lincoln National Corporation $LNC

Bank of New York Mellon Corp purchased a new position in Lincoln National Corporation (NYSE:LNC) during the 2nd quarter, HoldingsChannel reports. The fund purchased 1,785,335 shares of the financial services provider’s stock, valued at approximately $63,112,000.

Other large investors also recently bought and sold shares of the company. Bain Capital Prairie LLC purchased a new position in Lincoln National in the 4th quarter worth approximately $835,360,000. Dimensional Fund Advisors LP increased its holdings in shares of Lincoln National by 24.4% in the first quarter. Dimensional Fund Advisors LP now owns 7,755,506 shares of the financial services provider’s stock valued at $275,304,000 after purchasing an additional 1,522,179 shares during the last quarter. State Street Corp lifted its position in Lincoln National by 0.7% during the second quarter. State Street Corp now owns 6,199,526 shares of the financial services provider’s stock worth $214,504,000 after buying an additional 40,676 shares in the last quarter. Jennison Associates LLC lifted its position in Lincoln National by 3.9% during the first quarter. Jennison Associates LLC now owns 3,823,152 shares of the financial services provider’s stock worth $135,722,000 after buying an additional 141,994 shares in the last quarter. Finally, Geode Capital Management LLC boosted its stake in Lincoln National by 0.5% during the fourth quarter. Geode Capital Management LLC now owns 2,959,195 shares of the financial services provider’s stock worth $131,801,000 after buying an additional 14,842 shares during the last quarter. Hedge funds and other institutional investors own 72.81% of the company’s stock.

Analyst Upgrades and Downgrades

A number of analysts have issued reports on LNC shares. Weiss Ratings raised Lincoln National from a “hold (c)” rating to a “buy (b)” rating in a research note on Monday, August 3rd. UBS Group increased their price target on shares of Lincoln National from $39.00 to $44.00 and gave the company a “neutral” rating in a research note on Wednesday, July 8th. National Bank Financial set a $50.00 price target on shares of Lincoln National in a report on Monday. JPMorgan Chase & Co. lifted their price target on shares of Lincoln National from $40.00 to $42.00 and gave the company an “underweight” rating in a research report on Tuesday, July 21st. Finally, Morgan Stanley upped their price objective on Lincoln National from $40.00 to $50.00 and gave the company an “overweight” rating in a report on Monday. Seven analysts have rated the stock with a Buy rating, six have given a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, Lincoln National currently has a consensus rating of “Hold” and an average target price of $47.07.

Lincoln National Stock Performance

Shares of Lincoln National stock opened at $43.31 on Thursday. The stock has a market capitalization of $8.29 billion, a price-to-earnings ratio of 3.75, a price-to-earnings-growth ratio of 1.52 and a beta of 1.15. Lincoln National Corporation has a 12 month low of $32.18 and a 12 month high of $47.67. The company has a debt-to-equity ratio of 0.62, a current ratio of 0.27 and a quick ratio of 0.27. The business has a 50-day moving average of $41.45 and a 200 day moving average of $37.88.

Lincoln National (NYSE:LNC) last issued its quarterly earnings results on Thursday, July 30th. The financial services provider reported $2.24 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.96 by $0.28. The company had revenue of $4.93 billion during the quarter, compared to the consensus estimate of $4.89 billion. Lincoln National had a net margin of 12.21% and a return on equity of 17.35%. The firm’s quarterly revenue was up 12.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $2.36 earnings per share. As a group, sell-side analysts forecast that Lincoln National Corporation will post 7.91 earnings per share for the current year.

Lincoln National Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, November 2nd. Stockholders of record on Monday, October 12th will be issued a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date of this dividend is Friday, October 9th. Lincoln National’s payout ratio is presently 15.60%.

Insider Activity at Lincoln National

In related news, EVP Craigt T. Beazer sold 30,000 shares of the stock in a transaction on Friday, June 5th. The shares were sold at an average price of $34.45, for a total transaction of $1,033,500.00. Following the completion of the sale, the executive vice president owned 103,906 shares in the company, valued at $3,579,561.70. This represents a 22.40% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Sean Woodroffe sold 11,000 shares of Lincoln National stock in a transaction on Monday, August 17th. The shares were sold at an average price of $45.28, for a total transaction of $498,080.00. Following the completion of the transaction, the executive vice president owned 119,947 shares in the company, valued at approximately $5,431,200.16. This represents a 8.40% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 56,007 shares of company stock worth $1,929,266 in the last 90 days. 1.03% of the stock is owned by insiders.

Lincoln National Company Profile

Lincoln National Corporation, doing business as Lincoln Financial Group, is a diversified financial services holding company focused on providing retirement, insurance, and wealth management solutions in the United States and select international markets. Headquartered in Radnor, Pennsylvania, the company operates through several business segments, including Retirement Plan Services, Life Insurance, and Group Protection. Its offerings are designed to help individuals, families, and institutions plan and prepare for their financial futures.

The Retirement Plan Services segment delivers recordkeeping, administrative services, and investment management for defined contribution and defined benefit plans.