State Board of Administration of Florida Retirement System Reduces Position in Lincoln National Co. (LNC)
State Board of Administration of Florida Retirement System decreased its stake in shares of Lincoln National Co. (NYSE:LNC) by 1.8% in the first quarter, Holdings Channel reports. The fund owned 295,831 shares of the financial services provider’s stock after selling 5,320 shares during the period. State Board of Administration of Florida Retirement System’s holdings in Lincoln National were worth $17,365,000 at the end of the most recent reporting period.
Several other large investors also recently modified their holdings of the stock. JPMorgan Chase & Co. boosted its position in shares of Lincoln National by 59.7% during 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 during the last quarter. FMR LLC boosted its position in shares of Lincoln National by 0.3% during the fourth quarter. FMR LLC now owns 5,730,943 shares of the financial services provider’s stock worth $294,055,000 after acquiring an additional 16,379 shares during the last quarter. Oregon Public Employees Retirement Fund lifted its position in Lincoln National by 5,290.5% during the fourth quarter. Oregon Public Employees Retirement Fund now owns 3,956,873 shares of the financial services provider’s stock valued at $77,000 after purchasing an additional 3,883,468 shares during the last quarter. Norges Bank bought a new position in Lincoln National during the fourth quarter valued at $197,189,000. Finally, Prudential PLC lifted its position in Lincoln National by 1.0% during the fourth quarter. Prudential PLC now owns 3,250,700 shares of the financial services provider’s stock valued at $166,793,000 after purchasing an additional 30,800 shares during the last quarter. Hedge funds and other institutional investors own 84.44% of the company’s stock.
Several equities analysts have commented on LNC shares. JPMorgan Chase & Co. set a $92.00 price objective on shares of Lincoln National and gave the company a “buy” rating in a research report on Thursday, May 2nd. Zacks Investment Research upgraded shares of Lincoln National from a “hold” rating to a “buy” rating and set a $73.00 price objective for the company in a research report on Friday, May 10th. UBS Group increased their price objective on shares of Lincoln National from $67.00 to $69.00 and gave the company a “neutral” rating in a research report on Thursday, May 2nd. Finally, ValuEngine upgraded shares of Lincoln National from a “strong sell” rating to a “sell” rating in a research report on Wednesday, February 27th. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the stock. Lincoln National presently has a consensus rating of “Hold” and a consensus price target of $75.92.
Lincoln National stock opened at $64.14 on Thursday. The stock has a market capitalization of $12.56 billion, a PE ratio of 7.56, a PEG ratio of 0.74 and a beta of 1.95. The company has a debt-to-equity ratio of 0.34, a current ratio of 0.19 and a quick ratio of 0.19. Lincoln National Co. has a 12-month low of $48.07 and a 12-month high of $71.27.
Lincoln National (NYSE:LNC) last released its earnings results on Wednesday, May 1st. The financial services provider reported $2.14 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $2.08 by $0.06. The firm had revenue of $4.36 billion during the quarter, compared to analyst estimates of $4.25 billion. Lincoln National had a net margin of 9.02% and a return on equity of 12.32%. The business’s revenue was up 19.7% on a year-over-year basis. During the same quarter last year, the business earned $1.97 EPS. Research analysts forecast that Lincoln National Co. will post 9.29 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, May 1st. Stockholders of record on Wednesday, April 10th were issued a $0.37 dividend. The ex-dividend date of this dividend was Tuesday, April 9th. This represents a $1.48 annualized dividend and a dividend yield of 2.31%. Lincoln National’s dividend payout ratio (DPR) is presently 17.45%.
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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.
See Also: Initial Public Offering (IPO)
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