Cornerstone Wealth Management LLC Raises Stock Position in Lincoln National Co. (NYSE:LNC)

Cornerstone Wealth Management LLC lifted its position in Lincoln National Co. (NYSE:LNC) by 19.4% during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 28,945 shares of the financial services provider’s stock after buying an additional 4,698 shares during the period. Cornerstone Wealth Management LLC’s holdings in Lincoln National were worth $900,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. GSA Capital Partners LLP grew its position in Lincoln National by 1,032.2% during the fourth quarter. GSA Capital Partners LLP now owns 105,777 shares of the financial services provider’s stock valued at $2,853,000 after buying an additional 96,434 shares during the period. First Eagle Investment Management LLC increased its stake in shares of Lincoln National by 33.0% in the 1st quarter. First Eagle Investment Management LLC now owns 387,800 shares of the financial services provider’s stock worth $12,382,000 after purchasing an additional 96,200 shares in the last quarter. Cantor Fitzgerald Investment Advisors L.P. bought a new position in Lincoln National in the 4th quarter worth $2,263,000. Vanguard Group Inc. lifted its position in Lincoln National by 0.8% during the first quarter. Vanguard Group Inc. now owns 21,854,837 shares of the financial services provider’s stock valued at $697,825,000 after purchasing an additional 166,167 shares in the last quarter. Finally, Crestline Management LP increased its position in Lincoln National by 75.0% in the fourth quarter. Crestline Management LP now owns 105,000 shares of the financial services provider’s stock worth $2,832,000 after buying an additional 45,000 shares in the last quarter. Hedge funds and other institutional investors own 72.81% of the company’s stock.

Insider Transactions at Lincoln National

In other news, EVP Sean Woodroffe sold 55,127 shares of the firm’s stock in a transaction that occurred on Tuesday, May 28th. The stock was sold at an average price of $32.57, for a total value of $1,795,486.39. Following the completion of the sale, the executive vice president now directly owns 198,255 shares of the company’s stock, valued at approximately $6,457,165.35. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 0.54% of the company’s stock.

Analysts Set New Price Targets

LNC has been the subject of a number of recent research reports. Wells Fargo & Company cut their price objective on Lincoln National from $28.00 to $27.00 and set an “equal weight” rating for the company in a research note on Friday, May 10th. Jefferies Financial Group increased their price objective on shares of Lincoln National from $34.00 to $38.00 and gave the stock a “buy” rating in a research note on Friday, June 28th. JPMorgan Chase & Co. raised their price objective on shares of Lincoln National from $28.00 to $34.00 and gave the company an “underweight” rating in a research report on Tuesday, July 2nd. Piper Sandler increased their price target on Lincoln National from $30.00 to $34.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Finally, Bank of America decreased their price target on Lincoln National from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. One investment analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $32.50.

Lincoln National Price Performance

Lincoln National stock traded up $1.33 during midday trading on Thursday, reaching $30.89. 620,793 shares of the stock traded hands, compared to its average volume of 1,716,905. The stock has a market cap of $5.25 billion, a P/E ratio of 4.21, a PEG ratio of 0.29 and a beta of 1.84. The stock’s fifty day moving average is $31.47 and its 200-day moving average is $29.74. The company has a quick ratio of 0.26, a current ratio of 0.27 and a debt-to-equity ratio of 0.82. Lincoln National Co. has a 12 month low of $20.85 and a 12 month high of $36.46.

Lincoln National (NYSE:LNC) last posted its earnings results on Thursday, August 1st. The financial services provider reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.07. Lincoln National had a return on equity of 17.13% and a net margin of 12.24%. The firm had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same period in the prior year, the company earned $2.02 EPS. As a group, equities research analysts anticipate that Lincoln National Co. will post 5.83 EPS for the current year.

Lincoln National Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, August 1st. Shareholders of record on Wednesday, July 10th were paid a $0.45 dividend. The ex-dividend date was Wednesday, July 10th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.83%. Lincoln National’s payout ratio is currently 24.62%.

Lincoln National Company Profile

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates in four segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. The Life Insurance segment provides life insurance products, including term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, and critical illness and long-term care riders.