CIBC Asset Management Inc decreased its holdings in shares of Lincoln National Co. (NYSE:LNC) by 3.9% in the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 20,714 shares of the financial services provider’s stock after selling 842 shares during the period. CIBC Asset Management Inc’s holdings in Lincoln National were worth $1,592,000 as of its most recent SEC filing.
A number of other hedge funds have also added to or reduced their stakes in the business. Thrivent Financial For Lutherans grew its position in shares of Lincoln National by 2.8% during the second quarter. Thrivent Financial For Lutherans now owns 8,514 shares of the financial services provider’s stock worth $575,000 after acquiring an additional 230 shares during the last quarter. HighTower Advisors LLC grew its position in shares of Lincoln National by 11.8% during the second quarter. HighTower Advisors LLC now owns 12,064 shares of the financial services provider’s stock worth $814,000 after acquiring an additional 1,270 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in shares of Lincoln National by 4.0% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 60,298 shares of the financial services provider’s stock worth $4,075,000 after acquiring an additional 2,347 shares during the last quarter. Dynamic Technology Lab Private Ltd grew its position in shares of Lincoln National by 9.4% during the second quarter. Dynamic Technology Lab Private Ltd now owns 12,949 shares of the financial services provider’s stock worth $876,000 after acquiring an additional 1,113 shares during the last quarter. Finally, Eqis Capital Management Inc. bought a new position in Lincoln National in the 3rd quarter valued at about $227,000. Hedge funds and other institutional investors own 80.50% of the company’s stock.
Shares of Lincoln National Co. (LNC) traded up $0.41 during mid-day trading on Friday, reaching $77.58. The company’s stock had a trading volume of 1,140,000 shares, compared to its average volume of 1,769,922. Lincoln National Co. has a one year low of $61.45 and a one year high of $86.68. The company has a debt-to-equity ratio of 0.28, a quick ratio of 0.11 and a current ratio of 0.10. The firm has a market capitalization of $16,976.75, a P/E ratio of 8.40, a PEG ratio of 1.14 and a beta of 1.96.
Lincoln National announced that its Board of Directors has authorized a share buyback 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 board believes its stock is undervalued.
A number of equities analysts recently issued reports on the stock. Barclays reiterated a “buy” rating and issued a $90.00 target price on shares of Lincoln National in a research report on Tuesday, January 9th. Zacks Investment Research raised shares of Lincoln National from a “hold” rating to a “buy” rating and set a $89.00 price target for the company in a report on Monday, January 8th. Deutsche Bank assumed coverage on shares of Lincoln National in a report on Tuesday, January 2nd. They issued a “buy” rating and a $84.00 price target for the company. JPMorgan Chase & Co. raised shares of Lincoln National from a “neutral” rating to an “overweight” rating and set a $87.00 price target for the company in a report on Tuesday, January 2nd. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and set a $89.00 price objective on shares of Lincoln National in a research note on Friday, December 22nd. One analyst has rated the stock with a sell rating, five have assigned a hold rating and eight have given a buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $83.27.
In other Lincoln National news, CFO Randal J. Freitag sold 31,657 shares of Lincoln National stock in a transaction on Friday, February 2nd. The stock was sold at an average price of $84.32, for a total transaction of $2,669,318.24. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CEO Dennis R. Glass sold 102,367 shares of Lincoln National stock in a transaction on Friday, February 2nd. The shares were sold at an average price of $84.71, for a total value of $8,671,508.57. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 141,324 shares of company stock valued at $11,961,400. 1.12% of the stock is owned by company insiders.
Lincoln National Company 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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