Bank of New York Mellon Corp Purchases 31,235 Shares of Lincoln National Co. (NYSE:LNC)

Bank of New York Mellon Corp grew its position in shares of Lincoln National Co. (NYSE:LNC) by 1.4% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,249,725 shares of the financial services provider’s stock after acquiring an additional 31,235 shares during the period. Bank of New York Mellon Corp owned about 1.32% of Lincoln National worth $69,966,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. First Heartland Consultants Inc. raised its stake in shares of Lincoln National by 19.0% during the second quarter. First Heartland Consultants Inc. now owns 27,468 shares of the financial services provider’s stock valued at $854,000 after acquiring an additional 4,385 shares during the last quarter. New York State Teachers Retirement System raised its stake in shares of Lincoln National by 3.1% during the second quarter. New York State Teachers Retirement System now owns 225,881 shares of the financial services provider’s stock valued at $7,025,000 after acquiring an additional 6,751 shares during the last quarter. Louisiana State Employees Retirement System raised its stake in shares of Lincoln National by 1.8% during the second quarter. Louisiana State Employees Retirement System now owns 85,500 shares of the financial services provider’s stock valued at $2,659,000 after acquiring an additional 1,500 shares during the last quarter. Fifth Third Bancorp raised its stake in shares of Lincoln National by 1.6% during the second quarter. Fifth Third Bancorp now owns 26,341 shares of the financial services provider’s stock valued at $819,000 after acquiring an additional 420 shares during the last quarter. Finally, Nisa Investment Advisors LLC raised its stake in shares of Lincoln National by 12.2% during the second quarter. Nisa Investment Advisors LLC now owns 48,708 shares of the financial services provider’s stock valued at $1,515,000 after acquiring an additional 5,300 shares during the last quarter. 72.81% of the stock is owned by institutional investors.

Lincoln National Price Performance

Shares of LNC opened at $32.15 on Friday. The company has a market capitalization of $5.47 billion, a P/E ratio of 4.40, a price-to-earnings-growth ratio of 0.29 and a beta of 1.84. The company has a quick ratio of 0.26, a current ratio of 0.27 and a debt-to-equity ratio of 0.82. The firm has a 50 day moving average of $31.46 and a 200 day moving average of $30.06. Lincoln National Co. has a twelve month low of $20.85 and a twelve 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, topping analysts’ consensus estimates of $1.77 by $0.07. Lincoln National had a net margin of 12.24% and a return on equity of 17.13%. The business had revenue of $5.15 billion during the quarter, compared to the consensus estimate of $4.65 billion. During the same quarter in the previous year, the firm posted $2.02 EPS. As a group, equities research analysts anticipate that Lincoln National Co. will post 5.83 earnings per share for the current fiscal year.

Lincoln National Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be given a $0.45 dividend. This represents a $1.80 dividend on an annualized basis and a yield of 5.60%. The ex-dividend date of this dividend is Thursday, October 10th. Lincoln National’s dividend payout ratio (DPR) is presently 24.62%.

Analyst Upgrades and Downgrades

A number of equities analysts recently issued reports on the stock. Bank of America decreased their price target on shares of Lincoln National from $32.00 to $31.00 and set a “neutral” rating for the company in a research note on Thursday, July 11th. Piper Sandler increased their price target on shares of Lincoln National from $30.00 to $34.00 and gave the stock a “neutral” rating in a research note on Friday, June 28th. Morgan Stanley decreased their price target on shares of Lincoln National from $30.00 to $29.00 and set an “equal weight” rating for the company in a research note on Monday, August 19th. JPMorgan Chase & Co. increased their price target on shares of Lincoln National from $28.00 to $34.00 and gave the stock an “underweight” rating in a research note on Tuesday, July 2nd. Finally, Wells Fargo & Company decreased their price target on shares of 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. One equities research analyst has rated the stock with a sell rating, eight have assigned a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat.com, Lincoln National currently has a consensus rating of “Hold” and a consensus price target of $32.40.

About Lincoln National

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.