Amalgamated Bank Trims Stake in Lincoln National Corporation (NYSE:LNC)

Amalgamated Bank trimmed its holdings in shares of Lincoln National Corporation (NYSE:LNC) by 3.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 51,447 shares of the financial services provider’s stock after selling 1,774 shares during the period. Amalgamated Bank’s holdings in Lincoln National were worth $1,847,000 at the end of the most recent reporting period.

Other large investors have also modified their holdings of the company. Norges Bank acquired a new stake in shares of Lincoln National in the 4th quarter worth approximately $76,951,000. Balyasny Asset Management L.P. grew its holdings in Lincoln National by 301.2% during the 4th quarter. Balyasny Asset Management L.P. now owns 1,522,195 shares of the financial services provider’s stock valued at $48,269,000 after buying an additional 1,142,759 shares during the last quarter. Arrowstreet Capital Limited Partnership lifted its stake in shares of Lincoln National by 84.9% during the 4th quarter. Arrowstreet Capital Limited Partnership now owns 1,543,624 shares of the financial services provider’s stock worth $48,948,000 after purchasing an additional 708,584 shares during the period. SG Americas Securities LLC lifted its stake in shares of Lincoln National by 1,818.4% during the 1st quarter. SG Americas Securities LLC now owns 661,972 shares of the financial services provider’s stock worth $23,771,000 after purchasing an additional 627,466 shares during the period. Finally, LPL Financial LLC lifted its stake in shares of Lincoln National by 190.9% during the 4th quarter. LPL Financial LLC now owns 741,330 shares of the financial services provider’s stock worth $23,508,000 after purchasing an additional 486,478 shares during the period. 72.81% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling

In related news, EVP Brian Kroll sold 10,075 shares of the business’s stock in a transaction that occurred on Thursday, May 29th. The stock was sold at an average price of $33.10, for a total transaction of $333,482.50. Following the sale, the executive vice president owned 48,743 shares of the company’s stock, valued at $1,613,393.30. The trade was a 17.13% decrease in their ownership of the stock. 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 43,622 shares of the business’s stock in a transaction that occurred on Tuesday, May 27th. The stock was sold at an average price of $32.78, for a total value of $1,429,929.16. Following the sale, the executive vice president directly owned 154,102 shares in the company, valued at approximately $5,051,463.56. The trade was a 22.06% decrease in their position. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently weighed in on LNC. Wall Street Zen raised Lincoln National from a “sell” rating to a “hold” rating in a research report on Saturday. UBS Group raised their target price on Lincoln National from $32.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, April 2nd. Barclays lifted their price target on Lincoln National from $38.00 to $40.00 and gave the stock an “equal weight” rating in a research note on Friday, May 9th. Piper Sandler decreased their price target on Lincoln National from $38.00 to $36.00 and set a “neutral” rating for the company in a research note on Friday, May 9th. Finally, Wells Fargo & Company decreased their price target on Lincoln National from $36.00 to $31.00 and set an “equal weight” rating for the company in a research note on Thursday, April 10th. Ten analysts have rated the stock with a hold rating, According to data from MarketBeat.com, Lincoln National has a consensus rating of “Hold” and an average price target of $37.00.

Lincoln National Stock Performance

Shares of LNC stock opened at $34.77 on Monday. The company has a quick ratio of 0.25, a current ratio of 0.25 and a debt-to-equity ratio of 0.81. The business has a 50 day moving average of $33.41 and a two-hundred day moving average of $33.86. Lincoln National Corporation has a 52 week low of $27.58 and a 52 week high of $39.85. The company has a market cap of $5.93 billion, a P/E ratio of 4.94, a PEG ratio of 0.46 and a beta of 1.39.

Lincoln National (NYSE:LNC) last released its quarterly earnings results on Thursday, May 8th. The financial services provider reported $1.60 earnings per share for the quarter, beating analysts’ consensus estimates of $1.54 by $0.06. The company had revenue of $4.69 billion for the quarter, compared to analysts’ expectations of $4.71 billion. Lincoln National had a return on equity of 18.71% and a net margin of 7.00%. The business’s revenue for the quarter was up 14.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.41 earnings per share. As a group, analysts anticipate that Lincoln National Corporation will post 7.69 EPS for the current year.

Lincoln National Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, August 1st. Stockholders of record on Thursday, July 10th will be issued a dividend of $0.45 per share. The ex-dividend date is Thursday, July 10th. This represents a $1.80 dividend on an annualized basis and a dividend yield of 5.18%. Lincoln National’s dividend payout ratio (DPR) is presently 25.57%.

Lincoln National 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.