Synovus Financial Corp grew its position in Lincoln National Co. (NYSE:LNC) by 28.1% in the third quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 15,125 shares of the financial services provider’s stock after purchasing an additional 3,322 shares during the quarter. Synovus Financial Corp’s holdings in Lincoln National were worth $1,107,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other institutional investors and hedge funds have also recently bought and sold shares of LNC. Stratos Wealth Partners LTD. bought a new position in shares of Lincoln National during the second quarter worth $200,000. Pictet Asset Management Ltd. boosted its position in shares of Lincoln National by 4.1% during the second quarter. Pictet Asset Management Ltd. now owns 125,240 shares of the financial services provider’s stock worth $8,138,000 after acquiring an additional 4,900 shares during the last quarter. BP PLC bought a new position in shares of Lincoln National during the second quarter worth $1,757,000. Global X Management Co. LLC boosted its position in shares of Lincoln National by 32.2% during the second quarter. Global X Management Co. LLC now owns 4,292 shares of the financial services provider’s stock worth $290,000 after acquiring an additional 1,046 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its position in shares of Lincoln National by 83.1% during the second quarter. Canada Pension Plan Investment Board now owns 294,145 shares of the financial services provider’s stock worth $19,878,000 after acquiring an additional 133,500 shares during the last quarter. Institutional investors and hedge funds own 80.44% of the company’s stock.
A number of equities analysts recently weighed in on LNC shares. Zacks Investment Research lowered shares of Lincoln National from a “buy” rating to a “hold” rating in a research report on Wednesday, August 30th. Citigroup restated a “buy” rating and set a $83.00 target price (up previously from $82.00) on shares of Lincoln National in a research report on Thursday, September 14th. Morgan Stanley upped their target price on shares of Lincoln National from $76.00 to $77.00 and gave the stock an “equal weight” rating in a research report on Thursday, October 5th. Finally, Wells Fargo & Company set a $80.00 target price on shares of Lincoln National and gave the stock a “hold” rating in a research report on Thursday, November 16th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the company. Lincoln National presently has a consensus rating of “Hold” and a consensus target price of $78.40.
Lincoln National (NYSE:LNC) last released its quarterly earnings results on Wednesday, November 1st. The financial services provider reported $2.03 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.84 by $0.19. The company had revenue of $3.51 billion for the quarter, compared to the consensus estimate of $3.62 billion. Lincoln National had a net margin of 10.50% and a return on equity of 11.16%. Lincoln National’s revenue was down .4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.89 earnings per share. sell-side analysts anticipate that Lincoln National Co. will post 7.7 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Thursday, February 1st. Investors of record on Wednesday, January 10th will be paid a dividend of $0.33 per share. This is an increase from Lincoln National’s previous quarterly dividend of $0.29. The ex-dividend date is Tuesday, January 9th. This represents a $1.32 dividend on an annualized basis and a yield of 1.73%. Lincoln National’s dividend payout ratio is presently 18.15%.
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Lincoln National 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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