Lincoln National (NYSE:LNC) Trading 8.1% Higher on Strong Earnings

Shares of Lincoln National Co. (NYSE:LNC) shot up 8.1% on Thursday after the company announced better than expected quarterly earnings. The company traded as high as $36.17 and last traded at $36.01. 222,728 shares were traded during trading, a decline of 87% from the average session volume of 1,692,541 shares. The stock had previously closed at $33.30.

The financial services provider reported $1.84 earnings per share for the quarter, topping analysts’ consensus estimates of $1.78 by $0.06. The company had revenue of $5.15 billion for the quarter, compared to the consensus estimate of $4.65 billion. Lincoln National had a net margin of 12.24% and a return on equity of 17.13%. During the same period in the previous year, the firm earned $2.02 EPS.

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 issued a dividend of $0.45 per share. This represents a $1.80 annualized dividend and a yield of 6.00%. The ex-dividend date was Wednesday, July 10th. Lincoln National’s dividend payout ratio (DPR) is presently 24.62%.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. StockNews.com upgraded Lincoln National from a “sell” rating to a “hold” rating in a research report on Monday, April 15th. Jefferies Financial Group boosted their price target on shares of Lincoln National from $34.00 to $38.00 and gave the company a “buy” rating in a research report on Friday, June 28th. Piper Sandler increased their price objective on Lincoln National from $30.00 to $34.00 and gave the stock a “neutral” rating in a research report on Friday, June 28th. JPMorgan Chase & Co. boosted their target price on Lincoln National from $28.00 to $34.00 and gave the stock an “underweight” rating in a research report on Tuesday, July 2nd. Finally, Evercore ISI raised their price target on Lincoln National from $33.00 to $35.00 and gave the company an “in-line” rating in a report on Thursday, April 11th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average price target of $31.18.

Insider Buying and Selling

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 transaction, the executive vice president now owns 198,255 shares in the company, valued at approximately $6,457,165.35. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 0.54% of the stock is owned by insiders.

Institutional Trading of Lincoln National

A number of hedge funds have recently made changes to their positions in the stock. Central Pacific Bank Trust Division bought a new stake in Lincoln National during the 1st quarter valued at about $25,000. Whittier Trust Co. lifted its position in Lincoln National by 106.7% in the 2nd quarter. Whittier Trust Co. now owns 835 shares of the financial services provider’s stock valued at $26,000 after acquiring an additional 431 shares in the last quarter. Brown Brothers Harriman & Co. purchased a new stake in Lincoln National during the 4th quarter valued at $27,000. Adirondack Trust Co. bought a new stake in shares of Lincoln National in the 2nd quarter worth $31,000. Finally, Allspring Global Investments Holdings LLC raised its stake in shares of Lincoln National by 249.4% in the first quarter. Allspring Global Investments Holdings LLC now owns 1,223 shares of the financial services provider’s stock worth $39,000 after purchasing an additional 873 shares during the last quarter. 72.81% of the stock is owned by institutional investors.

Lincoln National Stock Performance

The business has a fifty day moving average price of $32.01 and a 200-day moving average price of $29.64. The stock has a market capitalization of $5.10 billion, a P/E ratio of 4.11, a P/E/G 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.

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.