Ellis Investment Partners LLC Acquires Shares of 35,200 Lincoln National Co. (NYSE:LNC)

Ellis Investment Partners LLC acquired a new stake in shares of Lincoln National Co. (NYSE:LNC) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 35,200 shares of the financial services provider’s stock, valued at approximately $1,095,000.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Central Pacific Bank Trust Division purchased a new stake in Lincoln National during the 1st quarter valued at approximately $25,000. Whittier Trust Co. increased its position in Lincoln National by 106.7% during the 2nd quarter. Whittier Trust Co. now owns 835 shares of the financial services provider’s stock worth $26,000 after purchasing an additional 431 shares during the period. Brown Brothers Harriman & Co. acquired a new position in Lincoln National during the 4th quarter worth approximately $27,000. Adirondack Trust Co. acquired a new position in Lincoln National during the 2nd quarter worth approximately $31,000. Finally, Transcendent Capital Group LLC acquired a new position in Lincoln National during the 4th quarter worth approximately $35,000. 72.81% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on LNC shares. Morgan Stanley dropped their target price on Lincoln National from $30.00 to $29.00 and set an “equal weight” rating on the stock in a research report on Monday, August 19th. Barclays began coverage on Lincoln National in a research report on Wednesday. They set an “equal weight” rating and a $35.00 target price on the stock. Piper Sandler upped their price target on Lincoln National from $30.00 to $34.00 and gave the stock a “neutral” rating in a report on Friday, June 28th. JPMorgan Chase & Co. upped their price target on Lincoln National from $28.00 to $34.00 and gave the stock an “underweight” rating in a report on Tuesday, July 2nd. Finally, Bank of America lowered their price target on Lincoln National from $32.00 to $31.00 and set a “neutral” rating on the stock in a report on Thursday, July 11th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the company. According to data from MarketBeat.com, Lincoln National presently has a consensus rating of “Hold” and a consensus target price of $32.64.

Lincoln National Price Performance

Shares of NYSE:LNC opened at $29.45 on Friday. The business’s fifty day moving average price is $31.42 and its two-hundred day moving average price is $30.25. The stock has a market cap of $5.01 billion, a PE ratio of 4.03, a price-to-earnings-growth ratio of 0.33 and a beta of 1.81. The company has a debt-to-equity ratio of 0.82, a quick ratio of 0.27 and a current ratio of 0.27. Lincoln National Co. has a one year low of $20.85 and a one year high of $36.46.

Lincoln National (NYSE:LNC) last announced its earnings results on Thursday, August 1st. The financial services provider reported $1.84 EPS for the quarter, beating analysts’ consensus estimates of $1.77 by $0.07. The firm had revenue of $5.15 billion for the quarter, compared to analysts’ expectations of $4.65 billion. Lincoln National had a return on equity of 17.13% and a net margin of 12.24%. During the same quarter in the prior year, the firm earned $2.02 EPS. On average, analysts forecast that Lincoln National Co. will post 5.74 EPS for the current fiscal year.

Lincoln National Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, November 1st. Shareholders of record on Thursday, October 10th will be paid a dividend of $0.45 per share. This represents a $1.80 dividend on an annualized basis and a dividend yield of 6.11%. The ex-dividend date of this dividend is Thursday, October 10th. Lincoln National’s dividend payout ratio is presently 24.62%.

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.