Lincoln National Sets New 12-Month High After Strong Earnings (LNC)
Lincoln National (NYSE:LNC) shares hit a new 52-week high during mid-day trading on Thursday following a stronger than expected earnings report, StockRatingsNetwork reports. The company traded as high as $53.86 and last traded at $52.32, with a volume of 987,699 shares trading hands. The stock had previously closed at $53.01.
The company reported $1.47 EPS for the quarter, beating the Thomson Reuters consensus estimate of $1.37 by $0.10. The company had revenue of $3.29 billion for the quarter, compared to the consensus estimate of $3.25 billion. During the same quarter in the prior year, the company posted $1.27 earnings per share. The company’s quarterly revenue was up 7.8% on a year-over-year basis.
A number of analysts have recently weighed in on LNC shares. Analysts at Credit Suisse raised their price target on shares of Lincoln National from $49.00 to $52.00 in a research note on Thursday. They now have an “underperform” rating on the stock. Separately, analysts at RBC Capital raised their price target on shares of Lincoln National from $53.00 to $56.00 in a research note on Thursday. They now have a “sector perform” rating on the stock. Finally, analysts at Bank of America reiterated a “positive” rating on shares of Lincoln National in a research note on Thursday. Two investment analysts have rated the stock with a sell rating, five have given a hold rating, four have given a buy rating and one has given a strong buy rating to the stock. Lincoln National presently has an average rating of “Hold” and an average price target of $57.75.
The stock’s 50-day moving average is $52.04 and its 200-day moving average is $50.15. The company has a market cap of $13.810 billion and a P/E ratio of 10.87.
Lincoln National Corporation (NYSE:LNC) is a holding company, which operates multiple insurance and retirement businesses through subsidiary companies.
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