Lincoln National Co. Plans Quarterly Dividend of $0.29 (LNC)
Lincoln National Co. (NYSE:LNC) declared a quarterly dividend on Friday, May 26th. Shareholders of record on Monday, July 10th will be paid a dividend of 0.29 per share by the financial services provider on Tuesday, August 1st. This represents a $1.16 dividend on an annualized basis and a dividend yield of 1.77%.
Lincoln National has increased its dividend by an average of 27.7% annually over the last three years and has raised its dividend annually for the last 6 consecutive years. Lincoln National has a dividend payout ratio of 15.9% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Lincoln National to earn $7.56 per share next year, which means the company should continue to be able to cover its $1.16 annual dividend with an expected future payout ratio of 15.3%.
Shares of Lincoln National (NYSE:LNC) traded down 0.75% during trading on Friday, hitting $65.06. 287,057 shares of the company’s stock were exchanged. The company has a market cap of $14.59 billion, a P/E ratio of 10.67 and a beta of 2.10. The company has a 50-day moving average of $65.96 and a 200-day moving average of $66.55. Lincoln National has a 12-month low of $35.27 and a 12-month high of $73.31.
Lincoln National (NYSE:LNC) last issued its earnings results on Wednesday, May 3rd. The financial services provider reported $1.92 EPS for the quarter, beating the Zacks’ consensus estimate of $1.62 by $0.30. The business had revenue of $3.50 billion during the quarter, compared to analysts’ expectations of $3.54 billion. Lincoln National had a net margin of 8.88% and a return on equity of 9.93%. The company’s quarterly revenue was up 7.9% compared to the same quarter last year. During the same period in the prior year, the business earned $1.25 earnings per share. On average, equities analysts expect that Lincoln National will post $7.32 earnings per share for the current fiscal year.
In related news, Director Eric G. Johnson sold 5,499 shares of the company’s stock in a transaction dated Monday, February 27th. The shares were sold at an average price of $70.60, for a total value of $388,229.40. Following the completion of the sale, the director now owns 12,100 shares of the company’s stock, valued at $854,260. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Michael F. Mee sold 30,173 shares of the company’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $68.32, for a total transaction of $2,061,419.36. Following the completion of the sale, the director now directly owns 6,336 shares of the company’s stock, valued at approximately $432,875.52. The disclosure for this sale can be found here. Insiders sold 73,920 shares of company stock valued at $5,091,758 in the last three months. 1.41% of the stock is currently owned by insiders.
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A number of brokerages have recently commented on LNC. Wells Fargo & Co reiterated a “hold” rating on shares of Lincoln National in a research report on Thursday, May 4th. Bank of America Corp upgraded shares of Lincoln National from a “neutral” rating to a “buy” rating and set a $78.00 target price for the company in a research report on Thursday, April 6th. They noted that the move was a valuation call. Keefe, Bruyette & Woods reiterated a “hold” rating and issued a $75.00 target price on shares of Lincoln National in a research report on Tuesday, March 21st. Royal Bank of Canada reiterated an “outperform” rating and issued a $77.00 target price (up from $73.00) on shares of Lincoln National in a research report on Friday, February 3rd. Finally, Citigroup Inc began coverage on shares of Lincoln National in a research report on Thursday, January 26th. They issued a “buy” rating and a $77.00 target price for the company. Six investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Lincoln National presently has an average rating of “Buy” and an average price target of $67.75.
About Lincoln National
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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