Citigroup Inc. Sells 14,283 Shares of Lincoln National Co. (NYSE:LNC)

Citigroup Inc. lessened its position in shares of Lincoln National Co. (NYSE:LNC - Free Report) by 3.6% in the third quarter, according to its most recent filing with the SEC. The firm owned 383,410 shares of the financial services provider's stock after selling 14,283 shares during the quarter. Citigroup Inc. owned approximately 0.23% of Lincoln National worth $12,081,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in LNC. Whittier Trust Co. lifted its stake in Lincoln National by 106.7% in the second quarter. Whittier Trust Co. now owns 835 shares of the financial services provider's stock valued at $26,000 after buying an additional 431 shares during the period. Adirondack Trust Co. bought a new position in shares of Lincoln National during the 2nd quarter worth about $31,000. Blue Trust Inc. increased its position in Lincoln National by 535.5% in the 3rd quarter. Blue Trust Inc. now owns 1,074 shares of the financial services provider's stock valued at $33,000 after buying an additional 905 shares in the last quarter. Eastern Bank bought a new stake in shares of Lincoln National during the third quarter valued at approximately $40,000. Finally, Pathway Financial Advisers LLC acquired a new position in shares of Lincoln National during the first quarter worth approximately $45,000. Institutional investors own 72.81% of the company's stock.

Lincoln National Stock Performance

Shares of LNC traded up $0.11 during mid-day trading on Friday, hitting $35.56. The stock had a trading volume of 455,149 shares, compared to its average volume of 1,621,417. The company has a debt-to-equity ratio of 0.73, a current ratio of 0.27 and a quick ratio of 0.27. The firm has a market cap of $6.06 billion, a P/E ratio of 25.39, a PEG ratio of 0.32 and a beta of 1.79. Lincoln National Co. has a 52 week low of $23.40 and a 52 week high of $36.98. The business has a fifty day moving average price of $33.32 and a 200-day moving average price of $32.00.

Lincoln National (NYSE:LNC - Get Free Report) last released its quarterly earnings data on Thursday, October 31st. The financial services provider reported $2.06 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $1.64 by $0.42. The company had revenue of $4.11 billion for the quarter, compared to analyst estimates of $4.61 billion. Lincoln National had a return on equity of 18.15% and a net margin of 2.51%. The firm's revenue for the quarter was down 2.2% compared to the same quarter last year. During the same period in the previous year, the company posted $0.23 EPS. On average, equities research analysts expect that Lincoln National Co. will post 6.53 EPS for the current year.

Lincoln National Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, February 3rd. Shareholders of record on Friday, January 10th will be paid a $0.45 dividend. The ex-dividend date is Friday, January 10th. This represents a $1.80 dividend on an annualized basis and a yield of 5.06%. Lincoln National's dividend payout ratio is presently 128.57%.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the stock. TD Cowen upped their price objective on shares of Lincoln National from $34.00 to $37.00 and gave the stock a "hold" rating in a report on Wednesday. Wells Fargo & Company increased their price objective on Lincoln National from $28.00 to $29.00 and gave the stock an "equal weight" rating in a research note on Thursday, October 10th. Piper Sandler decreased their price target on Lincoln National from $37.00 to $34.00 and set a "neutral" rating for the company in a report on Wednesday, October 2nd. Morgan Stanley cut their price objective on shares of Lincoln National from $30.00 to $29.00 and set an "equal weight" rating on the stock in a report on Monday, August 19th. Finally, Barclays raised their price target on shares of Lincoln National from $35.00 to $36.00 and gave the company an "equal weight" rating in a research report on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, ten have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and an average target price of $33.25.

Insider Activity

In other news, EVP John Christopher Kennedy sold 2,863 shares of Lincoln National stock in a transaction dated Thursday, November 7th. The stock was sold at an average price of $36.00, for a total value of $103,068.00. Following the transaction, the executive vice president now owns 99,644 shares in the company, valued at approximately $3,587,184. The trade was a 2.79 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.54% of the company's stock.

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.