PNC Financial Services Group Inc. Purchases 9,907 Shares of Lincoln National Co. (NYSE:LNC)

PNC Financial Services Group Inc. lifted its position in shares of Lincoln National Co. (NYSE:LNC) by 5.4% during the 1st quarter, HoldingsChannel reports. The firm owned 192,415 shares of the financial services provider’s stock after acquiring an additional 9,907 shares during the period. PNC Financial Services Group Inc.’s holdings in Lincoln National were worth $5,064,000 as of its most recent SEC filing.

A number of other hedge funds have also recently modified their holdings of the stock. Lincoln National Corp grew its holdings in Lincoln National by 2.3% in the fourth quarter. Lincoln National Corp now owns 12,366 shares of the financial services provider’s stock worth $730,000 after purchasing an additional 279 shares during the period. Cullen Frost Bankers Inc. boosted its position in shares of Lincoln National by 4.8% in the 4th quarter. Cullen Frost Bankers Inc. now owns 6,507 shares of the financial services provider’s stock worth $384,000 after purchasing an additional 300 shares in the last quarter. Nissay Asset Management Corp Japan ADV grew its stake in shares of Lincoln National by 1.8% in the 1st quarter. Nissay Asset Management Corp Japan ADV now owns 18,719 shares of the financial services provider’s stock worth $493,000 after buying an additional 324 shares during the last quarter. Ellevest Inc. grew its stake in shares of Lincoln National by 29.2% in the 1st quarter. Ellevest Inc. now owns 1,498 shares of the financial services provider’s stock worth $39,000 after buying an additional 339 shares during the last quarter. Finally, Deroy & Devereaux Private Investment Counsel Inc. increased its position in Lincoln National by 0.9% during the 4th quarter. Deroy & Devereaux Private Investment Counsel Inc. now owns 40,220 shares of the financial services provider’s stock valued at $2,373,000 after buying an additional 350 shares in the last quarter. 78.66% of the stock is currently owned by institutional investors.

In other news, Director M Leanne Lachman acquired 3,000 shares of Lincoln National stock in a transaction dated Tuesday, May 19th. The stock was purchased at an average cost of $35.59 per share, with a total value of $106,770.00. Also, EVP Lisa Buckingham purchased 2,000 shares of the firm’s stock in a transaction on Friday, March 13th. The shares were acquired at an average cost of $26.82 per share, for a total transaction of $53,640.00. Following the completion of the acquisition, the executive vice president now owns 76,333 shares of the company’s stock, valued at $2,047,251.06. The disclosure for this purchase can be found here. In the last 90 days, insiders acquired 6,900 shares of company stock valued at $223,075. Company insiders own 1.43% of the company’s stock.

LNC opened at $35.00 on Monday. The stock has a market capitalization of $6.76 billion, a price-to-earnings ratio of 10.74 and a beta of 2.27. The firm has a 50 day moving average price of $31.44 and a 200-day moving average price of $47.29. Lincoln National Co. has a twelve month low of $16.11 and a twelve month high of $67.17. The company has a quick ratio of 0.23, a current ratio of 0.23 and a debt-to-equity ratio of 0.41.

Lincoln National (NYSE:LNC) last posted its quarterly earnings data on Thursday, May 7th. The financial services provider reported $2.24 EPS for the quarter, topping the consensus estimate of $2.17 by $0.07. The firm had revenue of $4.51 billion during the quarter, compared to analyst estimates of $4.53 billion. Lincoln National had a return on equity of 10.01% and a net margin of 3.72%. Lincoln National’s revenue was up 3.4% on a year-over-year basis. During the same period in the prior year, the business posted $2.14 EPS. As a group, analysts expect that Lincoln National Co. will post 8.59 earnings per share for the current year.

A number of equities research analysts have recently commented on LNC shares. B. Riley increased their target price on Lincoln National from $26.00 to $35.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 12th. Wells Fargo & Co cut their price objective on shares of Lincoln National from $66.00 to $33.00 and set an “equal weight” rating on the stock in a research report on Wednesday, April 1st. Piper Sandler decreased their target price on shares of Lincoln National from $36.00 to $28.00 and set a “neutral” rating for the company in a report on Friday, April 3rd. Royal Bank of Canada increased their price target on shares of Lincoln National from $40.00 to $43.00 and gave the company a “sector perform” rating in a report on Friday, May 8th. Finally, TheStreet downgraded shares of Lincoln National from a “b-” rating to a “c+” rating in a research report on Thursday, March 5th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have issued a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus price target of $47.91.

Lincoln National Company Profile

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. It operates through four segments: Annuities, Retirement Plan Services, Life Insurance, and Group Protection. The Annuities segment offers variable, fixed, and indexed variable annuities.

Further Reading: The limitations of an equal weight rating

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