Lincoln National to Issue $500 Million in Debt, Shares Drop 5%

Corporate Action

โดย Insider Monkey·Read original

Summary · why it matters

Lincoln National Corporation announced it has entered into an underwriting agreement with major investment banks to issue $500 million in debt, with proceeds intended for corporate purposes and potential buyback of preferred shares. The news sent shares down 5% on June 24, adding to a year-to-date decline of 11.7%, though the stock remains up 16.6% over the past year. Earlier in the year, UBS raised its price target to $39 from $37 with a Neutral rating, while Morgan Stanley cut its target to $40 from $43 with an Overweight rating, both following the company's first-quarter earnings.

Lincoln National Corporation ▼