Lincoln Educational Shares Up 16% On Earnings Beat (LINC)

Shares of Lincoln Educational Services Corporation LINC are trading up 16.1% at $14.35 per share during the Wednesday afternoon trading session. The day's trading range for shares of Lincoln Educational Services Corporation has been between $13.25 and $14.24 per share. Analysts covering the company's stock give it a consensus price target of $17.86 per share. Volume of 589,000 shares is already well above the daily average volume of 424,000 shares. Lincoln Educational Services Corporation (LINC) announced on Wednesday morning that it beat consensus Wall Street earnings expectations. Lincoln Educational Services Corporation announced 3rd quarter earnings per share of 76 cents, on revenue of $167.2 million. According to a survey of analysts by Thomson Reuters, the average Wall Street estimate called for earnings of 62 cents per share, on revenue of $167.51 million. President and chief executive officer Shaun McAlmont said, "We are very pleased with our third quarter performance which produced record revenues, margins and earnings per share. During the third quarter, we repurchased approximately $47 million of our common stock as we continue to evaluate ways to increase shareholder value. In recognition of the strong cash flows Lincoln generates and due to the confidence we have in our business, our Board of Directors has authorized a new annual dividend of $1 per share, to be paid quarterly. Both actions reflect our continued commitment to deliver value to our shareholders." Read more from Benzinga's Company news.