Lincoln National Corp (LNC)

LNC (NYSE:Insurance) EQUITY
$45.01
pos +0.75
+1.69%
Today's Range: 44.47 - 45.34 | LNC Avg Daily Volume: 2,476,100
Last Update: 05/24/16 - 4:02 PM EDT
Volume: 3,871,726
YTD Performance: -10.45%
Open: $44.55
Previous Close: $44.26
52 Week Range: $30.39 - $62.08
Oustanding Shares: 239,007,140
Market Cap: 10,578,456,016
6-Month Chart
TheStreet Ratings Grade for LNC
Buy Hold Sell
A+ A A- B+ B B- C+ C C- D+ D D- E+ E E- F
TheStreet Ratings is the source for accurate ratings that you can rely upon to make sound, informed financial decisions. Click here to find out about our methodology.
Analysts Ratings
Historical Rec Current 1 Mo. Ago 2 Mo. Ago 3 Mo. Ago
Strong Buy 4 5 5 5
Moderate Buy 1 1 1 1
Hold 6 7 6 6
Moderate Sell 0 0 0 0
Strong Sell 0 0 0 0
Mean Rec. 2.14 2.12 2.04 2.04
Latest Dividend: 0.25
Latest Dividend Yield: 2.26%
Dividend Ex-Date: 04/07/16
Price Earnings Ratio: 10.59
Price Earnings Comparisons:
LNC Sector Avg. S&P 500
10.59 10.50 12.90
Price Performance History (%Change):
3 Mo 1 Yr 3 Y
26.79% -23.20% 30.54%
GROWTH 12 Mo 3 Yr CAGR
Revenue 0.10 0.20 0.06
Net Income -23.80 -0.10 -0.04
EPS -20.50 0.00 -0.01
Earnings for LNC:
EBITDA 1.70B
Revenue 13.57B
Average Earnings Estimates
Qtr (06/16) Qtr (09/16) FY (12/16) FY (12/17)
Average Estimate $1.58 $1.63 $6.16 $6.94
Number of Analysts 7 6 7 7
High Estimate $1.62 $1.67 $6.50 $7.25
Low Estimate $1.50 $1.50 $5.75 $6.50
Prior Year $1.46 $1.11 $5.46 $6.16
Growth Rate (Year over Year) 8.51% 46.40% 12.77% 12.76%
Chart Benchmark
Average Frequency Timeframe
Indicator Chart Scale  
Symbol Comparison Bollinger Bands

Mel Brooks and the Markets Real Money Pro($)

History of the World, Part I (although market participants haven't learned much from history). Young Frankenstein (although it's the machines and algos, not the Frankenstein monster, that have come to life).

My Takeaways and Observations Real Money Pro($)

The U.S. dollar weakened. Crude oil ramped up to $46.06, up $1.40, proving most pundits wrong both on the downside early this year and the upside recently.  As I have warned, few commodities forecasters are very rigorous in their projection process.  Me, I had a general and strong view that OPEC was dissolving and prices would drop last October. Today, I don't know.  Gold was up $12.40 to $1,277. Agricultural commodities: wheat -2.50, corn -3.25, soybean -5.25, oats -4.25. Lumber down 50 cents. Bonds rallied. The 10-year note yield dropped by two basis points to 1.74% and the long bond by three basis points to 2.58%. Municipals were well-bid, but closed-end municipal bond funds were mixed. Blackstone/GSO Strategic Credit Fund (BGB) was down six cents to just below $14. Banks fared well for most of the day but turned red in the mid-afternoon. Small losses, though. Financial Sector Select SPDR ETF (XLF), the object of my recent disaffection (I am short), was off 26 cents. Insurance generally declined, though Lincoln National (LNC) was flat. Berkshire Hathaway (BRK.B) continued to lose ground, down nearly $2 again today. Brokerages got hit; I covered too early this week. Private equity stocks continue to lag. Retail was the story of the day -- it was a nuclear holocaust. Nordstrom (JWN), my short, was down by $3.40. Macy's got whacked by $5.60. Others were a mess, too. Old tech was weak, led by IBM (IBM), down a beaner. Energy stocks failed to rally in the face of the commodity rise, but losses were contained. Schlumberger (SLB) and Exxon Mobil (XOM) were off fractionally. Auto stocks were lower. Ford (F) was off 20 cents and General Motors (GM) was down 27 cents. They seem to be rolling over after recent gains. Media was weighed down by the Disney miss. DIS was down $4.65 and Comcast (CMCSA) was off 60 cents. Consumer staples were hit across the board. Agricultural equipment performed well in a relative sense -- flat. Biotech was another group that gave a false signal yesterday. iShares Nasdaq Biotechnology ETF (IBB) was down 2%. Valeant (VRX) was down 5.5% and has no rally. My former speculative biotech basket was rotten to the core with large losses. Celgene (CELG) was down $2.50 and Gilead Sciences (GILD) down $2; I believe they are both value traps. (T)FANG was higher most of the day but got hurt with chatter over antitrust issues with Alphabet (GOOGL), down $7. AMZN is a monster, up another $12. Tesla (TSLA) was up small, though Netflix (NFLX) broke down $2.80. NOSH was unappetizing; Nike (NKE) was down $2, O'Reilly Automotive (ORLY) was off $6, Starbucks (SBUX) declined $1.20 (I am short and the shares appear to be rolling over; I might add to this position on any strength) and Home Depot (HD) slid $3. CRABBY's six components were lower.  In terms of individual stocks, Apple continues to stink up the joint (down nearly a beaner -- it remains in liquidation mode). Short or sell it, don't hold it! Twitter (TWTR) up flat, Potash (POT) continues weaker, Radian Group (RDN) is back down and Oaktree Capital Group (OAK) declined 85 cents and is getting back to my buying levels. Long fav DuPont (DD) slipped 30 cents. iShares MSCI United Kingdom (EWU), my short Trade of the Week, was down by only four cents. I remain short. Here are some great columns that appeared on Real Money Pro today: Jim "El Capitan" Cramer on how to win!  Gary "The Sun Will Come Out To" Morrow writes about Facebook (FB) -- he is not high on the stock but is a buyer on weakness.  The stock, like Amazon, continues to be a beast! Jared "Not Bob" Woodard features the latter company in his post.  Tim "Not Phil or Judy" Collins sees issues at Perrigo (PRGO).  Jeremy LaKosh on GM as a value play. He makes some solid points, but I remain short the name.   Tony Owusu sees a silver lining at Disney.

My Takeaways and Observations Real Money Pro($)

Markets were oversold. The S&P 500 held the 50-day moving average. The put/call ratio popped back up.  From here, the key might be to watch what other asset classes rally with e
Fundamentals. These are weak and weakening. Peaks are plentiful, payroll growth is moderating, real GDP is weak and China is a big question mark. Valuations. These are elevated by historic standar

My Takeaways and Observations Real Money Pro($)

The U.S. dollar strengthened. Crude oil dropped by $1.22 to $43.44, just in time when a lot of pundits like the price action and turned bullish. Frankly, these short-term forecasts for crude -- or, for that matter, almost any commodity -- are silly talk and usually the projections are non-rigorous. My two bits. (BTW, the Saudi oil minister has been replaced, which is causing some consternation and concerns). Gold got schmeissed, down by $28.70 to $1,265, as the commodity drifts away from the $1,300 resistance level. Agricultural commodities: wheat -5.75, corn -9.25, soybean -7.75 and oats -4.50. Lumber +10. Bonds climbed modestly. The yield on the 10-year U.S. note (1.76%) and the long bond (2.62%)   dropped by one basis point each. Municipals better bid. Those fab closed-end muni bond funds continued to rise. High yield did little. However, Blackstone/GSO Strategic Credit Fund (BGB) was down a dime and sits at $14.   Bank stocks retreated but are up from the day's lows. Over there, weakness in Deutsche Bank (DB) shares continues to concern me. Brokerages were lower, with Morgan Stanley (MS) down 15 cents and Goldman Sachs (GS) off $1.34 Life insurance stocks were mixed. Lincoln National (LNC) was up 18 cents after a walloping last week, but MetLife (MET) was down a dime. Hartford Financial Services Group (HIG), I am watching you (and adding); it was up another 30 cents. My short, Berkshire Hathaway (BRK.B), was down almost two beaners (it was an early-line favorite to be Trade of the Week). Consumer staples flat lined. Old tech was quiet. Energy stocks got hit with lower crude. Schlumberger (SLB) was a downside standout, off $2.35. Biotech finally could be turning. iShares Nasdaq Biotechnology ETF (IBB) was up more than 2.5% and Allergan (AGN) was the world's fair, up $12. Valeant (VRX) continues lower, down another 6%. All my old Biotech Basket is prospering. Media uninteresting with little price action. Retail was stronger, led by short pick Nordstrom (JWN), up $1.14. Agricultural equipment bad, but good for me (as I'm short). Deere (DE) was down 87 cents and Caterpillar (CAT) fell $2.58. (T) FANG was mixed, with Alphabet (GOOGL) up $3.95 and Amazon (AMZN) up $5.80 but short TSLA down $6. NOSH was better, led by O'Reilly Automotive (ORLY) and Home Depot (HD). Twitter (TWTR) was in its customary lower position, off 20 cents and near its 52-week low. Radian Group (RDN) was flat and Potash (POT) was down 28 cents. Oaktree Capital Group (OAK) was off 40 cents and long fav DuPont (DD) edged down 17 cents. New short iShares MSCI United Kingdom (EWU) is trending lower and was down 11 cents. Here is some good stuff appearing on Real Money Pro today: Jim "El Capitan" Cramer on the unwieldy market. It's a continuing theme of mine (the market without memory from day to day)  over the last few months. Mark "Nashville Cats"   Sebastian on the VIX and the Summer Time Blues?     Jonathan "Catch 22" Heller on Sears Hometown (SHOS).  Brian Sozzi on malls.  James Gentile on second derivative housing plays.
Interest rates. Banks are rate-sensitive animals. With balance-sheet imbalances of rate-sensitive vs. liability-sensitive assets, all banks are suffering from our current low-interest-rate environment. They would benefit from higher rates and a more positive slope to the yield curve -- but while I believe interest rates are near cycle lows, I don't expect any meaningful pick-up in rates for some time. I don't expect the yield curve to resume a more normal slope any time soon, either. Politics. Donald Trump has out-trumped all 16 of his rivals to become the presumptive Republican presidential nominee, while it the odds of a Hillary Clinton Democratic nomination are rising. These developments produce a less-favorable political backdrop for bank stocks. Profit woes. Bank profits will continue to come under pressure and seem unlikely to meet 2016 consensus expectations. Given the above, I sold my bank longs into the sector's February-to-April rally, and I recently shorted the Financial Select Sector SPDR ETF (XLF) as well. I'm also shorting Metlife (MET) and Lincoln National (LNC), as I believe that life insurers face reinvestment challenges. (This week's much-weaker-than-expected earnings reports from insurers only confirmed my thesis, so I boosted my MET and LNC shorts.) I remain long on Oaktree Capital (OAK) and Hartford Financial (HIG) -- but as noted previously, I'm short on Berkshire Hathaway. The Times They are a Changin' for Warren Buffett's firm. My overall sentiment: Negative (down from a previous Positive) Health Care/Biotech The political battle over health care intensified over the past few months as Democratic and Republican presidential aspirants vied for attention and popularity. And if I'm correct in predicting a probable Hillary Clinton presidency (she's currently the general-election frontrunner), the industry's

My Takeaways and Observations Real Money Pro($)

The U.S. dollar weakened meaningfully in the trading day. The price of crude oil rose by 35 cents a barrel to $44.13. Nat gas dropped by six cents. Gold was essentially flat at $1,274. Agricultural commodities = schmeissburger. Wheat -9.75, corn -3.50 and soybean -21.75. Lumber +3.40. Bonds rose in price, and were lower in yield. The 10- and 30-year note and bond moved down by 2.5 basis points, yielding 1.75% and 2.61%, respectively. Municipals were well-bid, and closed-end municipal bond funds continue to float higher to new 2016 highs. I had permature termination in this space late last year! High-yield debt was flat, but Blackstone/GSO Strategic Credit Fund (BGB) was up three pennies to $14. Banks stocks were disappointing and continued a multiday selloff. I remain short Financial Select Sector SPDR ETF (XLF) at good prices. Brokerages were lower by about one-half percent. I covered my Goldman Sachs (GS) and Morgan Stanley (MS) shorts earlier in the week. Life insurance, my favored short sector because of reduced reinvestment opportunities in a low- rate setting got whacked. Lincoln National (LNC) was down $2 and MetLife (MET) a beaner. Hartford Financial Services Group (HIG) was conspicuously higher, up 15 cents. I like the pair trade long HIG/short MET-LNC. Energy stocks were unchanged. Old tech traded flat, save IBM (IBM), up $2. Retail got hit on L Brands' (LB) bad comps and mall concerns. Nordstrom (JWN), a short is my only holding in retail. Agricultural equipment, on the heels of a Caterpillar (CAT) diss from Greenlight's David Einhorn, were down measurably. Autos, despite a plug of General Motors (GM) by Einhorn at the Sohn Conference, were flat. Consumer nondurables fell as our currency strengthened. Disney (DIS) led media, up $1.10. Biotech is still drek. Speculative biotech rolling over. (T)FANG was weaker, led by Amazon (AMZN), down $11, and TSLA, down $10. I added to the latter short today. NOSH was yuck. In individual names, Mr. Market gave yesterday but took away today in Twitter (TWTR) and Potash (POT) -- I wouldn't bottom fish, as I have mentioned recently. The Mighty OAK -- Oaktree Capital Group -- was flat, and DuPont (DD) was down 55 cents. Apple continues to trade rottenly, down $1.15. Apple needs a visionary, a house hippie, in my view. Here are some great posts on Real Money Pro today: Jim "El Capitan" Cramer on what's working now.  Tim "Not Phil or Judy" Collins goes Texas on us in his discussion of a controversial Freeport-McMoRan (FCX)!  Robert "Not Rita" Moreno on CAT's technicals. Another controversial one in which Jimmy and I hold to differing viewpoints.  James Passeri on a great review of the Ira Sohn Conference -- a must read!  Chris Laudani rains on Macy's (M) parade. 

And on the Insurance Front ... Real Money Pro($)

I continue to like the long Hartford Financial Services Group (HIG)/short Lincoln National (LNC)-MetLife (MET) pair trade.
Large earnings misses yesterday at MetLife (MET) and today at Lincoln National (LNC) and Prudential (PRU) are pressuring the life-insurance sector -- a space I have great disaffection for!

My Takeaways and Observations Real Money Pro($)

The U.S. dollar strengthened. Crude oil fell by a quarter to $43.40. Nat gas was a nickel to the good. Gold fell by $12.60 to $1,279 and it continues to look like $1,300 is a formidable hurdle. Agricultural commodities quieted down, with wheat and corn moving small. Soybeans +8.50 and oats -3.50. Lumber +1.50. Bonds lifted in price and dropped in yield for the second day in a row. The yield on the 10-year and long bond dropped by two basis points to 1.78% and 2.64%, respectively. Municipals flattened. Closed-end municipal bond funds were mixed. The high-yield market was off somewhat. Blackstone/GSO Strategic Credit Fund (BGB) was down a penny to $13.95. Banks got whacked -- fortunately, as I remain short Financial Select Sector SPDR ETF (XLF) at good prices. Drops of 2% to 3% for the major money center banks. Deutsche Bank (DB) continues lower. Let's watch this and the poor performance of the European banks closely in the weeks ahead. Life insurance stocks also got schmeissed -- again, a good thing for me as I am short Lincoln National (LNC) and MetLife (MET), both down by about a beaner. Berkshire Hathaway (BRK.B) was lower after yesterday's $2+ decline. Brokerages also got hit, with MS down 65 cents and GS down $3.10. I covered my trading short rentals today on this weakness. Old tech was mixed. I covered my MSFT trading short (I didn't like the quality of the earnings report) for a $2 gain this morning. Retail was mixed, but my sole exposure -- short Nordstrom (JWN) -- was down $1.20, continuing its recent weakness. Again, a good thing! Former retail longs Macy's (M), Best Buy (BBY) and Bed, Bath & Beyond (BBBY) were taken to the woodshed today. Consumer staples strengthened. Autos continue their sloppy streak -- I doubled my shorts recently. Ford (F) was down 15 cents and General Motors (GM) down 65 cents. Even Phish (Let Trey Sing!) knows about Peak Autos! Bummed is what you are in "Contact" when your auto stocks are towed. Energy stocks were lower, with Schlumberger (SLB) down $2 and Exxon Mobil (XOM) off 35 cents. I like, others don't. Media made for uninteresting viewing, with Disney (DIS) and Comcast (CMCSA) lower. Biotech continues as a bio wreck. iShares Nasdaq Biotechnology ETF (IBB) was down nearly $8, or almost 3%. Speculative biotech was annihilated, with Acadia Pharmaceuticals (ACAD) down 7% and Portola Pharmaceuticals (PTLA) off nearly 6%. (T)FANG was weighed down by a $9 loss in Tesla (TSLA) as management departures and a Chanos diss on "Fast Money Halftime" impacted the security. Earnings are after close and I am going into it with my small short. TSLA is on my Best Ideas List. NOSH all up, but small. CRABBY was crabby, led by declines in Radian Group (RDN), Citigroup (C) and Alleghany (Y). In miscellaneous action, Twitter (TWTR) had an unaccustomed up day, but Potash (POT) stayed in jail (and I don't see a reason why it will get a "Get Out of Jail" card over the short term with weakening fundamentals). Radian was lower, Oaktree Capital Group (OAK) continues its two-day loss of leaves, Hartford Financial Services Group (HIG) is burdened by its brothers and sisters in the insurance space (I am buying more on weakness), and fav DuPont (DD) continues its decline (but it's too early to add to). Apple gives up much of yesterday's gains, down a beaner. Here is some great analysis from today's Real Money Pro: Jim "El Capitan" on the good health of the broadcasting industry.  Jeremy LaKosh looks for a potential entry point in automaker Ford.  I already have mine – and it's on the short side! RevShark's got the seasonal and Fed fever and jitters. Another good one from Rev on the absence of fear in the marketplace.  Ed Ponsi "Scheme" on trading a lower currency. No Ponsi Scheme in this column!  Divine on the issue of "giddiness."  She's always a great read and makes me think more outside of the envelope.

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