Lincoln National Corporation (LCO)
Summary
LCO Chart
Lincoln National Has One Preferred: Hold-Rated At Best
Lincoln National Corporation has maintained strong preferred dividend coverage despite recent earnings volatility and challenging interest rate conditions. LNC.PR.D preferred shares offer a current yield of 8.73% but trades above par, with a likely call by December 2027 limiting price appreciation. Preferred stock coverage is robust, with net income covering preferred dividends by 26.3x and common equity covering preferred equity by 10.5x.
Lincoln National Series D Preferred Shares: Unlocking A 7.7% YTC
Lincoln National Corp. issued high-coupon preferred shares after a severe 2022 net loss and capital strain. LNC's financials and capital ratios have improved markedly, with net income rebounding and Fitch affirming investment grade ratings. Management has begun retiring expensive preferreds via tender offers, signaling intent to call LNC.PR.D at the December 2027 call date.
Lincoln National: Why The Recovery Is Unlikely To Be Over
Lincoln National (LNC) remains a 'Buy' with a $55/share price target, reflecting 11–19% annual upside and potential for over 40% total return. LNC's capital restoration, improved RBC ratio above 420%, and robust liquidity over $900M signal a shift from repair to optimization. At ~5x P/E and 0.45x price-to-book (ex-AOCI), LNC trades at a significant discount to peers, with normalized earnings supporting a $70–$75/share fair value.
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Lincoln National Corporation Profile
| Insurance Industry | Financials Sector | Ellen R. Gail Cooper CEO | XETRA Exchange | US5341871094 ISIN |
| US Country | 9,423 Employees | 9 Oct 2026 Last Dividend | 22 Jun 1999 Last Split | 5 Oct 1984 IPO Date |
Overview
Lincoln National Corporation is a prominent figure in the insurance and retirement sectors within the United States, operating via its subsidiaries. The company has partitioned its operations into four main segments: Life Insurance, Annuities, Group Protection, and Retirement Plan Services. Each segment is designed to cater to diverse needs ranging from life coverage and annuity products to group protection benefits and retirement planning solutions. Founded in 1905 and with its headquarters in Radnor, Pennsylvania, Lincoln National Corporation has developed a wide distribution network that includes consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries.
Products and Services
- Life Insurance: Offers a comprehensive range of products such as term insurance, universal life insurance (UL), indexed universal life insurance, variable universal life insurance (VUL), linked-benefit UL and VUL products, along with critical illness and long-term care riders. These products are designed to provide financial security and peace of mind for policyholders and their families.
- Annuities: Provides variable, fixed, and registered index-linked annuities. These products are designed to help individuals secure a stable income stream for retirement, reflecting Lincoln National Corporation’s commitment to addressing retirement-related financial concerns.
- Group Protection: Offers a suite of group non-medical insurance products, including short and long-term disability, statutory disability, paid family medical leave administration and absence management services, term life, dental and vision, and accident, critical illness, and hospital indemnity benefits. These products and services are tailored to the employer marketplace, facilitating employee benefit plans through both employee-paid and employer-paid schemes.
- Retirement Plan Services: Supplies employers with a broad array of retirement plan products and services, predominantly in the defined contribution retirement plan arena. This includes individual and group variable annuities, group fixed annuities, and mutual fund-based programs, alongside significant plan services such as recordkeeping, compliance testing, participant education, and trust and custodial services. This segment underscores the company’s expertise in aiding employers and employees in planning for retirement effectively.
Contact Information
