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Lincoln National

NYSE:LNC
Snowflake Description

Very undervalued established dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
LNC
NYSE
$13B
Market Cap
  1. Home
  2. US
  3. Insurance
Company description

Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States. The last earnings update was 21 days ago. More info.


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LNC Share Price and Events
7 Day Returns
-3.9%
NYSE:LNC
1.6%
US Insurance
0.2%
US Market
1 Year Returns
-10.2%
NYSE:LNC
8.4%
US Insurance
2.9%
US Market
LNC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Lincoln National (LNC) -3.9% -5.8% -0.8% -10.2% 37.7% 29.7%
US Insurance 1.6% 4.7% 6.8% 8.4% 31.9% 47.3%
US Market 0.2% -1.6% 2.4% 2.9% 36.1% 41%
1 Year Return vs Industry and Market
  • LNC underperformed the Insurance industry which returned 8.4% over the past year.
  • LNC underperformed the Market in United States of America which returned 2.9% over the past year.
Price Volatility
LNC
Industry
5yr Volatility vs Market

LNC Value

 Is Lincoln National undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Lincoln National to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Lincoln National.

NYSE:LNC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Weighted future Return on Equity estimates from 8 analysts.
= Stable Book Value * Return on Equity
= $91.99 * 12.7%
$11.72
Book Value of Equity per Share Weighted future Book Value estimates from 7 analysts. $91.99
Discount Rate (Cost of Equity) See below 8.8%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NYSE:LNC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Insurance Unlevered Beta Simply Wall St/ S&P Global 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.737 (1 + (1- 21%) (50.71%))
1.022
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.02
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.022 * 5.96%)
8.82%

Discounted Cash Flow Calculation for NYSE:LNC using Excess Returns Model Model

The calculations below outline how an intrinsic value for Lincoln National is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

NYSE:LNC Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.7% – 8.82%) * $91.99)
$3.60
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= $3.60 / (8.82% - 2.73%)
$59.19
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= $91.99 + $59.19
$151.18
NYSE:LNC Discount to Share Price
Calculation Result
Value per share (USD) From above. $151.18
Current discount Discount to share price of $62.32
= -1 x ($62.32 - $151.18) / $151.18
58.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Lincoln National is available for.
Intrinsic value
>50%
Share price is $62.32 vs Future cash flow value of $151.18
Current Discount Checks
For Lincoln National to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Lincoln National's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Lincoln National's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Lincoln National's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Lincoln National's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NYSE:LNC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in USD $7.18
NYSE:LNC Share Price ** NYSE (2019-05-23) in USD $62.32
United States of America Insurance Industry PE Ratio Median Figure of 90 Publicly-Listed Insurance Companies 17x
United States of America Market PE Ratio Median Figure of 3,085 Publicly-Listed Companies 17.79x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Lincoln National.

NYSE:LNC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NYSE:LNC Share Price ÷ EPS (both in USD)

= 62.32 ÷ 7.18

8.67x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lincoln National is good value based on earnings compared to the US Insurance industry average.
  • Lincoln National is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Lincoln National's expected growth come at a high price?
Raw Data
NYSE:LNC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.67x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
12.2%per year
United States of America Insurance Industry PEG Ratio Median Figure of 67 Publicly-Listed Insurance Companies 1.57x
United States of America Market PEG Ratio Median Figure of 2,123 Publicly-Listed Companies 1.54x

*Line of best fit is calculated by linear regression .

NYSE:LNC PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.67x ÷ 12.2%

0.71x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lincoln National is good value based on expected growth next year.
Price based on value of assets
What value do investors place on Lincoln National's assets?
Raw Data
NYSE:LNC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in USD $80.88
NYSE:LNC Share Price * NYSE (2019-05-23) in USD $62.32
United States of America Insurance Industry PB Ratio Median Figure of 120 Publicly-Listed Insurance Companies 1.21x
United States of America Market PB Ratio Median Figure of 5,201 Publicly-Listed Companies 1.84x
NYSE:LNC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NYSE:LNC Share Price ÷ Book Value per Share (both in USD)

= 62.32 ÷ 80.88

0.77x

* Primary Listing of Lincoln National.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Lincoln National is good value based on assets compared to the US Insurance industry average.
X
Value checks
We assess Lincoln National's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check)
  5. Lincoln National has a total score of 6/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

LNC Future Performance

 How is Lincoln National expected to perform in the next 1 to 3 years based on estimates from 9 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
12.2%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Lincoln National expected to grow at an attractive rate?
  • Lincoln National's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Lincoln National's earnings growth is positive but not above the United States of America market average.
  • Lincoln National's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NYSE:LNC Future Growth Rates Data Sources
Data Point Source Value (per year)
NYSE:LNC Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 12.2%
NYSE:LNC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 4.4%
United States of America Insurance Industry Earnings Growth Rate Market Cap Weighted Average 9.7%
United States of America Insurance Industry Revenue Growth Rate Market Cap Weighted Average 3.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NYSE:LNC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NYSE:LNC Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 19,150 2,080 3
2020-12-31 18,456 2,032 7
2019-12-31 17,686 1,757 7
NYSE:LNC Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-03-31 16,780 472 1,526
2018-12-31 16,424 1,943 1,641
2018-09-30 15,562 1,213 2,057
2018-06-30 14,809 1,218 1,985
2018-03-31 14,366 819 2,011
2017-12-31 14,257 788 2,079
2017-09-30 13,842 1,201 1,454
2017-06-30 13,856 938 1,502
2017-03-31 13,587 1,083 1,416
2016-12-31 13,330 1,272 1,192
2016-09-30 13,248 1,436 1,285
2016-06-30 13,438 2,197 1,046

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Lincoln National's earnings are expected to grow by 12.2% yearly, however this is not considered high growth (20% yearly).
  • Lincoln National's revenue is expected to grow by 4.4% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NYSE:LNC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

All data from Lincoln National Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:LNC Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 11.06 11.28 10.85 2.00
2020-12-31 10.05 11.58 9.05 6.00
2019-12-31 8.01 9.31 7.19 5.00
NYSE:LNC Past Financials Data
Date (Data in USD Millions) EPS *
2019-03-31 7.18
2018-12-31 7.60
2018-09-30 9.45
2018-06-30 9.07
2018-03-31 9.13
2017-12-31 9.36
2017-09-30 6.48
2017-06-30 6.62
2017-03-31 6.15
2016-12-31 5.09
2016-09-30 5.38
2016-06-30 4.30

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Lincoln National is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Lincoln National's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Lincoln National has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

LNC Past Performance

  How has Lincoln National performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Lincoln National's growth in the last year to its industry (Insurance).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Lincoln National's year on year earnings growth rate has been positive over the past 5 years.
  • Lincoln National's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Lincoln National's 1-year earnings growth is negative, it can't be compared to the US Insurance industry average.
Earnings and Revenue History
Lincoln National's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Lincoln National Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NYSE:LNC Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 16,780.00 1,526.00 2,418.00
2018-12-31 16,424.00 1,641.00 2,418.00
2018-09-30 15,562.00 2,057.00 2,204.00
2018-06-30 14,809.00 1,985.00 2,204.00
2018-03-31 14,366.00 2,011.00 2,204.00
2017-12-31 14,257.00 2,079.00 2,204.00
2017-09-30 13,842.00 1,454.00 2,105.00
2017-06-30 13,856.00 1,502.00 2,105.00
2017-03-31 13,587.00 1,416.00 2,105.00
2016-12-31 13,330.00 1,192.00 2,105.00
2016-09-30 13,248.00 1,285.00 2,162.00
2016-06-30 13,438.00 1,046.00 2,162.00
2016-03-31 13,511.00 1,065.00 2,162.00
2015-12-31 13,572.00 1,154.00 2,162.00
2015-09-30 14,085.00 1,219.00 2,108.00
2015-06-30 13,782.00 1,431.00 2,108.00
2015-03-31 13,682.00 1,485.00 2,108.00
2014-12-31 13,554.00 1,514.00 2,108.00
2014-09-30 12,991.00 1,517.00 2,079.00
2014-06-30 12,588.00 1,415.00 2,079.00
2014-03-31 12,306.00 1,334.00 2,079.00
2013-12-31 11,969.00 1,244.00 2,079.00
2013-09-30 11,820.00 1,214.00 1,979.00
2013-06-30 11,765.00 1,277.00 1,979.00
2013-03-31 11,664.00 1,281.00 1,979.00
2012-12-31 11,535.00 1,286.00 1,979.00
2012-09-30 11,130.00 416.00 1,845.00
2012-06-30 10,723.00 177.00 1,845.00

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Lincoln National has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Lincoln National used its assets less efficiently than the US Insurance industry average last year based on Return on Assets.
  • Lincoln National has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Lincoln National's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Lincoln National has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

LNC Health

 How is Lincoln National's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Lincoln National's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Lincoln National is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Lincoln National's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Lincoln National's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 4.2x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Lincoln National Company Filings, last reported 1 month ago.

NYSE:LNC Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 16,417.00 6,395.00 4,907.00
2018-12-31 14,350.00 6,487.00 4,295.00
2018-09-30 15,070.00 6,191.00 2,900.00
2018-06-30 15,177.00 6,170.00 3,225.00
2018-03-31 15,985.00 6,242.00 3,810.00
2017-12-31 17,322.00 5,729.00 3,248.00
2017-09-30 16,314.00 5,769.00 3,630.00
2017-06-30 15,996.00 5,776.00 3,656.00
2017-03-31 14,973.00 5,747.00 3,626.00
2016-12-31 14,478.00 6,350.00 4,434.00
2016-09-30 16,323.00 6,670.00 5,252.00
2016-06-30 15,920.00 6,800.00 5,925.00
2016-03-31 14,658.00 6,615.00 5,041.00
2015-12-31 13,617.00 6,127.00 5,000.00
2015-09-30 14,401.00 6,260.00 5,686.00
2015-06-30 14,699.00 6,130.00 4,276.00
2015-03-31 16,223.00 6,587.00 5,564.00
2014-12-31 15,740.00 6,143.00 5,984.00
2014-09-30 15,452.00 6,005.00 3,955.00
2014-06-30 15,451.00 6,017.00 3,848.00
2014-03-31 14,486.00 6,087.00 4,165.00
2013-12-31 13,452.00 6,746.00 4,646.00
2013-09-30 13,389.00 5,868.00 5,004.00
2013-06-30 13,317.00 5,556.00 4,965.00
2013-03-31 14,862.00 5,595.00 5,635.00
2012-12-31 14,973.00 6,338.00 6,784.00
2012-09-30 15,237.00 5,694.00 8,290.00
2012-06-30 14,182.00 6,019.00 9,198.00
  • Lincoln National's level of debt (39%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (42% vs 39% today).
  • Debt is not well covered by operating cash flow (7.4%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.8x coverage).
X
Financial health checks
We assess Lincoln National's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Lincoln National has a total score of 4/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

LNC Dividends

 What is Lincoln National's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
2.37%
Current annual income from Lincoln National dividends. Estimated to be 2.59% next year.
If you bought $2,000 of Lincoln National shares you are expected to receive $47 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Lincoln National's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.45%).
  • Lincoln National's dividend is below the markets top 25% of dividend payers in United States of America (3.7%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NYSE:LNC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
United States of America Insurance Industry Average Dividend Yield Market Cap Weighted Average of 80 Stocks 2.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2005 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NYSE:LNC Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 1.77 5.00
2020-12-31 1.65 9.00
2019-12-31 1.50 10.00
NYSE:LNC Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-02-28 1.480 2.346
2018-11-01 1.480 2.541
2018-08-09 1.320 2.018
2018-05-25 1.320 2.003
2018-02-22 1.320 1.837
2017-11-01 1.320 1.696
2017-08-10 1.160 1.617
2017-05-26 1.160 1.678
2017-02-23 1.160 1.742
2017-02-01 1.160 1.643
2016-11-03 1.160 1.796
2016-11-02 1.160 2.326
2016-08-11 1.000 2.110
2016-05-27 1.000 2.359
2016-02-25 1.000 2.432
2016-02-03 1.000 2.863
2015-10-29 1.000 2.061
2015-10-28 1.000 1.868
2015-08-13 0.800 1.603
2015-05-21 0.800 1.369
2015-02-26 0.800 1.384
2014-10-29 0.800 1.440
2014-08-14 0.640 1.220
2014-05-22 0.640 1.247
2014-02-25 0.640 1.293
2013-11-14 0.640 1.273
2013-08-09 0.480 1.090
2013-05-23 0.480 1.261
2013-03-01 0.480 1.459
2012-11-09 0.480 1.786
2012-08-09 0.320 1.318
2012-05-24 0.320 1.538
2012-02-23 0.320 1.313
2011-11-10 0.320 1.540
2011-08-11 0.200 1.092
2011-05-26 0.200 0.750
2011-02-24 0.200 0.667
2010-11-11 0.200 0.716
2010-08-12 0.040 0.165
2010-05-28 0.040 0.159
2010-02-23 0.040 0.139
2009-11-05 0.040 0.163
2009-08-06 0.040 0.162

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Lincoln National's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (5.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (6.4x coverage).
X
Income/ dividend checks
We assess Lincoln National's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Lincoln National afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Lincoln National has a total score of 5/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

LNC Management

 What is the CEO of Lincoln National's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Dennis Glass
COMPENSATION $14,422,495
AGE 68
TENURE AS CEO 11.8 years
CEO Bio

Mr. Dennis Robert Glass serves as the President and Director of The Lincoln National Life Insurance Company and served as its Chief Executive Officer. Mr. Glass serves as an Executive Officer of Lincoln Life Separate Account Blm, The Lincoln National Life Insurance Co. He serves as the President of Lincoln Financial Group. He has been the Chief Executive Officer and President of Lincoln National Corporation since July 2007 and April 2006 respectively. He serves as Executive Officer of Lincoln Life Separate Account Bl1 of The Lincoln National Life Ins. Co. He served as Chief Operating Officer of Lincoln National Corporation from April 2006 to July 2007 and served as its Head of Lincoln Financial Distributors since April 2006. He served as the Chief Executive Officer of Lincoln Financial Advisors Corporation and Lincoln Financial Sports, Inc. He served as the Chief Executive Officer of Jefferson-Pilot Corporation since March 1, 2004 and served as its President since November 2001 and Chief Operating Officer from November 2001 to February 2004. He served as the Chief Financial Officer and Executive Vice President of Protective Life Corporation. He served as the Chairman of American Council Of Life Insurers. He serves as Director of Lincoln Life Separate Account Blm. He serves as a Director of Lincoln Financial Advisors Corporation, Asset Management Arm and Lincoln Financial Advisors Corporation. He has been a Director of Lincoln National Corporation since April 2006. He serves as Executive Director of Lincoln Life Separate Account BL3. He serves as an Executive Director of Lincoln Life Separate Account BL3 and Lincoln Life Flexible Premium Variable Life Account Z. He serves as President of The Lincoln National Life Insurance Company. He served as a Director of Jefferson-Pilot Corporation since March 1, 2004. He served as a Director of Hampshire Funding Inc. since May 1997. Mr. Glass is an alumnus of the University of Wisconsin, where he received a bachelor's of arts degree in 1971 and a master's of business administration degree in 1973.

CEO Compensation
  • Dennis's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Dennis's remuneration is about average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Lincoln National management team in years:

6.8
Average Tenure
54
Average Age
  • The average tenure for the Lincoln National management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Dennis Glass

TITLE
President
COMPENSATION
$14M
AGE
68
TENURE
11.8 yrs

Randy Freitag

TITLE
Executive VP
COMPENSATION
$5M
AGE
55
TENURE
8.3 yrs

Ellen Cooper

TITLE
Executive VP & Chief Investment Officer
COMPENSATION
$4M
AGE
54
TENURE
6.8 yrs

Lisa Buckingham

TITLE
Executive VP and Chief People
COMPENSATION
$3M
AGE
52
TENURE
10.4 yrs

Will Fuller

TITLE
Executive VP and President of Annuities
COMPENSATION
$4M
AGE
47
TENURE
8.2 yrs

Christine Janofsky

TITLE
Senior VP & Chief Accounting Officer
AGE
40
TENURE
3.2 yrs

Ken Solon

TITLE
Executive VP
AGE
57
TENURE
3.3 yrs

Lucy Gase

TITLE
Senior VP and Head of Administrative Services & Strategic Support
TENURE
0.7 yrs

Chris Giovanni

TITLE
Senior VP of Investor Relations & Corporate Treasurer

Steve Harris

TITLE
Chief Ethics & Compliance Officer and Senior VP
TENURE
2.1 yrs
Board of Directors Tenure

Average tenure and age of the Lincoln National board of directors in years:

13.1
Average Tenure
70.5
Average Age
  • The average tenure for the Lincoln National board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

William Cunningham

TITLE
Non-Executive Chairman
COMPENSATION
$511K
AGE
74
TENURE
10 yrs

Dennis Glass

TITLE
President
COMPENSATION
$14M
AGE
68
TENURE
13.1 yrs

Eric Johnson

TITLE
Director
COMPENSATION
$281K
AGE
67
TENURE
21 yrs

Marguerite Lachman

TITLE
Director
COMPENSATION
$335K
AGE
75
TENURE
34 yrs

Isaiah Tidwell

TITLE
Director
COMPENSATION
$306K
AGE
73
TENURE
13.2 yrs

Patrick Pittard

TITLE
Director
COMPENSATION
$310K
AGE
72
TENURE
13.1 yrs

Michael Mee

TITLE
Director
COMPENSATION
$261K
AGE
75
TENURE
18.3 yrs

George Henderson

TITLE
Director
COMPENSATION
$298K
AGE
69
TENURE
13.1 yrs

Gary Kelly

TITLE
Director
COMPENSATION
$281K
AGE
63
TENURE
9.5 yrs

Deirdre Connelly

TITLE
Director
COMPENSATION
$271K
AGE
57
TENURE
3 yrs
Who owns this company?
Recent Insider Trading
  • Lincoln National insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. Mar 19 Sell Jamie Ohl Individual 14. Mar 19 14. Mar 19 -4,638 $61.70 $-286,165
14. Feb 19 Sell Dennis Glass Individual 12. Feb 19 12. Feb 19 -10,000 $60.49 $-604,857
07. Dec 18 Sell Jamie Ohl Individual 06. Dec 18 06. Dec 18 -2,152 $58.00 $-124,821
X
Management checks
We assess Lincoln National's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Lincoln National has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

LNC News

Simply Wall St News

At US$64.00, Is Lincoln National Corporation (NYSE:LNC) Worth Looking At Closely?

What’s more interesting is that, Lincoln National’s share price is quite volatile, which gives us more chances to buy since the share price could sink lower (or rise higher) in the future. … NYSE:LNC Past and Future Earnings, May 20th 2019 Future outlook is an important aspect when you’re looking at buying a stock, especially if you are an investor looking for growth in your portfolio. … Its prosperous future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy LNC.

Simply Wall St -

Should You Worry About Lincoln National Corporation's (NYSE:LNC) CEO Pay?

Dennis Glass has been the CEO of Lincoln National Corporation (NYSE:LNC) since 2007. … This report will, first, examine the CEO compensation levels in comparison to CEO compensation at other big companies. … How Does Dennis Glass's Compensation Compare With Similar Sized Companies?

Simply Wall St -

Can Lincoln National Corporation (NYSE:LNC) Maintain Its Strong Returns?

To keep the lesson grounded in practicality, we'll use ROE to better understand Lincoln National Corporation (NYSE:LNC). … Our data shows Lincoln National has a return on equity of 11% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Lincoln National Corporation (NYSE:LNC): Secrets For Long Term Investors

Longstanding stocks such as Lincoln National Corporation has fared well over time in a volatile stock market, which is why it’s my top pick to invest in. … View our latest analysis for Lincoln National. … Lincoln National Corporation, through its subsidiaries, operates multiple insurance and retirement businesses in the United States

Simply Wall St -

Interested In Lincoln National Corporation (NYSE:LNC)’s Upcoming US$0.37 Dividend? You Have 4 Days Left

To qualify for the dividend check of US$0.37 per share, investors must have owned the shares prior to 09 April 2019, which is the last day the company's management will finalize their list of shareholders to which they will send dividend payments. … 5 questions to ask before buying a dividend stock? … Has its dividend been stable over the past (i.e. no missed payments or significant payout cuts)?

Simply Wall St -

Here's What Lincoln National Corporation's (NYSE:LNC) P/E Ratio Is Telling Us

To keep it practical, we'll show how Lincoln National Corporation's (NYSE:LNC) P/E ratio could help you assess the value on offer. … How Do I Calculate Lincoln National's Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

Update: Lincoln National (NYSE:LNC) Stock Gained 50% In The Last Three Years

Just take a look at Lincoln National Corporation (NYSE:LNC), which is up 50%, over three years, soundly beating the market return of 36% (not including dividends). … By comparing earnings per share (EPS) and share price changes over time, we can get a feel for how investor attitudes to a company have morphed over time. … Lincoln National was able to grow its EPS at 18% per year over three years, sending the share price higher.

Simply Wall St -

A Holistic Look At Lincoln National Corporation (NYSE:LNC)

Help shape the future of investing tools and receive a $20 prize! … Building up an investment case requires looking at a stock holistically. … Today I've chosen to put the spotlight on Lincoln National Corporation (NYSE:LNC) due to its excellent fundamentals in more than one area.

Simply Wall St -

At US$60.50, Is It Time To Put Lincoln National Corporation (NYSE:LNC) On Your Watch List?

Let's talk about the popular Lincoln National Corporation (NYSE:LNC). … received a lot of attention from a substantial price increase on the NYSE over the last few months … With many analysts covering the large-cap stock, we may expect any price-sensitive announcements have already been factored into the stock’s share price.

Simply Wall St -

How Much Did Lincoln National Corporation's (NYSE:LNC) CEO Pocket Last Year?

Dennis Glass has been the CEO of Lincoln National Corporation (NYSE:LNC) since 2007. … First, this article will compare CEO compensation with compensation at other large companies. … How Does Dennis Glass's Compensation Compare With Similar Sized Companies?

Simply Wall St -

LNC Company Info

Description

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. The Retirement Plan Services segment provides employers with retirement plan products and services primarily in the defined contribution retirement plan marketplace. This segment offers individual and group variable annuities, group fixed annuities, and mutual fund-based programs; and a range of plan services, including plan recordkeeping, compliance testing, participant education, and trust and custodial services. The Life Insurance segment provides life insurance products, including term insurance, such as single and survivorship versions of universal life insurance; variable universal life insurance; and indexed universal life insurance products; and a critical illness rider. The Group Protection segment offers group non-medical insurance products comprising short and long-term disability, statutory disability and paid family medical leave administration and absence management services, term life, dental, vision and accident, and critical illness benefits and services to the employer marketplace through various forms of employee-paid and employer-paid plans. The company distributes its products through consultants, brokers, planners, agents, financial advisors, third-party administrators, and other intermediaries. Lincoln National Corporation was founded in 1905 and is headquartered in Radnor, Pennsylvania.

Details
Name: Lincoln National Corporation
LNC
Exchange: NYSE
Founded: 1905
$12,610,033,022
202,343,277
Website: http://www.lfg.com
Address: Lincoln National Corporation
150 North Radnor Chester Road,
Suite A305,
Radnor,
Pennsylvania, 19087,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NYSE LNC Common Stock New York Stock Exchange US USD 02. Jan 1969
DB LCO Common Stock Deutsche Boerse AG DE EUR 02. Jan 1969
LSE 0JV3 Common Stock London Stock Exchange GB USD 02. Jan 1969
Number of employees
Current staff
Staff numbers
11,034
Lincoln National employees.
Industry
Life and Health Insurance
Insurance
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/23 23:39
End of day share price update: 2019/05/23 00:00
Last estimates confirmation: 2019/05/23
Last earnings filing: 2019/05/02
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.