Lincoln National (NYSE:LNC – Get Free Report) announced its earnings results on Thursday. The financial services provider reported $1.72 EPS for the quarter, missing analysts’ consensus estimates of $1.96 by ($0.24), FiscalAI reports. Lincoln National had a net margin of 12.21% and a return on equity of 17.35%. The business had revenue of $5.06 billion during the quarter, compared to analysts’ expectations of $4.97 billion. During the same period in the previous year, the company posted $2.04 earnings per share.
Here are the key takeaways from Lincoln National’s conference call:
- Lincoln said it largely completed its three-year transformation goals, including transferring about 60% of guaranteed universal life reserves to reinsurance partners and addressing its preferred stock. With its Holdco cash build for the remaining preferred redemption complete, the company resumed share repurchases and expects to increase them, while continuing to invest in its businesses.
- Adjusted operating income available to common stockholders was $339 million, or $1.72 per share, including a $95 million after-tax reduction from the annual assumption review. Alternative investments returned 16.5% annualized, above the 10% target, contributing $55 million of after-tax above-target income.
- Annuity sales rose 21% sequentially to $4.3 billion, led by fixed annuity sales that more than doubled to $1.4 billion; spread-based products made up 67% of sales. Management expects fixed annuity momentum to continue, though it forecast fourth-quarter earnings roughly flat with the third quarter, excluding the review impact.
- Group Protection earnings fell to $77 million from $110 million a year earlier, as disability severity and the normalization of previously favorable incidence pressured results. Lincoln expects the full-year margin to finish at or modestly below the low end of its 8%–9% range, with incidence pressure expected to persist.
- Life earnings improved to $130 million from $54 million a year earlier, but results benefited from favorable mortality and above-target alternative returns; management said the business generated about $158 million over the past year excluding those factors. Retirement Plan Services earnings also increased, but first-year sales were down and management expects uneven flows as its strategic realignment proceeds.
Lincoln National Price Performance
Shares of LNC opened at $38.74 on Friday. Lincoln National has a twelve month low of $32.18 and a twelve month high of $47.67. The stock’s 50 day moving average is $41.59 and its two-hundred day moving average is $39.02. The firm has a market capitalization of $7.42 billion, a PE ratio of 3.36, a P/E/G ratio of 1.40 and a beta of 1.16. The company has a current ratio of 0.27, a quick ratio of 0.27 and a debt-to-equity ratio of 0.62.
Analyst Ratings Changes
LNC has been the topic of several recent research reports. National Bank Financial set a $49.00 price target on Lincoln National in a research report on Wednesday, October 7th. Mizuho dropped their target price on Lincoln National from $53.00 to $49.00 and set an “outperform” rating on the stock in a report on Wednesday, October 7th. Jefferies Financial Group upped their price target on Lincoln National from $56.00 to $57.00 and gave the stock a “buy” rating in a research note on Friday, July 10th. Weiss Ratings reaffirmed a “buy (b)” rating on shares of Lincoln National in a report on Friday, October 30th. Finally, Wells Fargo & Company increased their price target on Lincoln National from $52.00 to $54.00 and gave the stock an “overweight” rating in a report on Monday, October 12th. Seven equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $48.67.
View Our Latest Stock Analysis on Lincoln National
Lincoln National News Summary
Here are the key news stories impacting Lincoln National this week:
- Positive Sentiment: Revenue was $5.06 billion, above the $4.97 billion consensus, and the company highlighted sales growth. Lincoln Financial Group’s Q3 2026: beats on revenue
- Positive Sentiment: Lincoln said capital returns are resuming, with share repurchases set to ramp up after an initial $50 million. Buybacks may help support shareholder returns. Lincoln Financial anticipates RPS outflows as buybacks ramp
- Negative Sentiment: Q3 EPS of $1.72 missed the $1.96 consensus and declined from $2.04 a year earlier. The earnings shortfall is a likely source of investor concern despite the revenue beat. Lincoln National Q3 Earnings Lag Estimates
- Negative Sentiment: Management anticipates about $3 billion in net outflows from retirement plan services in Q4. A deep-dive report also flags margin pressure, tempering the positive sales-growth picture. LNC Q3 2026 deep dive
Insider Buying and Selling
In related news, EVP Sean Woodroffe sold 11,000 shares of Lincoln National stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $45.28, for a total value of $498,080.00. Following the sale, the executive vice president directly owned 119,947 shares in the company, valued at $5,431,200.16. The trade was a 8.40% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Gary C. Kelly sold 15,007 shares of Lincoln National stock in a transaction that occurred on Wednesday, August 12th. The shares were sold at an average price of $26.50, for a total value of $397,685.50. The disclosure for this sale is available in the SEC filing. Corporate insiders own 1.03% of the company’s stock.
About Lincoln National
Lincoln National Corporation, operating under the Lincoln Financial Group brand, is a financial services company that provides insurance and retirement products primarily in the United States. Its businesses are designed to help individuals, employers and institutions manage financial protection, income and long-term savings needs.
The company offers life insurance and annuities, including products intended to provide death-benefit protection, retirement income and asset accumulation. Through its group protection business, Lincoln also provides employer-sponsored disability, dental, vision and leave-management solutions, as well as related workplace benefits and services.
Lincoln traces its history to the founding of The Lincoln National Life Insurance Company in Fort Wayne, Indiana, in 1905.
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