Ashleigh Rogers
Long/short equity, growth at reasonable price, value, banks

Lincoln National: Not As Cheap As It Once Was

After a while of writing about a specific industry like insurance, you see certain themes start to emerge. Health insurance stocks trade largely based on views about one set of factors, P&C's based on another, and life insurers based on a third set. Lincoln National (NYSE:LNC) falls into this third set of firms, and while the stock is probably still undervalued on the basis of its expected future discount cash flows, there is no question that the stock is less undervalued than it once was. Sentiment across the life insurance space is starting to shift as investors begin looking forward to the prospect of higher interest rates. Lincoln is benefitting from this shift in sentiment, and while the...

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