5 Cheap Insurance Stocks to Buy Now

2. Lincoln National Corporation (NYSE:LNC)

Number of Hedge Fund Holders: 34 

Share Price as of October 20: $48.47   

Lincoln National Corporation (NYSE:LNC) operates multiple insurance and retirement businesses in the United States. It is one of the prominent insurance stocks to invest in. On September 27, Lincoln Financial Group, a subsidiary of Lincoln National Group, revealed that its wholesale distribution franchise, Lincoln Financial Distributors, has signed a partnership deal with a tech enabled life insurance brokerage, Modern Life. In this partnership, Lincoln’s life insurance product portfolio will be delivered on the digital platform of Modern Life. 

On October 7, JPMorgan analyst Jimmy Bhullar maintained an Overweight rating on Lincoln National Corp (NYSE:LNC) stock and lowered the price target to $68 from $77, noting that the rise in interest rates is a notable positive and should alleviate, although not eliminate, tail risk in legacy blocks. 

Among the hedge funds being tracked by Insider Monkey, New York-based firm Lyrical Asset Management is a leading shareholder Lincoln National Corporation (NYSE:LNC), with 3.97 million shares worth more than $185.6 million. 

In its Q2 2022 investor letter, Chartwell Investment Partners, an asset management firm, highlighted a few stocks and Lincoln National Corporation (NYSE:LNC) was one of them. Here is what the fund said:

“The three worst-performing stocks in the Dividend Equity accounts includes Lincoln National (NYSE:LNC, 1.9%), down 27.9%. Lincoln’s quarterly results were weak in both life insurance and annuity sales, but we remain positive on the stock given the company’s ongoing de-risking initiatives, leverage to higher rates, and discounted valuation.”