Put Options on LNC on 8/8/2022

Lincoln National Corporation (LNC) 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 fixed, variable, 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. 

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; indexed universal life insurance products; and critical illness and long-term care riders.

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. 

On August 3rd, LNC reported 2nd Quarter June 2022 earnings of $2.23 per share on revenue of $5.1 billion. The consensus earnings estimate was $2.35 per share on revenue of $4.7 billion. The miss caused shares to fall through their 50-day moving average and a support level. Lower share prices are expected.

Last Trade: $45.94

Trading Range: $44.89 to $77.57

Trade Buy 1 September $45.00 Put at $1.85 For a net debit of $1.85 Profit/Loss Analysis Breakeven at $43.15 Maximum profit is unbounded Maximum loss is ($185.00) at strike of $45.00 Closing Summary Sold 1 September $45.00 Put at $0.00

Position closed on 9/16/2022 at price of $0.00 with a -100.00% loss in 39 days.

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