Step Aside Amazon and Google, Lincoln National Is Up 92% in 2013

NEW YORK (TheStreet) -- Lincoln National (LNC) may be a staid life insurer based in anonymous Radnor, Pa., but you wouldn't know it from its share price performance in 2013.

Lincoln shares are up 92% year to date, leaving red hot Internet stocks like Amazon (AMZN) and Google (GOOG) in the dust and even eclipsing Facebook (FB).

But while Amazon trades at 1,363 times earnings, Google is at 31 times earnings and Facebook is at 100 times earnings, Lincoln still trades at a puny 11 times earnings, well shy of the 17 times earnings that is the average for the S&P 500.

Which isn't to say such comparisons should guide a decision to invest in Lincoln. Lincoln's success stems largely from growth in its annuity business, which can't continue indefinitely. Facebook, by contrast, has no limits to its growth if it can keep its users engaged and find new ways to make money off of them. While that is no easy task, it isn't impossible either, and the potential rewards are limitless.

Still, Lincoln CEO Dennis Glass sounded like a raging bull at the Goldman Sachs financial services conference Wednesday as he looks ahead to 2014, in sharp contrast to other financial services executives like Bank of America (BAC) CEO Brian Moynihan, or Wells Fargo (WFC) boss John Stumpf, who were far more measured in their forecasts.

Here is an excerpt from Glass's presentation:

If you liked this article you might like

Goldman Sachs Could Be Another Negative Tell; Takeaways: Doug Kass' Views

Friday Recap; Thursday Actions: Doug Kass' Views

All the Rallying Big Bank Stocks Look Very Risky, Doug Kass Says