The Treasury Department's warrants for stock in Lincoln National Corp. sold for just under $213.7 million, the department announced Friday.

The warrants brought $16.60 apiece, and the deal is expected to close Wednesday.

The warrants sold for less than the estimate of $19 each provided by University of Louisiana-Lafayette professor Linus Wilson the day before the auction, and below his estimate of $17.90 made the day of the auction.

Wilson attributed the lower-than-expected price to "downward trading stock prices" on the day of the auction.

On Wednesday, the day before the auction, Lincoln National's stock closed at $25.36 per share. But the company's shares, like those of other life insurers, gradually fell Thursday and ended the day at $24.72.

Lincoln National issued the warrants to Treasury as part of the consideration for the $950 million in taxpayer aid it received through the Troubled Asset Relief Program. The company repaid that money earlier this year.