LINCOLN NATIONAL CORPORATION
In the published model solve dated 2026-Q2, anchored at $42.15, LINCOLN NATIONAL CORPORATION (LNC) is priced for 11.2% return on equity. boothcheck publishes no house fair value, target price, or buy/sell rating; individual model outputs and user-controlled scenarios are analytical inputs, not Boothcheck targets. The narrative was composed June 27, 2026 from SEC EDGAR filings.
• Lincoln National is a life-and-annuity insurer running four businesses, annuities, life insurance, group protection, and retirement plan services, and it sits in the middle of a multi-year balance-sheet repair after a 2022 reserve charge. • The counterintuitive fact is the valuation: the stock trades at roughly 0.7 times book value even though it has recently earned a high-single-digit to low-double-digit return on equity, so the market is pricing in doubt about the durability of that return.
Is LNC overvalued? See what's priced in →
590 institutional managers reported holding LNC in 13F filings for the quarter ended 2026-03-31. Together they hold about 80% of the company; the top 10 hold 47%. 66 opened new positions that quarter. Held by Vanguard Group, BlackRock, Dimensional Fund Advisors, among others. On the short side, 9.6M shares were sold short as of the 2026-06-15 count, about 5% of shares outstanding (5.9 days of typical volume to cover).
Quarterly 13F filings arrive up to 45 days after quarter end, so the picture is never current (filed through 2026-05-29). Nothing here is investment advice.
LNC's share count grew 1% over the past five years even with $1.40B spent on repurchases. It pays a dividend, and has paid one every year in our records (18 and counting); the current rate is $1.80 a share annually. Cash returned over the past three years: $870.00M in dividends.
Share counts are split-adjusted; repurchase totals are gross of share issuance. Nothing here is investment advice.
Open-market insider buys at LNC over the trailing three years: 2024: 1 buy totaling $259k; 2025: 1 buy totaling $84k; 2026: 1 buy totaling $10k. 15 officers and directors are on file.
Code P open-market purchases from SEC Form 4 filings, non-derivative, excluding scheduled 10b5-1 plans. Nothing here is investment advice.
LNC's recent reports: the day-one move, then what the following quarter actually did.
| report | day one | next quarter |
|---|---|---|
| 2023-08-04 | -0.9% | -14.2% |
| 2023-11-03 | +6.2% | +14.6% |
| 2024-02-23 | -5.3% | +1.7% |
| 2024-05-03 | +1.5% | +9.9% |
Day-one is the close-to-close move around the filing. Nothing here is investment advice.
LNC's latest 8-K filings: 2026-07-30 (items 2.02, 7.01, 9.01); 2026-06-29 (items 8.01, 9.01); 2026-06-01 (items 5.07); 2026-05-07 (items 2.02, 7.01, 9.01); 2026-04-16 (items 5.02).
Item codes are the SEC's own classification of what each report discloses. Dates link to the filing on EDGAR. Nothing here is investment advice.
Model solve date: 2026-Q2
Narrative composed: June 27, 2026
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For informational and research purposes only. Not investment advice. Not a recommendation to buy, sell, or hold any security. boothcheck is not a registered investment adviser. Past performance does not guarantee future results.