Vanguard Group Maintains 14.9% Stake in Lincoln National Corp

TL;DR

**Vanguard still owns 14.9% of Lincoln National, showing continued institutional confidence.**

AI Summary

The Vanguard Group, a major investment firm, filed an amended SC 13G/A on February 13, 2024, indicating a change in its beneficial ownership of Lincoln National Corp (LNC) common stock as of December 29, 2023. Vanguard now reports shared voting power over 99,411 shares and shared dispositive power over 25,604,082 shares, representing 14.9% of the company's outstanding common stock. This matters to investors because Vanguard remains a significant institutional holder, and changes in its stake can signal shifts in institutional confidence or investment strategy for LNC.

Why It Matters

This filing confirms Vanguard's continued substantial ownership in Lincoln National Corp, signaling that a major institutional investor still sees value in the company, which can reassure other investors.

Risk Assessment

Risk Level: low — This filing indicates a stable, significant institutional ownership, which generally reduces volatility and provides a level of market confidence.

Analyst Insight

Investors should note Vanguard's continued substantial holding, which suggests long-term institutional confidence in Lincoln National Corp, but this filing alone doesn't indicate a new buying or selling trend.

Key Numbers

• 14.9% — Beneficial Ownership (The percentage of Lincoln National Corp common stock owned by The Vanguard Group, indicating a significant institutional stake.)
• 25,604,082 — Shares with Shared Dispositive Power (The total number of shares Vanguard can decide to sell, highlighting their influence on the stock's supply.)
• 99,411 — Shares with Shared Voting Power (The number of shares Vanguard can vote on, showing their direct influence in corporate decisions.)

Key Players & Entities

• The Vanguard Group (company) — reporting person and major institutional investor
• Lincoln National Corp (company) — subject company whose securities are being reported
• 99,411 (dollar_amount) — number of shares with shared voting power held by Vanguard
• 25,604,082 (dollar_amount) — number of shares with shared dispositive power held by Vanguard
• 14.9% (dollar_amount) — percentage of Lincoln National Corp's common stock beneficially owned by Vanguard
• December 29, 2023 (date) — date of the event requiring the filing

Forward-Looking Statements

• Vanguard will maintain a significant stake in Lincoln National Corp, likely above 10%, for the foreseeable future. (The Vanguard Group) — high confidence, target: December 29, 2024

FAQ

Filing Documents

• tv01349-lincolnnationalcorp.htm (SC 13G/A) — 11KB
• 0001104659-24-021356.txt ( ) — 13KB

(a) - Name of Issuer

Item 1(a) - Name of Issuer: Lincoln National Corp

(b) - Address of Issuer's Principal Executive Offices

Item 1(b) - Address of Issuer's Principal Executive Offices: 150 North Radnor Chester Road, Suite A305 Radnor, PA 19087

(a) - Name of Person Filing

Item 2(a) - Name of Person Filing: The Vanguard Group - 23-1945930

(b) – Address of Principal Business Office or, if none, residence

Item 2(b) – Address of Principal Business Office or, if none, residence: 100 Vanguard Blvd. Malvern, PA 19355

(c) – Citizenship

Item 2(c) – Citizenship: Pennsylvania

(d) - Title of Class of Securities

Item 2(d) - Title of Class of Securities: Common Stock

(e) - CUSIP Number

Item 2(e) - CUSIP Number 534187109

- Type of Filing

Item 3 - Type of Filing: This statement is being filed pursuant to Rule 13d-1. An investment adviser in accordance with 240.13d-1(b)(1)(ii)(E).

- Ownership

Item 4 - Ownership: (a) Amount Beneficially Owned: (b) Percent of Class: (c) Number of shares as to which such person has: (i) sole power to vote or direct to vote: (ii) shared power to vote or direct to vote: (iii) sole power to dispose of or to direct the disposition of: (iv) shared power to dispose or to direct the disposition of: Comments: The responses to questions 5 through 9 and 11 on the cover page(s) are incorporated by reference into this Item 4.

- Ownership of Five Percent or Less of a Class

Item 5 - Ownership of Five Percent or Less of a Class: If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than 5 percent of the class of securities, check the following

- Ownership of More Than Five Percent on Behalf of Another Person

Item 6 - Ownership of More Than Five Percent on Behalf of Another Person: The Vanguard Group, Inc.'s clients, including investment companies registered under the Investment Company Act of 1940 and other managed accounts, have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, the securities reported herein. No one other person's interest in the securities reported herein is more than 5%. Item 7 - Identification and Classification of the Subsidiary Which Acquired The Security Being Reported on by the Parent Holding Company: Not applicable

- Identification and Classification of Members of Group

Item 8 - Identification and Classification of Members of Group: Not applicable

- Notice of Dissolution of Group

Item 9 - Notice of Dissolution of Group: Not applicable

- Certification

Item 10 - Certification: By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under 240.14a-11. Signature After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: February 13, 2024 By /s/ Ashley Grim Name: Ashley Grim Title: Head of Global Fund Administration

View Full Filing

View this SC 13G/A filing on SEC EDGAR