Lincoln National Corporation (LNC) Stock Price & How to Invest

Lincoln National Corporation, which operates as Lincoln Financial, is a diversified US life insurer and retirement company with four segments: Annuities, Life Insurance, Group Protection, and Retirement Plan Services. It sells fixed and variable annuities, term and universal life insurance, workplace group benefits, and defined-contribution retirement plans, earning money from insurance premiums, fees on account balances, and net investment income on a large general-account bond portfolio.

The investment picture is that of a turnaround value name in the insurance sector. After several difficult years, Lincoln has reported a run of consecutive quarters of adjusted operating income growth (up roughly 16 percent year over year in the first quarter of 2026), helped by strong annuity deposits, rising net investment income, and expense discipline. The stock trades at a very low earnings multiple and a mid-single-digit dividend yield, so it is a bet on continued balance-sheet repair and earnings consistency rather than on rapid top-line growth.

As a life insurer, Lincoln carries substantial interest-rate, credit, and equity-market risk through its large general-account bond portfolio and its variable-annuity guarantees, so a sharp move in rates, spreads, or stocks can swing reported results and capital. The company has a history of reserve charges and hedging losses that drove past net losses, and quarterly GAAP results can still show volatility even when adjusted operating income rises. Commercial real estate and other credit exposures within the investment portfolio are a watch item. The dividend, while covered, depends on continued subsidiary cash flow and capital ratios. Competition from larger and better-capitalized insurers pressures pricing across annuities, life, and group benefits.

12 analysts publish price targets on LNC, averaging $47.92 against a $42.77 price as of September 2026, or +12.0%. The published targets run from $35.00 to $60.00, a moderate spread, and the ratings split 6 buy, 5 hold, 2 sell. Over the last six months there have been 12 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full LNC forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Lincoln National Corporation. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Annuities and net investment income. Annuities is Lincoln's largest earnings engine, and higher interest rates have lifted net investment income on the general account while supporting strong annuity deposit flows. The most optimistic published target, $60.00, assumes this works close to its best case.

The case against. As a life insurer, Lincoln carries substantial interest-rate, credit, and equity-market risk through its large general-account bond portfolio and its variable-annuity guarantees, so a sharp move in rates, spreads, or stocks can swing reported results and capital. The most pessimistic target, $35.00, is roughly what LNC is worth if this bites instead.

Read the full bull and bear case on LNC, including what would have to change to break either one. Walnut is not an investment adviser.

No. Lincoln National Corporation (LNC) has not split its stock in the last 10 years. That is a statement about the window we check rather than about the company’s entire history, so an older split is possible. It also matters less than it once did: fractional shares mean a high price per share no longer keeps smaller investors out, which removed most of the practical reason to split.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Lincoln National Corporation's investor relations page or your broker.

• Revenue (TTM): ~$18.5B
• Market cap: ~$7B
• P/E ratio: ~4 to 5x
• Dividend yield: ~4.9%
• Q1 2026 adjusted EPS: ~$1.66
• Q1 2026 operating revenue: ~$4.9B

Lincoln trades at a strikingly low earnings multiple and near book value, reflecting the market's memory of prior charges more than current results. First-quarter 2026 adjusted operating income rose about 16 percent year over year on strong annuity deposits and higher net investment income. The mid-single-digit dividend yield and modest payout ratio give holders income while the balance-sheet recovery continues.

Other names that sit close to LNC: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get LNC exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so LNC sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where LNC fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

The investment picture is a deeply discounted, dividend-paying life insurer whose recovery in operating earnings is weighed against the balance-sheet and interest-rate sensitivity inherent to the business.

Whether LNC is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is LNC a buy or a sell?, and where the stock could go from here in the LNC stock forecast.

For income investors, whether LNC pays a dividend and how the payout looks is covered in does LNC pay a dividend? And to weigh LNC against a peer, read the full side-by-side comparisons: LNC vs MET and LNC vs PRU.