SCHEDULE: Vanguard Group Reports Zero Beneficial Ownership in Lincoln National

The Vanguard Group has amended its Schedule 13G filing, reporting 0% beneficial ownership in Lincoln National Corp following an internal realignment.

Summary

• The Vanguard Group filed an Amendment No. 17 to Schedule 13G for Lincoln National Corp.
• The filing indicates that The Vanguard Group now holds 0.00% beneficial ownership of Lincoln National Corp's Common Stock, totaling 0 shares.
• This change is due to an internal realignment within The Vanguard Group, Inc. that occurred on January 12, 2026.
• Following the realignment, certain subsidiaries or business divisions of Vanguard will report beneficial ownership separately (on a disaggregated basis) in accordance with SEC Release No. 34-39538.
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over the securities now reported by these disaggregated entities.

Sentiment

Score: 5

Explanation: StockSavvy.ai views this as a neutral event for Lincoln National Corp, as it primarily reflects an administrative change in The Vanguard Group's reporting structure rather than a shift in investment sentiment or underlying holdings.

Future Outlook

The filing indicates that the subsidiaries and/or business divisions of The Vanguard Group, Inc. that now report separately will pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.

Management Comments

• On January 12, 2026, The Vanguard Group, Inc. went through an internal realignment.
• Certain subsidiaries or business divisions of subsidiaries of The Vanguard Group, Inc., that formerly had, or were deemed to have, beneficial ownership with The Vanguard Group, Inc., will report beneficial ownership separately (on a disaggregated basis) from The Vanguard Group, Inc. in reliance on such release.
• These subsidiaries and/or business divisions pursue the same investment strategies as previously pursued by The Vanguard Group, Inc. prior to the realignment.
• The Vanguard Group, Inc. no longer has, or is deemed to have, beneficial ownership over securities beneficially owned by such subsidiaries and/or business divisions.

Industry Context

StockSavvy.ai notes that this filing reflects an administrative change in how a major institutional investor, The Vanguard Group, reports its holdings, rather than a change in its underlying investment strategy or a divestment from Lincoln National Corp. Such internal realignments and subsequent reporting adjustments are not uncommon among large, complex asset managers seeking to optimize compliance with SEC regulations like Rule 13d-1(b).

Stakeholder Impact

• Shareholders of Lincoln National Corp should understand that this filing does not indicate a divestment by The Vanguard Group's managed funds, but rather a change in how beneficial ownership is aggregated and reported by the parent entity.

Key Dates

Recommendation

This filing is an administrative update regarding The Vanguard Group's internal reporting structure and does not reflect a change in the investment thesis for Lincoln National Corp. The underlying investment strategies pursued by Vanguard's disaggregated entities remain the same. Therefore, no change to an existing 'hold' recommendation is warranted based solely on this filing.

Keywords

Lincoln National Corp, Vanguard Group, Schedule 13G, Beneficial Ownership, SEC Filing, Institutional Ownership, Common Stock, Investment Management, Reporting Change