Bank of America Merrill Lynch Maintains Buy on Lincoln National

Bank of America Merrill Lynch is out with its report today on Lincoln National LNC, maintaining Buy. In a note to clients, Bank of America Merrill Lynch writes, "The company has a 10% ROE today with some upward bias given that tangible ROE (or an indicator of potential new business returns) is closer to 13% and excess subsidiary capital and free cash flow should allow for balance sheet deleveraging and increased payouts to shareholders (dividends and share buybacks) over time. All of these factors suggest that the share price should improve to approximately book value, in our view." Bank of America Merrill Lynch maintains a $41 PO on LNC. At the time of posting, shares of LNC were trading at $27.56, up 0.29% from Wednesday's close.