Key Points
- Director Bradley Toothaker sold 5,685 shares on Feb. 23 at an average price of $58.36 for a total of $331,776.60, reducing his position by 21.98% to 20,178 shares (~$1.18M); the transaction was disclosed in an SEC filing.
- Quarterly results beat expectations: Lakeland reported $1.16 EPS versus a $1.05 consensus and $69.8M in revenue, with a 14.19% return on equity and a 24.51% net margin.
- Dividend increased to $0.52 quarterly (annualized $2.08), implying a 3.6% yield and a payout ratio of about 51.9%.
Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) Director Bradley Toothaker sold 5,685 shares of the firm's stock in a transaction dated Monday, February 23rd. The stock was sold at an average price of $58.36, for a total value of $331,776.60. Following the transaction, the director directly owned 20,178 shares in the company, valued at approximately $1,177,588.08. The trade was a 21.98% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link.
Lakeland Financial Stock Down 1.1%
Shares of NASDAQ LKFN opened at $58.02 on Wednesday. The stock has a market cap of $1.48 billion, a PE ratio of 14.47 and a beta of 0.75. The company has a quick ratio of 0.89, a current ratio of 0.89 and a debt-to-equity ratio of 0.02. Lakeland Financial Corporation has a 52-week low of $50.00 and a 52-week high of $69.40. The business has a 50-day moving average price of $59.50 and a 200 day moving average price of $61.06.
Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its quarterly earnings results on Monday, January 26th. The financial services provider reported $1.16 EPS for the quarter, topping the consensus estimate of $1.05 by $0.11. Lakeland Financial had a return on equity of 14.19% and a net margin of 24.51%.The company had revenue of $69.80 million for the quarter, compared to analyst estimates of $69.45 million. During the same quarter in the previous year, the company posted $0.94 earnings per share. Equities research analysts forecast that Lakeland Financial Corporation will post 3.7 earnings per share for the current year.
Lakeland Financial Increases Dividend
The firm also recently declared a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Sunday, January 25th were given a $0.52 dividend. This is a positive change from Lakeland Financial's previous quarterly dividend of $0.50. The ex-dividend date was Friday, January 23rd. This represents a $2.08 annualized dividend and a yield of 3.6%. Lakeland Financial's payout ratio is currently 51.87%.
Institutional Investors Weigh In On Lakeland Financial
A number of institutional investors have recently added to or reduced their stakes in LKFN. Parkside Financial Bank & Trust raised its stake in shares of Lakeland Financial by 248.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 442 shares of the financial services provider's stock worth $27,000 after buying an additional 315 shares in the last quarter. Osaic Holdings Inc. raised its position in Lakeland Financial by 186.0% in the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after acquiring an additional 305 shares in the last quarter. EverSource Wealth Advisors LLC lifted its holdings in Lakeland Financial by 1,212.5% in the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider's stock valued at $39,000 after acquiring an additional 582 shares during the period. Global Retirement Partners LLC boosted its position in shares of Lakeland Financial by 118.9% during the 4th quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider's stock worth $57,000 after purchasing an additional 541 shares in the last quarter. Finally, GAMMA Investing LLC grew its stake in shares of Lakeland Financial by 80.9% during the 3rd quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider's stock worth $107,000 after purchasing an additional 747 shares during the period. Hedge funds and other institutional investors own 81.15% of the company's stock.
Wall Street Analyst Weigh In
A number of research analysts have commented on the stock. Raymond James Financial restated an "outperform" rating and issued a $68.00 price objective (down from $74.00) on shares of Lakeland Financial in a research note on Tuesday, October 28th. Weiss Ratings restated a "hold (c)" rating on shares of Lakeland Financial in a research report on Thursday, January 22nd. Wall Street Zen raised Lakeland Financial from a "sell" rating to a "hold" rating in a research note on Saturday, January 31st. Hovde Group downgraded Lakeland Financial from an "outperform" rating to a "market perform" rating in a research note on Wednesday, January 7th. Finally, Stephens set a $66.00 target price on Lakeland Financial in a report on Tuesday, January 27th. One analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Hold" and a consensus target price of $68.00.
View Our Latest Stock Report on Lakeland Financial
About Lakeland Financial
(
Get Free Report)
Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.
Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.
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