Key Points
- Director Steven Ross sold 1,281 shares on May 6 at $62.50 for $80,062.50, leaving him with 27,001 shares and representing a 4.53% reduction in his stake.
- Quarterly results and dividend: Lakeland reported EPS of $1.04 vs. $1.01 expected (revenue slightly below estimates) and declared a $0.52 quarterly dividend (annualized $2.08, ~3.3% yield, 48.7% payout ratio).
- Market and analyst snapshot: LKFN trades near $62 with a $1.55B market cap and a 14.6x PE, while analysts maintain a consensus "Hold" rating and a $66.50 price target.
Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) Director Steven Ross sold 1,281 shares of the company's stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $62.50, for a total value of $80,062.50. Following the completion of the transaction, the director directly owned 27,001 shares of the company's stock, valued at approximately $1,687,562.50. This represents a 4.53% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
Lakeland Financial Stock Up 0.2%
LKFN stock opened at $62.32 on Thursday. The firm has a market cap of $1.55 billion, a PE ratio of 14.59 and a beta of 0.74. The business has a 50 day moving average of $58.64 and a 200-day moving average of $58.95. Lakeland Financial Corporation has a 12-month low of $54.36 and a 12-month high of $69.40.
Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its earnings results on Monday, April 27th. The financial services provider reported $1.04 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.01 by $0.03. Lakeland Financial had a return on equity of 14.79% and a net margin of 25.81%.The business had revenue of $69.71 million during the quarter, compared to the consensus estimate of $70.42 million. During the same period last year, the business posted $0.78 earnings per share. On average, research analysts expect that Lakeland Financial Corporation will post 4.3 earnings per share for the current year.
Lakeland Financial Announces Dividend
The business also recently declared a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Saturday, April 25th were issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend was Friday, April 24th. Lakeland Financial's dividend payout ratio (DPR) is presently 48.71%.
Institutional Investors Weigh In On Lakeland Financial
Large investors have recently added to or reduced their stakes in the business. Osaic Holdings Inc. boosted its stake in Lakeland Financial by 186.0% during the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock valued at $29,000 after buying an additional 305 shares during the period. EverSource Wealth Advisors LLC raised its position in Lakeland Financial by 1,212.5% during the second quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider's stock valued at $39,000 after purchasing an additional 582 shares in the last quarter. Rockefeller Capital Management L.P. raised its position in Lakeland Financial by 40.5% during the fourth quarter. Rockefeller Capital Management L.P. now owns 729 shares of the financial services provider's stock valued at $42,000 after purchasing an additional 210 shares in the last quarter. Global Retirement Partners LLC raised its position in Lakeland Financial by 118.9% during the fourth quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider's stock valued at $57,000 after purchasing an additional 541 shares in the last quarter. Finally, Summit Securities Group LLC purchased a new stake in Lakeland Financial during the first quarter valued at about $86,000. Institutional investors own 81.15% of the company's stock.
Analyst Upgrades and Downgrades
Several equities research analysts recently issued reports on the company. Wall Street Zen raised Lakeland Financial from a "sell" rating to a "hold" rating in a research note on Sunday, April 19th. Stephens set a $66.00 price objective on Lakeland Financial in a research note on Tuesday, January 27th. Hovde Group lifted their price objective on Lakeland Financial from $63.00 to $66.00 and gave the company a "market perform" rating in a research note on Tuesday, April 28th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of Lakeland Financial in a research note on Tuesday, April 21st. One analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $66.50.
View Our Latest Analysis 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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