Key Points
- Insider sale: Lakeland Financial Director Bradley Toothaker sold 5,900 shares on May 29 at an average price of $60.62, totaling about $357,658. After the transaction, he still owned 14,278 shares, a 29.24% reduction in his stake.
- Recent performance and earnings: The company recently reported quarterly EPS of $1.04, topping analyst expectations of $1.01. Revenue came in at $69.71 million, slightly below estimates, while analysts now forecast full-year EPS of 4.3.
- Dividend and outlook: Lakeland Financial paid a quarterly dividend of $0.52, which annualizes to $2.08 per share and yields 3.5%. Analyst sentiment is mixed but leaning neutral, with a consensus rating of Hold and an average target price of $66.50.
Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) Director Bradley Toothaker sold 5,900 shares of the stock in a transaction dated Friday, May 29th. The shares were sold at an average price of $60.62, for a total value of $357,658.00. Following the completion of the transaction, the director directly owned 14,278 shares in the company, valued at approximately $865,532.36. This represents a 29.24% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.
Lakeland Financial Stock Performance
LKFN stock opened at $59.22 on Tuesday. Lakeland Financial Corporation has a fifty-two week low of $54.36 and a fifty-two week high of $69.40. The business's 50-day moving average is $59.46 and its two-hundred day moving average is $59.06. The company has a market cap of $1.48 billion, a price-to-earnings ratio of 13.87 and a beta of 0.73.
Lakeland Financial (NASDAQ:LKFN - Get Free Report) last posted its earnings results on Monday, April 27th. The financial services provider reported $1.04 earnings per share for the quarter, beating 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 company had revenue of $69.71 million for the quarter, compared to the consensus estimate of $70.42 million. During the same quarter in the prior year, the company earned $0.78 earnings per share. Equities analysts predict that Lakeland Financial Corporation will post 4.3 earnings per share for the current year.
Lakeland Financial Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Tuesday, May 5th. Stockholders of record on Saturday, April 25th were paid a $0.52 dividend. The ex-dividend date of this dividend was Friday, April 24th. This represents a $2.08 annualized dividend and a dividend yield of 3.5%. Lakeland Financial's dividend payout ratio (DPR) is 48.71%.
Institutional Trading of Lakeland Financial
Institutional investors have recently made changes to their positions in the business. Osaic Holdings Inc. grew its position in shares of Lakeland Financial by 186.0% during the second quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider's stock worth $29,000 after purchasing an additional 305 shares in the last quarter. EverSource Wealth Advisors LLC boosted its holdings in shares of Lakeland Financial by 1,212.5% during the 2nd 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 during the last quarter. Rockefeller Capital Management L.P. boosted its holdings in shares of Lakeland Financial by 40.5% during the 4th 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 during the last quarter. Global Retirement Partners LLC grew its position in shares of 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 position in shares of Lakeland Financial during the first quarter valued at about $86,000. Hedge funds and other institutional investors own 81.15% of the company's stock.
Analyst Ratings Changes
Several research analysts have recently commented on the company. Weiss Ratings raised Lakeland Financial from a "hold (c)" rating to a "hold (c+)" rating in a research note on Friday. Wall Street Zen raised Lakeland Financial from a "sell" rating to a "hold" rating in a research note on Sunday, April 19th. Finally, Hovde Group raised their price objective on Lakeland Financial from $63.00 to $66.00 and gave the stock a "market perform" rating in a research note on Tuesday, April 28th. One equities research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $66.50.
Read Our Latest Stock Report on LKFN
Lakeland Financial Company Profile
(
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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