Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) SVP Kyra Clark sold 250 shares of the firm's stock in a transaction dated Thursday, July 30th. The shares were sold at an average price of $63.22, for a total value of $15,805.00. Following the sale, the senior vice president directly owned 11,396 shares in the company, valued at approximately $720,455.12. The trade was a 2.15% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website.
Lakeland Financial Stock Up 0.1%
NASDAQ:LKFN opened at $62.65 on Friday. The stock has a market capitalization of $1.56 billion, a price-to-earnings ratio of 14.37 and a beta of 0.73. Lakeland Financial Corporation has a 52 week low of $54.36 and a 52 week high of $69.40. The firm has a 50 day moving average of $61.14 and a 200 day moving average of $59.95.
Lakeland Financial (NASDAQ:LKFN - Get Free Report) last released its quarterly earnings results on Monday, July 27th. The financial services provider reported $1.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.08 by $0.05. The business had revenue of $70.87 million for the quarter, compared to analyst estimates of $72.11 million. Lakeland Financial had a net margin of 26.04% and a return on equity of 14.67%. During the same period in the previous year, the company earned $1.04 earnings per share. As a group, analysts expect that Lakeland Financial Corporation will post 4.37 EPS for the current year.
Lakeland Financial Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, August 5th. Investors of record on Saturday, July 25th will be paid a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.3%. The ex-dividend date is Friday, July 24th. Lakeland Financial's payout ratio is 47.71%.
Analyst Upgrades and Downgrades
LKFN has been the subject of a number of research analyst reports. Weiss Ratings cut Lakeland Financial from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Wednesday. Wall Street Zen upgraded Lakeland Financial from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Hovde Group upped their price objective on shares of Lakeland Financial from $63.00 to $66.00 and gave the company a "market perform" rating in a report on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating and three have assigned a Hold rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $66.50.
View Our Latest Report on LKFN
Institutional Investors Weigh In On Lakeland Financial
Institutional investors and hedge funds have recently made changes to their positions in the stock. Royal Bank of Canada increased its position in shares of Lakeland Financial by 13.0% in the 1st quarter. Royal Bank of Canada now owns 60,794 shares of the financial services provider's stock valued at $3,614,000 after acquiring an additional 6,987 shares during the period. AQR Capital Management LLC lifted its position in Lakeland Financial by 90.5% during the 1st quarter. AQR Capital Management LLC now owns 32,427 shares of the financial services provider's stock worth $1,927,000 after acquiring an additional 15,404 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Lakeland Financial by 5.1% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 14,868 shares of the financial services provider's stock worth $884,000 after acquiring an additional 716 shares during the period. Millennium Management LLC grew its stake in Lakeland Financial by 327.9% during the 1st quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider's stock valued at $11,848,000 after purchasing an additional 152,738 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Lakeland Financial during the 1st quarter valued at about $215,000. 81.15% of the stock is currently owned by institutional investors and hedge funds.
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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