Key Points
- Director Robert Bartels, Jr. bought 1,918 Lakeland Financial shares at $61.09 each, spending about $117,171 and increasing his stake by 6.74% to 30,376 shares.
- Lakeland beat quarterly EPS expectations, reporting $1.14 per share versus $1.09 expected; revenue rose 5.8% year over year to $73 million, slightly below consensus.
- Analysts’ consensus rating is Hold, with an average price target of $65.67. The company’s annualized dividend is $2.08 per share, a yield of about 3.3%.
Lakeland Financial Corporation (NASDAQ:LKFN - Get Free Report) Director Robert Bartels, Jr. acquired 1,918 shares of the stock in a transaction on Friday, November 6th. The shares were bought at an average price of $61.09 per share, for a total transaction of $117,170.62. Following the purchase, the director owned 30,376 shares in the company, valued at approximately $1,855,669.84. This trade represents a 6.74% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available through the SEC website.
Lakeland Financial Stock Up 1.7%
LKFN stock opened at $62.20 on Tuesday. The business has a 50-day simple moving average of $59.38 and a 200 day simple moving average of $59.97. The company has a market cap of $1.54 billion, a PE ratio of 13.92 and a beta of 0.77. Lakeland Financial Corporation has a 52 week low of $54.36 and a 52 week high of $64.55.
Lakeland Financial (NASDAQ:LKFN - Get Free Report) last issued its quarterly earnings results on Monday, October 26th. The financial services provider reported $1.14 earnings per share for the quarter, topping analysts' consensus estimates of $1.09 by $0.05. Lakeland Financial had a net margin of 26.51% and a return on equity of 15.07%. The company had revenue of $73.00 million during the quarter, compared to the consensus estimate of $73.74 million. During the same quarter in the prior year, the firm posted $1.03 EPS. The firm's quarterly revenue was up 5.8% on a year-over-year basis. On average, analysts anticipate that Lakeland Financial Corporation will post 4.41 EPS for the current fiscal year.
Lakeland Financial Dividend Announcement
The business also recently announced a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Sunday, October 25th were issued a $0.52 dividend. The ex-dividend date of this dividend was Friday, October 23rd. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.3%. Lakeland Financial's dividend payout ratio is 46.53%.
Analysts Set New Price Targets
Several research firms have commented on LKFN. Weiss Ratings reiterated a "hold (c+)" rating on shares of Lakeland Financial in a research report on Tuesday, October 27th. Stephens upped their price target on shares of Lakeland Financial from $66.00 to $67.00 and gave the company an "equal weight" rating in a research report on Wednesday, October 28th. Wall Street Zen lowered shares of Lakeland Financial from a "hold" rating to a "sell" rating in a research note on Sunday, August 9th. Raymond James Financial reaffirmed a "market perform" rating on shares of Lakeland Financial in a research report on Tuesday, October 27th. Finally, Keefe, Bruyette & Woods raised their price target on shares of Lakeland Financial from $63.00 to $64.00 and gave the company a "market perform" rating in a research report on Tuesday, October 27th. Five research analysts have rated the stock with a Hold rating. Based on data from MarketBeat, Lakeland Financial presently has an average rating of "Hold" and an average price target of $65.67.
View Our Latest Research Report on Lakeland Financial
Institutional Trading of Lakeland Financial
Institutional investors have recently modified their holdings of the business. Maryland State Retirement & Pension System lifted its position in shares of Lakeland Financial by 55.3% during the third quarter. Maryland State Retirement & Pension System now owns 5,647 shares of the financial services provider's stock worth $326,000 after acquiring an additional 2,011 shares in the last quarter. Alps Advisors Inc. bought a new stake in shares of Lakeland Financial during the 3rd quarter valued at about $551,000. Bridge City Capital LLC boosted its position in shares of Lakeland Financial by 21.4% during the 3rd quarter. Bridge City Capital LLC now owns 50,655 shares of the financial services provider's stock valued at $2,921,000 after acquiring an additional 8,914 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. purchased a new position in shares of Lakeland Financial during the third quarter worth about $1,366,000. Finally, ProShare Advisors LLC grew its holdings in shares of Lakeland Financial by 44.9% during the third quarter. ProShare Advisors LLC now owns 163,890 shares of the financial services provider's stock worth $9,450,000 after purchasing an additional 50,763 shares in the last quarter. 81.15% of the stock is currently owned by hedge funds and other institutional investors.
Lakeland Financial Company Profile
(
Get Free Report)
Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana, and the parent company of Lake City Bank. The bank traces its history to 1872 and serves individuals, businesses and organizations across northern and central Indiana.
Lake City Bank offers personal and business banking services, including deposit accounts, lending, mortgage financing and digital banking. Its business services include commercial loans, treasury management and other cash-management solutions.
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