Lakeland Financial Corp. (LKFN) Sees Strong Trading Volume
Lakeland Financial Corp. (NASDAQ:LKFN) saw unusually-high trading volume on Thursday . Approximately 59,432 shares traded hands during mid-day trading, a decline of 13% from the previous session’s volume of 68,604 shares.The stock last traded at $35.49 and had previously closed at $35.28.
LKFN has been the topic of a number of recent analyst reports. DA Davidson initiated coverage on Lakeland Financial Corp. in a research report on Thursday, July 21st. They issued a “neutral” rating on the stock. Keefe, Bruyette & Woods lowered their price objective on Lakeland Financial Corp. from $48.00 to $32.00 and set a “market perform” rating on the stock in a research report on Tuesday, August 9th. Stephens downgraded Lakeland Financial Corp. from an “overweight” rating to an “equal weight” rating in a research report on Monday, June 13th. Finally, Zacks Investment Research upgraded Lakeland Financial Corp. from a “sell” rating to a “hold” rating in a research report on Thursday, April 28th. Six research analysts have rated the stock with a hold rating, The stock presently has an average rating of “Hold” and an average target price of $39.50.
The company’s 50-day moving average price is $34.09 and its 200-day moving average price is $31.52. The stock has a market cap of $886.72 million and a price-to-earnings ratio of 18.43.
Lakeland Financial Corp. (NASDAQ:LKFN) last issued its earnings results on Monday, July 25th. The financial services provider reported $0.76 EPS for the quarter, topping the Zacks’ consensus estimate of $0.71 by $0.05. Equities analysts forecast that Lakeland Financial Corp. will post $2.00 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 5th. Stockholders of record on Monday, July 25th were given a $0.28 dividend. The ex-dividend date was Thursday, July 21st. This represents a $1.12 annualized dividend and a dividend yield of 3.14%.
In other Lakeland Financial Corp. news, Director Charles E. Niemier purchased 554 shares of the stock in a transaction dated Friday, August 5th. The stock was purchased at an average price of $52.99 per share, with a total value of $29,356.46. Following the transaction, the director now owns 144,361 shares of the company’s stock, valued at $7,649,689.39. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Emily E. Pichon sold 1,000 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The stock was sold at an average price of $35.55, for a total transaction of $35,550.00. Following the completion of the sale, the director now directly owns 12,875 shares of the company’s stock, valued at approximately $457,706.25. The disclosure for this sale can be found here.
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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