Lakeland Financial Corp. (lkfn) To Go Ex-Dividend on October 21st
Lakeland Financial Corp. (NASDAQ:lkfn) announced a quarterly dividend on Wednesday, October 12th. Stockholders of record on Tuesday, October 25th will be given a dividend of 0.19 per share by the financial services provider on Monday, November 7th. This represents a $0.76 dividend on an annualized basis and a dividend yield of 2.21%. The ex-dividend date is Friday, October 21st.
Shares of Lakeland Financial Corp. (NASDAQ:LKFN) opened at 34.41 on Friday. Lakeland Financial Corp. has a 1-year low of $26.53 and a 1-year high of $37.74. The stock has a 50 day moving average price of $35.49 and a 200-day moving average price of $33.07. The stock has a market capitalization of $856.60 million, a PE ratio of 17.80 and a beta of 0.82.
Lakeland Financial Corp. (NASDAQ:LKFN) last posted its quarterly earnings data on Monday, July 25th. The financial services provider reported $0.76 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.71 by $0.05. Lakeland Financial Corp. had a return on equity of 12.19% and a net margin of 30.35%. On average, analysts forecast that Lakeland Financial Corp. will post $2.00 earnings per share for the current year.
LKFN has been the subject of several analyst reports. Keefe, Bruyette & Woods lowered their price objective on Lakeland Financial Corp. from $48.00 to $32.00 and set a “market perform” rating for the company in a research note on Tuesday, August 9th. Zacks Investment Research lowered Lakeland Financial Corp. from a “buy” rating to a “hold” rating in a research note on Wednesday. Finally, DA Davidson initiated coverage on Lakeland Financial Corp. in a research note on Thursday, July 21st. They set a “neutral” rating for the company. Six equities research analysts have rated the stock with a hold rating, Lakeland Financial Corp. currently has an average rating of “Hold” and an average price target of $39.33.
In other Lakeland Financial Corp. news, insider Kevin L. Deardorff sold 4,263 shares of Lakeland Financial Corp. stock in a transaction on Friday, August 12th. The stock was sold at an average price of $35.24, for a total transaction of $150,228.12. Following the completion of the sale, the insider now directly owns 43,324 shares of the company’s stock, valued at approximately $1,526,737.76. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, Director Charles E. Niemier bought 554 shares of the firm’s stock in a transaction on Friday, August 5th. The shares were purchased at an average cost of $52.99 per share, with a total value of $29,356.46. Following the completion of the transaction, the director now owns 144,361 shares in the company, valued at $7,649,689.39. The disclosure for this purchase can be found here. Corporate insiders own 4.90% of the company’s stock.
A number of large investors have recently modified their holdings of the stock. AQR Capital Management LLC raised its stake in shares of Lakeland Financial Corp. by 21.1% in the second quarter. AQR Capital Management LLC now owns 27,156 shares of the financial services provider’s stock worth $1,277,000 after buying an additional 4,739 shares during the period. Parametric Portfolio Associates LLC raised its stake in shares of Lakeland Financial Corp. by 13.6% in the second quarter. Parametric Portfolio Associates LLC now owns 11,831 shares of the financial services provider’s stock worth $556,000 after buying an additional 1,415 shares during the period. Citadel Advisors LLC purchased a new stake in shares of Lakeland Financial Corp. during the second quarter worth $304,000. Massachusetts Financial Services Co. MA raised its stake in shares of Lakeland Financial Corp. by 7.8% in the second quarter. Massachusetts Financial Services Co. MA now owns 155,128 shares of the financial services provider’s stock worth $7,293,000 after buying an additional 11,201 shares during the period. Finally, Ativo Capital Management LLC raised its stake in shares of Lakeland Financial Corp. by 68.9% in the second quarter. Ativo Capital Management LLC now owns 17,888 shares of the financial services provider’s stock worth $841,000 after buying an additional 7,299 shares during the period. 44.53% of the stock is owned by institutional investors and hedge funds.
Lakeland Financial Corp. Company Profile
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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