Lakeland Financial Corp. (LKFN) Downgraded by Zacks Investment Research to Hold
According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “
Other analysts have also recently issued reports about the stock. Keefe, Bruyette & Woods boosted their price objective on shares of Lakeland Financial Corp. from $45.00 to $48.00 and gave the stock a market perform rating in a research note on Wednesday, July 27th. DA Davidson started coverage on shares of Lakeland Financial Corp. in a research note on Thursday, July 21st. They issued a neutral rating for the company. Six analysts have rated the stock with a hold rating, Lakeland Financial Corp. currently has an average rating of Hold and a consensus price target of $39.33.
Lakeland Financial Corp. (NASDAQ:LKFN) opened at 34.23 on Wednesday. The firm has a market capitalization of $852.12 million, a price-to-earnings ratio of 17.71 and a beta of 0.82. The stock has a 50 day moving average of $35.45 and a 200 day moving average of $33.13. Lakeland Financial Corp. has a 12-month low of $26.53 and a 12-month high of $37.74.
Lakeland Financial Corp. (NASDAQ:LKFN) last posted its earnings results on Monday, July 25th. The financial services provider reported $0.76 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. Lakeland Financial Corp. had a net margin of 30.35% and a return on equity of 12.19%. Equities research analysts anticipate that Lakeland Financial Corp. will post $2.00 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, November 7th. Investors of record on Tuesday, October 25th will be paid a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a yield of 2.22%. The ex-dividend date is Friday, October 21st. Lakeland Financial Corp.’s payout ratio is currently 38.66%.
In related news, Director Charles E. Niemier bought 554 shares of the business’s stock in a transaction that occurred on Friday, August 5th. The stock was purchased at an average cost of $52.99 per share, for a total transaction of $29,356.46. Following the purchase, the director now directly owns 144,361 shares in the company, valued at $7,649,689.39. The purchase was disclosed in a filing with the SEC, which is available through this link. Also, insider Kevin L. Deardorff sold 4,263 shares of the company’s stock in a transaction on Friday, August 12th. The shares were sold at an average price of $35.24, for a total transaction of $150,228.12. Following the transaction, the insider now owns 43,324 shares of the company’s stock, valued at $1,526,737.76. The disclosure for this sale can be found here. Corporate insiders own 4.90% of the company’s stock.
A number of institutional investors have recently added to or reduced their stakes in the stock. Franklin Resources Inc. boosted its position in Lakeland Financial Corp. by 60.0% in the second quarter. Franklin Resources Inc. now owns 1,104,500 shares of the financial services provider’s stock valued at $51,923,000 after buying an additional 414,000 shares during the last quarter. BTIM Corp. boosted its position in Lakeland Financial Corp. by 49.8% in the third quarter. BTIM Corp. now owns 353,850 shares of the financial services provider’s stock valued at $12,533,000 after buying an additional 117,636 shares during the last quarter. Monarch Capital Management Inc. boosted its position in Lakeland Financial Corp. by 48.9% in the third quarter. Monarch Capital Management Inc. now owns 230,803 shares of the financial services provider’s stock valued at $8,175,000 after buying an additional 75,753 shares during the last quarter. Neumeier Poma Investment Counsel LLC boosted its position in Lakeland Financial Corp. by 12.4% in the second quarter. Neumeier Poma Investment Counsel LLC now owns 306,240 shares of the financial services provider’s stock valued at $14,396,000 after buying an additional 33,750 shares during the last quarter. Finally, Emerald Mutual Fund Advisers Trust bought a new position in Lakeland Financial Corp. during the second quarter valued at approximately $1,461,000. Hedge funds and other institutional investors own 44.84% of the company’s stock.
About Lakeland Financial Corp.
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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