Monarch Capital Management Inc. Has $7,289,000 Stake in Lakeland Financial Corp. (LKFN)
Monarch Capital Management Inc. lowered its position in shares of Lakeland Financial Corp. (NASDAQ:LKFN) by 0.8% during the second quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 155,050 shares of the financial services provider’s stock after selling 1,300 shares during the period. Lakeland Financial Corp. comprises about 2.7% of Monarch Capital Management Inc.’s investment portfolio, making the stock its 9th largest position. Monarch Capital Management Inc.’s holdings in Lakeland Financial Corp. were worth $7,289,000 at the end of the most recent reporting period.
Other institutional investors have also bought and sold shares of the company. Virginia Retirement System acquired a new position in Lakeland Financial Corp. during the first quarter worth about $449,000. Teachers Advisors Inc. boosted its position in Lakeland Financial Corp. by 0.4% in the first quarter. Teachers Advisors Inc. now owns 32,454 shares of the financial services provider’s stock worth $1,486,000 after buying an additional 131 shares during the last quarter. Franklin Resources Inc. boosted its position in Lakeland Financial Corp. by 20.0% in the first quarter. Franklin Resources Inc. now owns 690,500 shares of the financial services provider’s stock worth $31,611,000 after buying an additional 115,100 shares during the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in Lakeland Financial Corp. by 0.9% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 513,632 shares of the financial services provider’s stock worth $23,514,000 after buying an additional 4,370 shares during the last quarter. Finally, Goldman Sachs Group Inc. boosted its position in Lakeland Financial Corp. by 5.1% in the first quarter. Goldman Sachs Group Inc. now owns 471,086 shares of the financial services provider’s stock worth $21,566,000 after buying an additional 22,921 shares during the last quarter. Institutional investors own 44.84% of the company’s stock.
Shares of Lakeland Financial Corp. (NASDAQ:LKFN) traded down 0.61% during midday trading on Monday, hitting $34.20. The company had a trading volume of 29,212 shares. The firm has a market capitalization of $851.37 million, a PE ratio of 17.69 and a beta of 0.82. Lakeland Financial Corp. has a 12 month low of $26.53 and a 12 month high of $37.74. The company has a 50-day moving average of $35.49 and a 200 day moving average of $33.07.
Lakeland Financial Corp. (NASDAQ:LKFN) last posted its quarterly earnings results on Monday, July 25th. The financial services provider reported $0.76 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 expect that Lakeland Financial Corp. will post $2.00 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 7th. Investors of record on Tuesday, October 25th will be issued a $0.19 dividend. The ex-dividend date is Friday, October 21st. This represents a $0.76 annualized dividend and a dividend yield of 2.21%. Lakeland Financial Corp.’s dividend payout ratio is presently 38.66%.
Several equities research analysts have weighed in on LKFN shares. DA Davidson started coverage on Lakeland Financial Corp. in a report on Thursday, July 21st. They issued a “neutral” rating for the company. Keefe, Bruyette & Woods upped their target price on Lakeland Financial Corp. from $45.00 to $48.00 and gave the stock a “market perform” rating in a report on Wednesday, July 27th. Finally, Zacks Investment Research upgraded Lakeland Financial Corp. from a “hold” rating to a “buy” rating and set a $39.00 target price for the company in a report on Monday, September 26th. Six analysts have rated the stock with a hold rating, Lakeland Financial Corp. presently has an average rating of “Hold” and an average price target of $39.33.
In other Lakeland Financial Corp. news, Director Charles E. Niemier bought 554 shares of the business’s stock in a transaction on Friday, August 5th. The stock was bought at an average price of $52.99 per share, with a total value of $29,356.46. Following the completion of the purchase, the director now directly owns 144,361 shares in the company, valued at $7,649,689.39. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Kevin L. Deardorff sold 4,263 shares of the firm’s stock in a transaction on Friday, August 12th. The stock was sold at an average price of $35.24, for a total value of $150,228.12. Following the sale, the insider now directly owns 43,324 shares of the company’s stock, valued at approximately $1,526,737.76. The disclosure for this sale can be found here. 4.90% of the stock is owned by corporate insiders.
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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