Wedge Capital Management L L P NC Has $7,561,000 Position in Lakeland Financial Corp. (LKFN)
Wedge Capital Management L L P NC cut its stake in Lakeland Financial Corp. (NASDAQ:LKFN) by 2.0% during the second quarter, according to its most recent filing with the SEC. The firm owned 160,834 shares of the financial services provider’s stock after selling 3,351 shares during the period. Wedge Capital Management L L P NC’s holdings in Lakeland Financial Corp. were worth $7,561,000 as of its most recent SEC filing.
Several other hedge funds have also modified their holdings of the company. Franklin Resources Inc. boosted its stake in shares of 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 valued at $31,611,000 after buying an additional 115,100 shares in the last quarter. Emerald Mutual Fund Advisers Trust acquired a new stake in shares of Lakeland Financial Corp. during the second quarter valued at $1,461,000. Goldman Sachs Group Inc. boosted its stake in shares of 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 valued at $21,566,000 after buying an additional 22,921 shares in the last quarter. Kennedy Capital Management Inc. boosted its stake in shares of Lakeland Financial Corp. by 36.4% in the first quarter. Kennedy Capital Management Inc. now owns 74,007 shares of the financial services provider’s stock valued at $3,388,000 after buying an additional 19,754 shares in the last quarter. Finally, Virginia Retirement System acquired a new stake in shares of Lakeland Financial Corp. during the first quarter valued at $449,000. 44.84% of the stock is currently owned by institutional investors.
Shares of Lakeland Financial Corp. (NASDAQ:LKFN) traded down 0.52% during trading on Monday, hitting $34.23. 41,272 shares of the stock traded hands. The firm has a market cap of $852.12 million, a price-to-earnings ratio of 17.71 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 price of $35.49 and a 200 day moving average price of $33.07.
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 for the quarter, beating 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%. Analysts anticipate that Lakeland Financial Corp. will post $2.00 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, November 7th. Stockholders of record on Tuesday, October 25th will be given a dividend of $0.19 per share. This represents a $0.76 annualized dividend and a dividend yield of 2.22%. The ex-dividend date is Friday, October 21st. Lakeland Financial Corp.’s dividend payout ratio (DPR) is currently 38.66%.
LKFN has been the topic of several analyst reports. Keefe, Bruyette & Woods reduced their price objective on shares of Lakeland Financial Corp. from $48.00 to $32.00 and set a “market perform” rating on the stock in a research note on Tuesday, August 9th. Zacks Investment Research upgraded shares of Lakeland Financial Corp. from a “hold” rating to a “buy” rating and set a $39.00 target price on the stock in a report on Monday, September 26th. Finally, DA Davidson started coverage on shares of Lakeland Financial Corp. in a report on Thursday, July 21st. They issued a “neutral” rating on the stock. Six investment analysts have rated the stock with a hold rating, The stock currently has an average rating of “Hold” and a consensus price target of $39.33.
In other Lakeland Financial Corp. news, Director Charles E. Niemier bought 554 shares of Lakeland Financial Corp. stock in a transaction that occurred on Friday, August 5th. The shares were bought at an average price of $52.99 per share, with a total value of $29,356.46. Following the acquisition, the director now owns 144,361 shares in the company, valued at $7,649,689.39. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Kevin L. Deardorff sold 4,263 shares of the 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 directly owns 43,324 shares in the company, valued at approximately $1,526,737.76. The disclosure for this sale can be found here. Insiders own 4.90% of the company’s stock.
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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