Lakeland Financial Corp. (LKFN) Hits New 1-Year High at $51.87
Lakeland Financial Corp. (NASDAQ:LKFN) shares hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $51.87 and last traded at $51.84, with a volume of 31,660 shares. The stock had previously closed at $51.35.
LKFN has been the topic of several recent research reports. Zacks Investment Research cut shares of Lakeland Financial Corp. from a “hold” rating to a “sell” rating in a report on Saturday, April 16th. Stephens cut shares of Lakeland Financial Corp. from an “overweight” rating to an “equal weight” rating in a report on Monday, June 13th. DA Davidson started coverage on shares of Lakeland Financial Corp. in a report on Thursday, July 21st. They set a “neutral” rating on the stock. Finally, Keefe, Bruyette & Woods raised their price target on shares of Lakeland Financial Corp. from $45.00 to $48.00 and gave the company a “market perform” rating in a report on Wednesday, July 27th. Six research analysts have rated the stock with a hold rating, The stock presently has a consensus rating of “Hold” and a consensus price target of $47.50.
The stock has a market cap of $850.21 million and a price-to-earnings ratio of 17.73. The firm’s 50 day moving average price is $48.07 and its 200-day moving average price is $45.93.
Lakeland Financial Corp. (NASDAQ:LKFN) last announced its quarterly earnings results on Monday, July 25th. The financial services provider reported $0.76 earnings per share for the quarter, beating the consensus estimate of $0.71 by $0.05. On average, equities analysts predict that Lakeland Financial Corp. will post $2.99 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, August 5th. Investors of record on Monday, July 25th will be issued a $0.28 dividend. The ex-dividend date of this dividend is Thursday, July 21st. This represents a $1.12 annualized dividend and a yield of 2.19%.
In related news, Director Charles E. Niemier acquired 612 shares of Lakeland Financial Corp. stock in a transaction that occurred on Thursday, May 5th. The shares were purchased at an average cost of $47.33 per share, for a total transaction of $28,965.96. Following the acquisition, the director now owns 95,228 shares in the company, valued at $4,507,141.24. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link.
An institutional investor recently raised its position in Lakeland Financial Corp. stock. Victory Capital Management Inc. increased its stake in shares of Lakeland Financial Corp. (NASDAQ:LKFN) by 7.6% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 610,335 shares of the financial services provider’s stock after buying an additional 43,050 shares during the period. Victory Capital Management Inc. owned about 3.69% of Lakeland Financial Corp. worth $28,454,000 at the end of the most recent quarter.
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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