Lakeland Financial Corp. (LKFN) Reaches New 52-Week High at $37.74
Lakeland Financial Corp. (NASDAQ:LKFN) shares reached a new 52-week high on Monday . The stock traded as high as $37.74 and last traded at $35.83, with a volume of 50,734 shares. The stock had previously closed at $53.27.
Several research analysts have recently weighed in on the company. Keefe, Bruyette & Woods increased their price target on 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 assumed coverage on Lakeland Financial Corp. in a research note on Thursday, July 21st. They set a “neutral” rating for the company. Stephens downgraded Lakeland Financial Corp. from an “overweight” rating to an “equal weight” rating in a research note on Monday, June 13th. Finally, Zacks Investment Research upgraded Lakeland Financial Corp. from a “sell” rating to a “hold” rating in a research note on Thursday, April 28th. Six analysts have rated the stock with a hold rating, The company presently has an average rating of “Hold” and an average target price of $39.50.
The stock has a 50 day moving average price of $32.64 and a 200 day moving average price of $30.93. The company has a market cap of $887.42 million and a price-to-earnings ratio of 18.4993.
Lakeland Financial Corp. (NASDAQ:LKFN) last posted its quarterly earnings results on Monday, July 25th. The financial services provider reported $0.76 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.71 by $0.05. Equities analysts expect that Lakeland Financial Corp. will post $2.00 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, August 5th. Stockholders of record on Monday, July 25th were paid a $0.28 dividend. This represents a $1.12 annualized dividend and a dividend yield of 3.14%. The ex-dividend date of this dividend was Thursday, July 21st.
In other Lakeland Financial Corp. news, Director Charles E. Niemier purchased 554 shares of the firm’s stock in a transaction dated Friday, August 5th. The stock was purchased at an average price of $52.99 per share, for a total transaction of $29,356.46. Following the completion of the purchase, the director now directly owns 144,361 shares of the company’s stock, valued at $7,649,689.39. The acquisition was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.
An institutional investor recently raised its position in Lakeland Financial Corp. stock. Victory Capital Management Inc. raised its stake in Lakeland Financial Corp. (NASDAQ:LKFN) by 7.6% during the fourth quarter, according to its most recent Form 13F filing with the 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 reporting period.
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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