Schwab Charles Investment Management Inc. increased its position in shares of Lakeland Financial Corporation (NASDAQ:LKFN) by 5.8% during the first quarter, Holdings Channel reports. The fund owned 106,266 shares of the financial services provider’s stock after buying an additional 5,796 shares during the period. Schwab Charles Investment Management Inc.’s holdings in Lakeland Financial Corporation were worth $4,583,000 at the end of the most recent quarter.

Other hedge funds also recently bought and sold shares of the company. Teachers Advisors LLC raised its stake in Lakeland Financial Corporation by 6.8% in the fourth quarter. Teachers Advisors LLC now owns 56,087 shares of the financial services provider’s stock worth $2,656,000 after buying an additional 3,551 shares during the last quarter. Highbridge Capital Management LLC bought a new stake in Lakeland Financial Corporation during the fourth quarter worth approximately $346,000. Wells Fargo & Company MN raised its stake in Lakeland Financial Corporation by 7.9% in the first quarter. Wells Fargo & Company MN now owns 73,860 shares of the financial services provider’s stock worth $3,185,000 after buying an additional 5,384 shares during the last quarter. First Trust Advisors LP raised its stake in Lakeland Financial Corporation by 27.2% in the first quarter. First Trust Advisors LP now owns 91,166 shares of the financial services provider’s stock worth $3,931,000 after buying an additional 19,501 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Lakeland Financial Corporation by 51.3% in the first quarter. Bank of New York Mellon Corp now owns 290,127 shares of the financial services provider’s stock worth $12,510,000 after buying an additional 98,331 shares during the last quarter. 69.96% of the stock is currently owned by institutional investors and hedge funds.

Lakeland Financial Corporation (NASDAQ:LKFN) traded down 1.11% during trading on Friday, reaching $43.69. The company had a trading volume of 74,146 shares. The stock has a 50 day moving average price of $45.89 and a 200 day moving average price of $44.81. Lakeland Financial Corporation has a 12 month low of $33.98 and a 12 month high of $48.88. The firm has a market capitalization of $1.09 billion, a price-to-earnings ratio of 19.59 and a beta of 0.83.

Lakeland Financial Corporation (NASDAQ:LKFN) last issued its earnings results on Tuesday, July 25th. The financial services provider reported $0.60 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.05. The business had revenue of $42.61 million for the quarter, compared to analysts’ expectations of $41.86 million. Lakeland Financial Corporation had a return on equity of 13.06% and a net margin of 30.72%. On average, equities research analysts predict that Lakeland Financial Corporation will post $2.37 earnings per share for the current year.

The firm also recently declared a quarterly dividend, which was paid on Monday, August 7th. Stockholders of record on Tuesday, July 25th were issued a dividend of $0.22 per share. The ex-dividend date of this dividend was Friday, July 21st. This represents a $0.88 dividend on an annualized basis and a dividend yield of 2.01%. Lakeland Financial Corporation’s dividend payout ratio is 39.46%.

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LKFN has been the topic of a number of analyst reports. Keefe, Bruyette & Woods set a $43.00 price objective on Lakeland Financial Corporation and gave the company a “hold” rating in a research note on Tuesday, April 18th. Zacks Investment Research downgraded Lakeland Financial Corporation from a “buy” rating to a “hold” rating in a research report on Friday, April 28th. DA Davidson upgraded Lakeland Financial Corporation from a “neutral” rating to a “buy” rating and set a $49.00 target price on the stock in a research report on Thursday, May 18th. Finally, BidaskClub upgraded Lakeland Financial Corporation from a “sell” rating to a “hold” rating in a research report on Friday, June 9th.

In other news, insider Eric H. Ottinger sold 1,899 shares of Lakeland Financial Corporation stock in a transaction on Tuesday, August 8th. The stock was sold at an average price of $46.28, for a total transaction of $87,885.72. Following the transaction, the insider now owns 21,500 shares in the company, valued at $995,020. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, EVP Michael E. Gavin sold 2,500 shares of Lakeland Financial Corporation stock in a transaction on Monday, May 22nd. The shares were sold at an average price of $42.93, for a total value of $107,325.00. Following the transaction, the executive vice president now owns 2,018 shares in the company, valued at approximately $86,632.74. The disclosure for this sale can be found here. Insiders have sold 4,999 shares of company stock worth $220,777 in the last quarter. 5.00% of the stock is currently owned by corporate insiders.

Lakeland Financial Corporation 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.

Want to see what other hedge funds are holding LKFN? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Lakeland Financial Corporation (NASDAQ:LKFN).

Institutional Ownership by Quarter for Lakeland Financial Corporation (NASDAQ:LKFN)

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