Lakeland Financial Corporation (LKFN) Position Lessened by Ameriprise Financial Inc.
Ameriprise Financial Inc. decreased its position in shares of Lakeland Financial Corporation (NASDAQ:LKFN) by 5.5% during the 2nd quarter, according to its most recent disclosure with the SEC. The firm owned 143,874 shares of the financial services provider’s stock after selling 8,378 shares during the period. Ameriprise Financial Inc. owned 0.58% of Lakeland Financial Corporation worth $6,601,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also recently made changes to their positions in the company. SG Americas Securities LLC purchased a new position in shares of Lakeland Financial Corporation during the first quarter valued at approximately $102,000. BNP Paribas Arbitrage SA lifted its stake in shares of Lakeland Financial Corporation by 1,811.5% during the second quarter. BNP Paribas Arbitrage SA now owns 3,154 shares of the financial services provider’s stock valued at $145,000 after buying an additional 2,989 shares during the period. Airain ltd purchased a new position in shares of Lakeland Financial Corporation during the second quarter valued at approximately $229,000. Prudential Financial Inc. lifted its stake in shares of Lakeland Financial Corporation by 1.5% during the first quarter. Prudential Financial Inc. now owns 5,272 shares of the financial services provider’s stock valued at $228,000 after buying an additional 80 shares during the period. Finally, Legal & General Group Plc lifted its stake in shares of Lakeland Financial Corporation by 2.7% during the second quarter. Legal & General Group Plc now owns 5,932 shares of the financial services provider’s stock valued at $272,000 after buying an additional 156 shares during the period. 69.31% of the stock is currently owned by institutional investors and hedge funds.
In related news, Director M Scott Welch purchased 4,443 shares of the firm’s stock in a transaction that occurred on Wednesday, September 6th. The stock was acquired at an average cost of $42.30 per share, for a total transaction of $187,938.90. Following the completion of the acquisition, the director now owns 112,148 shares in the company, valued at approximately $4,743,860.40. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Eric H. Ottinger sold 1,899 shares of the firm’s stock in a transaction that occurred 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 sale, the insider now owns 21,500 shares of the company’s stock, valued at $995,020. The disclosure for this sale can be found here. Over the last 90 days, insiders have purchased 10,613 shares of company stock valued at $447,131 and have sold 3,149 shares valued at $142,334. Company insiders own 5.00% of the company’s stock.
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Lakeland Financial Corporation (NASDAQ LKFN) opened at 48.61 on Thursday. Lakeland Financial Corporation has a 12 month low of $33.98 and a 12 month high of $49.48. The company’s 50-day moving average is $46.23 and its 200 day moving average is $45.20. The firm has a market cap of $1.22 billion, a price-to-earnings ratio of 21.80 and a beta of 0.86.
Lakeland Financial Corporation (NASDAQ:LKFN) last posted its quarterly earnings results on Tuesday, July 25th. The financial services provider reported $0.60 EPS for the quarter, topping the consensus estimate of $0.55 by $0.05. The business had revenue of $42.61 million during the quarter, compared to analysts’ expectations of $41.86 million. Lakeland Financial Corporation had a net margin of 30.72% and a return on equity of 13.06%. On average, equities research analysts predict that Lakeland Financial Corporation will post $2.37 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Monday, November 6th. Investors of record on Wednesday, October 25th will be issued a dividend of $0.22 per share. This represents a $0.88 annualized dividend and a dividend yield of 1.81%. The ex-dividend date is Tuesday, October 24th. Lakeland Financial Corporation’s dividend payout ratio is currently 39.46%.
Several brokerages recently issued reports on LKFN. ValuEngine downgraded shares of Lakeland Financial Corporation from a “buy” rating to a “hold” rating in a research note on Monday, October 2nd. Zacks Investment Research raised shares of Lakeland Financial Corporation from a “hold” rating to a “buy” rating and set a $52.00 price objective on the stock in a research note on Tuesday, September 26th. Finally, BidaskClub downgraded shares of Lakeland Financial Corporation from a “hold” rating to a “sell” rating in a research note on Wednesday, July 19th. One analyst has rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $48.00.
About Lakeland Financial Corporation
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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