Zacks Investment Research cut shares of Lakeland Financial (NASDAQ:LKFN) from a hold rating to a sell rating in a research note issued to investors on Tuesday, Zacks.com reports.

According to Zacks, “LAKELAND FINANCIAL CORP. is a bank holding company engaged in general banking business. “

LKFN has been the topic of a number of other reports. ValuEngine raised shares of Lakeland Financial from a sell rating to a hold rating in a report on Thursday, August 1st. BidaskClub raised shares of Lakeland Financial from a sell rating to a hold rating in a report on Saturday, August 3rd. Finally, Boenning Scattergood reaffirmed a hold rating on shares of Lakeland Financial in a report on Thursday, May 2nd.

Shares of LKFN stock opened at $43.31 on Tuesday. The company has a debt-to-equity ratio of 0.06, a quick ratio of 0.96 and a current ratio of 0.96. The firm has a 50-day moving average price of $45.08. The company has a market cap of $1.10 billion, a PE ratio of 13.84, a price-to-earnings-growth ratio of 1.31 and a beta of 0.94. Lakeland Financial has a 52-week low of $37.79 and a 52-week high of $51.25.

Lakeland Financial (NASDAQ:LKFN) last issued its earnings results on Thursday, July 25th. The financial services provider reported $0.85 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.81 by $0.04. The company had revenue of $50.00 million for the quarter, compared to analysts’ expectations of $49.78 million. Lakeland Financial had a net margin of 33.35% and a return on equity of 16.37%. As a group, research analysts anticipate that Lakeland Financial will post 3.26 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 5th. Shareholders of record on Thursday, July 25th were issued a $0.30 dividend. The ex-dividend date of this dividend was Wednesday, July 24th. This represents a $1.20 annualized dividend and a yield of 2.77%. Lakeland Financial’s dividend payout ratio is currently 38.34%.

In other Lakeland Financial news, insider Kristin Pruitt sold 1,600 shares of the stock in a transaction dated Wednesday, July 31st. The shares were sold at an average price of $46.00, for a total value of $73,600.00. Following the transaction, the insider now directly owns 7,494 shares of the company’s stock, valued at approximately $344,724. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 4.60% of the stock is owned by corporate insiders.

Institutional investors have recently added to or reduced their stakes in the business. BKD Wealth Advisors LLC raised its holdings in Lakeland Financial by 16.6% in the 2nd quarter. BKD Wealth Advisors LLC now owns 51,530 shares of the financial services provider’s stock valued at $2,413,000 after acquiring an additional 7,324 shares during the period. Timucuan Asset Management Inc. FL bought a new position in shares of Lakeland Financial during the first quarter worth approximately $6,538,000. SG Americas Securities LLC bought a new position in shares of Lakeland Financial during the first quarter worth approximately $109,000. Kessler Investment Group LLC increased its holdings in shares of Lakeland Financial by 32.1% during the first quarter. Kessler Investment Group LLC now owns 4,499 shares of the financial services provider’s stock worth $203,000 after purchasing an additional 1,094 shares during the period. Finally, Raymond James Financial Services Advisors Inc. increased its holdings in shares of Lakeland Financial by 21.0% during the first quarter. Raymond James Financial Services Advisors Inc. now owns 39,787 shares of the financial services provider’s stock worth $1,799,000 after purchasing an additional 6,917 shares during the period. 74.14% of the stock is currently owned by hedge funds and other institutional investors.

About Lakeland Financial

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.

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