Wall Street brokerages expect Lakeland Financial Co. (NASDAQ:LKFN) to post $55.25 million in sales for the current fiscal quarter, according to Zacks. Two analysts have made estimates for Lakeland Financial’s earnings, with the lowest sales estimate coming in at $53.50 million and the highest estimate coming in at $57.00 million. Lakeland Financial reported sales of $53.03 million during the same quarter last year, which indicates a positive year over year growth rate of 4.2%. The firm is expected to report its next earnings results before the market opens on Monday, October 25th.
According to Zacks, analysts expect that Lakeland Financial will report full year sales of $222.55 million for the current fiscal year, with estimates ranging from $219.10 million to $226.00 million. For the next year, analysts expect that the company will post sales of $221.30 million, with estimates ranging from $217.60 million to $225.00 million. Zacks Investment Research’s sales averages are a mean average based on a survey of sell-side analysts that cover Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last issued its quarterly earnings results on Sunday, July 25th. The financial services provider reported $0.95 EPS for the quarter, beating analysts’ consensus estimates of $0.86 by $0.09. Lakeland Financial had a return on equity of 14.44% and a net margin of 39.42%. The firm had revenue of $55.00 million for the quarter, compared to analysts’ expectations of $54.25 million.
Shares of NASDAQ:LKFN traded up $0.08 during midday trading on Wednesday, reaching $73.82. 67,384 shares of the company traded hands, compared to its average volume of 161,452. The company has a quick ratio of 0.90, a current ratio of 0.90 and a debt-to-equity ratio of 0.11. Lakeland Financial has a 12 month low of $43.54 and a 12 month high of $77.05. The firm has a market capitalization of $1.87 billion, a price-to-earnings ratio of 19.90 and a beta of 0.85. The firm’s fifty day moving average price is $68.63 and its two-hundred day moving average price is $65.22.
The firm also recently announced a quarterly dividend, which was paid on Thursday, August 5th. Shareholders of record on Friday, July 23rd were paid a $0.34 dividend. The ex-dividend date was Thursday, July 22nd. This represents a $1.36 dividend on an annualized basis and a yield of 1.84%. Lakeland Financial’s dividend payout ratio is currently 41.21%.
In other news, EVP Kristin Pruitt sold 375 shares of the company’s stock in a transaction dated Friday, September 3rd. The stock was sold at an average price of $68.00, for a total value of $25,500.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Jonathan P. Steiner sold 3,000 shares of the company’s stock in a transaction dated Monday, August 16th. The stock was sold at an average price of $70.39, for a total value of $211,170.00. Following the completion of the transaction, the senior vice president now owns 2,000 shares of the company’s stock, valued at $140,780. The disclosure for this sale can be found here. Insiders sold a total of 6,625 shares of company stock worth $471,423 over the last 90 days. Corporate insiders own 4.40% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Indiana Trust & Investment Management CO purchased a new stake in Lakeland Financial during the 3rd quarter valued at about $219,000. Man Group plc purchased a new stake in Lakeland Financial during the 1st quarter valued at about $230,000. Teacher Retirement System of Texas purchased a new stake in Lakeland Financial during the 2nd quarter valued at about $209,000. Prudential Financial Inc. purchased a new stake in Lakeland Financial during the 1st quarter valued at about $237,000. Finally, Amalgamated Bank purchased a new stake in Lakeland Financial during the 2nd quarter valued at about $216,000. Hedge funds and other institutional investors own 74.09% of the company’s stock.
About Lakeland Financial
Lakeland Financial Corp. is a bank holding company, which engages in the provision of banking products and services. It offers commercial and consumer banking, trust and wealth management, brokerage, and treasury management commercial services. The company was founded on February 8, 1983 and is headquartered in Warsaw, IN.
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