M Scott Welch Acquires 5,000 Shares of Lakeland Financial (NASDAQ:LKFN) Stock

Lakeland Financial Corporation (NASDAQ:LKFN) Director M Scott Welch purchased 5,000 shares of Lakeland Financial stock in a transaction dated Monday, March 9th. The stock was bought at an average cost of $55.45 per share, for a total transaction of $277,250.00. Following the completion of the purchase, the director directly owned 54,000 shares in the company, valued at approximately $2,994,300. This trade represents a 10.20% increase in their position. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

M Scott Welch also recently made the following trade(s):

• On Friday, February 27th, M Scott Welch acquired 10,000 shares of Lakeland Financial stock. The stock was bought at an average price of $57.95 per share, for a total transaction of $579,500.00.

Lakeland Financial Stock Performance

NASDAQ:LKFN opened at $56.75 on Thursday. Lakeland Financial Corporation has a fifty-two week low of $50.00 and a fifty-two week high of $69.40. The company has a 50 day moving average price of $59.29 and a 200 day moving average price of $60.66. The stock has a market capitalization of $1.43 billion, a P/E ratio of 14.15 and a beta of 0.73.

Lakeland Financial (NASDAQ:LKFN) last announced its earnings results on Monday, January 26th. The financial services provider reported $1.07 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.02. Lakeland Financial had a return on equity of 14.19% and a net margin of 24.51%.The company had revenue of $69.80 million for the quarter, compared to analyst estimates of $69.45 million. During the same quarter in the previous year, the company earned $0.94 earnings per share. Research analysts forecast that Lakeland Financial Corporation will post 3.7 earnings per share for the current fiscal year.

Lakeland Financial Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 5th. Investors of record on Sunday, January 25th were issued a $0.52 dividend. The ex-dividend date was Friday, January 23rd. This represents a $2.08 annualized dividend and a dividend yield of 3.7%. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.50. Lakeland Financial’s dividend payout ratio (DPR) is presently 51.87%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Parkside Financial Bank & Trust increased its holdings in Lakeland Financial by 248.0% during the 2nd quarter. Parkside Financial Bank & Trust now owns 442 shares of the financial services provider’s stock worth $27,000 after purchasing an additional 315 shares during the period. Osaic Holdings Inc. boosted its stake in shares of Lakeland Financial by 186.0% in the 2nd quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider’s stock valued at $29,000 after buying an additional 305 shares during the period. EverSource Wealth Advisors LLC boosted its stake in shares of Lakeland Financial by 1,212.5% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $39,000 after buying an additional 582 shares during the period. Global Retirement Partners LLC grew its position in shares of Lakeland Financial by 118.9% during the fourth quarter. Global Retirement Partners LLC now owns 996 shares of the financial services provider’s stock worth $57,000 after buying an additional 541 shares in the last quarter. Finally, GAMMA Investing LLC grew its position in shares of Lakeland Financial by 80.9% during the third quarter. GAMMA Investing LLC now owns 1,670 shares of the financial services provider’s stock worth $107,000 after buying an additional 747 shares in the last quarter. 81.15% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on LKFN shares. Wall Street Zen upgraded Lakeland Financial from a “sell” rating to a “hold” rating in a report on Sunday. Stephens set a $66.00 price target on shares of Lakeland Financial in a research note on Tuesday, January 27th. Hovde Group cut shares of Lakeland Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Lakeland Financial in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $68.00.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.

Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.