Lakeland Financial (NASDAQ:LKFN) Issues Quarterly Earnings Results

Lakeland Financial (NASDAQ:LKFN) posted its earnings results on Monday. The financial services provider reported $1.16 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.11, Briefing.com reports. Lakeland Financial had a return on equity of 13.77% and a net margin of 23.23%.The business had revenue of $69.80 million during the quarter, compared to analyst estimates of $69.45 million. During the same quarter last year, the company earned $0.94 EPS.

Lakeland Financial Stock Performance

Shares of Lakeland Financial stock opened at $61.30 on Tuesday. The company has a market capitalization of $1.56 billion, a P/E ratio of 16.17 and a beta of 0.73. Lakeland Financial has a 1 year low of $50.00 and a 1 year high of $71.76. The company’s fifty day moving average is $58.62 and its two-hundred day moving average is $61.56.

Lakeland Financial Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Sunday, January 25th will be issued a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date of this dividend is Friday, January 23rd. This is a positive change from Lakeland Financial’s previous quarterly dividend of $0.50. Lakeland Financial’s dividend payout ratio is presently 54.88%.

Analysts Set New Price Targets

Several equities research analysts have recently commented on LKFN shares. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lakeland Financial in a research report on Thursday. Hovde Group downgraded shares of Lakeland Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. Keefe, Bruyette & Woods cut their price objective on shares of Lakeland Financial from $68.00 to $66.00 and set a “market perform” rating for the company in a report on Tuesday, October 28th. Finally, Raymond James Financial restated an “outperform” rating and set a $68.00 price objective (down previously from $74.00) on shares of Lakeland Financial in a research report on Tuesday, October 28th. One equities research analyst has rated the stock with a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, Lakeland Financial presently has a consensus rating of “Hold” and an average target price of $68.67.

Hedge Funds Weigh In On Lakeland Financial

Several institutional investors have recently added to or reduced their stakes in LKFN. State Street Corp grew its stake in shares of Lakeland Financial by 4.4% in the 2nd quarter. State Street Corp now owns 1,354,542 shares of the financial services provider’s stock valued at $83,237,000 after purchasing an additional 57,252 shares during the last quarter. First Trust Advisors LP lifted its holdings in shares of Lakeland Financial by 403.6% during the second quarter. First Trust Advisors LP now owns 383,525 shares of the financial services provider’s stock worth $23,568,000 after purchasing an additional 307,371 shares during the period. Bank of America Corp DE grew its position in Lakeland Financial by 68.8% in the 3rd quarter. Bank of America Corp DE now owns 321,031 shares of the financial services provider’s stock valued at $20,610,000 after buying an additional 130,897 shares during the last quarter. Millennium Management LLC increased its stake in Lakeland Financial by 327.9% in the 1st quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider’s stock valued at $11,848,000 after buying an additional 152,738 shares during the period. Finally, Qube Research & Technologies Ltd raised its position in Lakeland Financial by 44.4% during the 2nd quarter. Qube Research & Technologies Ltd now owns 115,866 shares of the financial services provider’s stock worth $7,120,000 after buying an additional 35,610 shares during the last quarter. Institutional investors and hedge funds own 81.15% of the company’s stock.

About Lakeland Financial

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.