Lakeland Financial (NASDAQ:LKFN) Releases Quarterly Earnings Results, Beats Expectations By $0.05 EPS

Lakeland Financial (NASDAQ:LKFN) posted its earnings results on Monday. The financial services provider reported $1.14 earnings per share for the quarter, beating analysts’ consensus estimates of $1.09 by $0.05, FiscalAI reports. Lakeland Financial had a return on equity of 14.67% and a net margin of 26.04%. The company had revenue of $73.00 million for the quarter, compared to analyst estimates of $73.74 million.

Lakeland Financial Stock Performance

NASDAQ:LKFN opened at $58.39 on Monday. The firm has a market cap of $1.45 billion, a price-to-earnings ratio of 13.39 and a beta of 0.77. Lakeland Financial has a 52 week low of $54.36 and a 52 week high of $64.55. The firm has a 50-day moving average price of $59.15 and a two-hundred day moving average price of $60.31.

Lakeland Financial Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, November 5th. Shareholders of record on Sunday, October 25th will be given a $0.52 dividend. This represents a $2.08 dividend on an annualized basis and a yield of 3.6%. The ex-dividend date of this dividend is Friday, October 23rd. Lakeland Financial’s dividend payout ratio is presently 47.71%.

Analysts Set New Price Targets

LKFN has been the topic of several analyst reports. Weiss Ratings cut Lakeland Financial from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Wall Street Zen lowered Lakeland Financial from a “hold” rating to a “sell” rating in a research report on Sunday, August 9th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat, Lakeland Financial currently has a consensus rating of “Hold” and a consensus target price of $66.50.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana. Through its principal subsidiary, Lake City Bank, the company provides banking and financial services to businesses, individuals, families and nonprofit organizations.

Lake City Bank’s services include commercial and consumer lending, residential mortgages, deposit accounts, treasury management, online and mobile banking, trust and investment management, and other wealth management services. Its commercial banking activities serve companies across a range of industries, while its consumer offerings include personal checking, savings, home lending and other credit products.

Founded in 1872, Lake City Bank has a long history of serving communities in Indiana.