Lakeland Financial (NASDAQ:LKFN) Director Robert Bartels, Jr. Acquires 1,918 Shares of Stock

Lakeland Financial Corporation (NASDAQ:LKFN) Director Robert Bartels, Jr. bought 1,918 shares of the firm’s stock in a transaction on Friday, November 6th. The shares were bought at an average cost of $61.09 per share, with a total value of $117,170.62. Following the transaction, the director directly owned 30,376 shares of the company’s stock, valued at approximately $1,855,669.84. This trade represents a 6.74% increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Lakeland Financial Price Performance

Shares of LKFN opened at $62.20 on Tuesday. The company has a market capitalization of $1.54 billion, a PE ratio of 13.92 and a beta of 0.77. The company’s fifty day moving average price is $59.38 and its 200 day moving average price is $59.97. Lakeland Financial Corporation has a one year low of $54.36 and a one year high of $64.55.

Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings data on Monday, October 26th. The financial services provider reported $1.14 EPS for the quarter, topping analysts’ consensus estimates of $1.09 by $0.05. The business had revenue of $73.00 million for the quarter, compared to analyst estimates of $73.74 million. Lakeland Financial had a return on equity of 15.07% and a net margin of 26.51%. The firm’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.03 earnings per share. Analysts anticipate that Lakeland Financial Corporation will post 4.41 earnings per share for the current year.

Lakeland Financial Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 5th. Stockholders of record on Sunday, October 25th were issued a dividend of $0.52 per share. The ex-dividend date was Friday, October 23rd. This represents a $2.08 annualized dividend and a dividend yield of 3.3%. Lakeland Financial’s payout ratio is presently 46.53%.

Hedge Funds Weigh In On Lakeland Financial

A number of large investors have recently added to or reduced their stakes in LKFN. BlackRock Inc. acquired a new stake in shares of Lakeland Financial in the second quarter valued at approximately $224,600,000. Neumeier Poma Investment Counsel LLC acquired a new stake in Lakeland Financial in the 2nd quarter valued at about $30,699,466. NFJ Investment Group LLC acquired a new stake in shares of Lakeland Financial in the second quarter valued at approximately $14,365,000. Bank of America Corp DE bought a new position in Lakeland Financial during the second quarter worth $13,370,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Lakeland Financial during the 2nd quarter worth about $12,857,000. Institutional investors own 81.15% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on LKFN shares. Weiss Ratings restated a “hold (c+)” rating on shares of Lakeland Financial in a research note on Tuesday, October 27th. Keefe, Bruyette & Woods increased their target price on Lakeland Financial from $63.00 to $64.00 and gave the stock a “market perform” rating in a report on Tuesday, October 27th. Stephens raised their price target on shares of Lakeland Financial from $66.00 to $67.00 and gave the company an “equal weight” rating in a report on Wednesday, October 28th. Wall Street Zen cut Lakeland Financial from a “hold” rating to a “sell” rating in a report on Sunday, August 9th. Finally, Raymond James Financial reissued a “market perform” rating on shares of Lakeland Financial in a research note on Tuesday, October 27th. Five analysts have rated the stock with a Hold rating. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $65.67.

Lakeland Financial Company Profile

Lakeland Financial Corporation is a bank holding company headquartered in Warsaw, Indiana, and the parent company of Lake City Bank. The bank traces its history to 1872 and serves individuals, businesses and organizations across northern and central Indiana.

Lake City Bank offers personal and business banking services, including deposit accounts, lending, mortgage financing and digital banking. Its business services include commercial loans, treasury management and other cash-management solutions.