Wall Street analysts expect Lakeland Financial Co. (NASDAQ:LKFN) to announce $45.57 million in sales for the current fiscal quarter, according to Zacks. Three analysts have made estimates for Lakeland Financial’s earnings, with the lowest sales estimate coming in at $44.70 million and the highest estimate coming in at $46.30 million. Lakeland Financial posted sales of $40.32 million in the same quarter last year, which suggests a positive year-over-year growth rate of 13%. The firm is expected to issue its next earnings results on Tuesday, April 24th.
On average, analysts expect that Lakeland Financial will report full-year sales of $45.57 million for the current financial year, with estimates ranging from $186.20 million to $192.00 million. For the next year, analysts forecast that the business will report sales of $202.70 million per share, with estimates ranging from $198.50 million to $207.10 million. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side analysts that that provide coverage for Lakeland Financial.
Lakeland Financial (NASDAQ:LKFN) last announced its earnings results on Thursday, January 25th. The financial services provider reported $0.61 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.61. Lakeland Financial had a net margin of 28.42% and a return on equity of 13.53%. The business had revenue of $44.85 million during the quarter, compared to the consensus estimate of $44.64 million.
Several equities research analysts have weighed in on the stock. BidaskClub downgraded shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Thursday, January 4th. Zacks Investment Research downgraded shares of Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Tuesday, January 2nd. ValuEngine raised shares of Lakeland Financial from a “hold” rating to a “buy” rating in a research note on Thursday, November 30th. Finally, Keefe, Bruyette & Woods reaffirmed a “hold” rating and issued a $50.00 price target on shares of Lakeland Financial in a research note on Friday, December 22nd. Three research analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $52.00.
Shares of Lakeland Financial (LKFN) traded down $0.27 during midday trading on Friday, reaching $48.08. 42,354 shares of the company were exchanged, compared to its average volume of 104,258. Lakeland Financial has a fifty-two week low of $39.68 and a fifty-two week high of $52.43. The company has a market capitalization of $1,219.80, a P/E ratio of 21.53, a PEG ratio of 1.63 and a beta of 0.90. The company has a debt-to-equity ratio of 0.24, a current ratio of 0.97 and a quick ratio of 0.97.
In other Lakeland Financial news, EVP Michael E. Gavin sold 4,558 shares of Lakeland Financial stock in a transaction on Tuesday, February 6th. The shares were sold at an average price of $45.95, for a total value of $209,440.10. Following the completion of the sale, the executive vice president now directly owns 7,800 shares of the company’s stock, valued at $358,410. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, CFO Lisa M. O’neill sold 1,050 shares of Lakeland Financial stock in a transaction dated Monday, March 12th. The shares were sold at an average price of $48.26, for a total transaction of $50,673.00. Following the transaction, the chief financial officer now owns 16,756 shares of the company’s stock, valued at $808,644.56. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 10,768 shares of company stock valued at $502,282. Insiders own 4.40% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Swiss National Bank grew its holdings in shares of Lakeland Financial by 6.3% during the fourth quarter. Swiss National Bank now owns 41,950 shares of the financial services provider’s stock valued at $2,034,000 after buying an additional 2,500 shares during the last quarter. Schwab Charles Investment Management Inc. grew its holdings in shares of Lakeland Financial by 15.9% during the fourth quarter. Schwab Charles Investment Management Inc. now owns 124,142 shares of the financial services provider’s stock valued at $6,020,000 after buying an additional 17,002 shares during the last quarter. OxFORD Asset Management LLP acquired a new position in shares of Lakeland Financial during the third quarter valued at about $881,000. Principal Financial Group Inc. grew its holdings in shares of Lakeland Financial by 69.2% during the third quarter. Principal Financial Group Inc. now owns 14,174 shares of the financial services provider’s stock valued at $690,000 after buying an additional 5,796 shares during the last quarter. Finally, First Trust Advisors LP grew its holdings in shares of Lakeland Financial by 15.1% during the fourth quarter. First Trust Advisors LP now owns 85,516 shares of the financial services provider’s stock valued at $4,147,000 after buying an additional 11,193 shares during the last quarter. Hedge funds and other institutional investors own 70.86% of the company’s stock.
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About Lakeland Financial
Lakeland Financial Corporation is a bank holding company. The Company, through its subsidiary, Lake City Bank (the Bank), provides an array of products and services throughout its Northern and Central Indiana markets. It offers commercial and consumer banking services, as well as trust and wealth management, brokerage, investment and treasury management commercial services.
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