BidaskClub Downgrades Lakeland Financial (LKFN) to Hold

Lakeland Financial (NASDAQ:LKFN) was downgraded by investment analysts at BidaskClub from a “buy” rating to a “hold” rating in a research note issued to investors on Wednesday, BidAskClub reports.

Several other analysts have also issued reports on LKFN. Boenning Scattergood reissued a “hold” rating on shares of Lakeland Financial in a report on Thursday, May 2nd. Zacks Investment Research raised Lakeland Financial from a “sell” rating to a “hold” rating in a research note on Tuesday, January 22nd. Finally, ValuEngine raised Lakeland Financial from a “sell” rating to a “hold” rating in a research note on Friday, January 25th. Five analysts have rated the stock with a hold rating, The stock currently has a consensus rating of “Hold” and a consensus price target of $52.50.

Lakeland Financial stock opened at $47.03 on Wednesday. The firm has a market cap of $1.20 billion, a P/E ratio of 15.03, a PEG ratio of 1.40 and a beta of 0.92. The company has a debt-to-equity ratio of 0.06, a current ratio of 0.96 and a quick ratio of 0.96. Lakeland Financial has a one year low of $37.79 and a one year high of $51.25.

Lakeland Financial (NASDAQ:LKFN) last posted its quarterly earnings data on Thursday, April 25th. The financial services provider reported $0.84 EPS for the quarter, beating analysts’ consensus estimates of $0.81 by $0.03. The company had revenue of $49.73 million during the quarter, compared to analysts’ expectations of $49.25 million. Lakeland Financial had a return on equity of 16.34% and a net margin of 33.75%. As a group, research analysts anticipate that Lakeland Financial will post 3.3 earnings per share for the current year.

In other news, insider Kristin Pruitt sold 1,500 shares of the firm’s stock in a transaction dated Monday, February 25th. The stock was sold at an average price of $48.41, for a total value of $72,615.00. Following the transaction, the insider now owns 9,094 shares of the company’s stock, valued at $440,240.54. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Eric H. Ottinger sold 2,276 shares of the firm’s stock in a transaction dated Friday, March 15th. The stock was sold at an average price of $47.90, for a total value of $109,020.40. Following the completion of the transaction, the insider now directly owns 27,900 shares in the company, valued at approximately $1,336,410. The disclosure for this sale can be found here. Insiders sold 7,976 shares of company stock worth $383,235 in the last ninety days. Corporate insiders own 4.60% of the company’s stock.

Hedge funds and other institutional investors have recently bought and sold shares of the company. Cresset Asset Management LLC bought a new position in shares of Lakeland Financial in the first quarter worth about $25,000. Migdal Insurance & Financial Holdings Ltd. purchased a new stake in shares of Lakeland Financial during the first quarter worth about $35,000. Advisor Group Inc. grew its position in shares of Lakeland Financial by 264.7% during the first quarter. Advisor Group Inc. now owns 795 shares of the financial services provider’s stock worth $36,000 after purchasing an additional 577 shares in the last quarter. Quantamental Technologies LLC purchased a new stake in shares of Lakeland Financial during the fourth quarter worth about $48,000. Finally, Clean Yield Group purchased a new stake in shares of Lakeland Financial during the fourth quarter worth about $60,000. 72.91% of the stock is currently owned by hedge funds and other institutional investors.

Lakeland Financial Company Profile

Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services. The company accepts various deposit products, such as noninterest bearing, interest-bearing checking, savings, money market, NOW, and demand deposits. Its loan products include commercial and industrial, commercial real estate and multi-family residential, agri-business and agricultural, consumer 1-4 family mortgage, and other consumer loans.

Further Reading: Overbought

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