California Public Employees Retirement System reduced its stake in shares of Lakeland Financial Co. (NASDAQ:LKFN) by 75.6% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 10,885 shares of the financial services provider’s stock after selling 33,666 shares during the quarter. California Public Employees Retirement System’s holdings in Lakeland Financial were worth $671,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently modified their holdings of the company. Man Group plc bought a new position in shares of Lakeland Financial in the first quarter worth $230,000. Teacher Retirement System of Texas bought a new position in shares of Lakeland Financial in the second quarter worth $209,000. Prudential Financial Inc. bought a new position in shares of Lakeland Financial in the first quarter worth $237,000. Royal Bank of Canada grew its stake in shares of Lakeland Financial by 597.5% in the first quarter. Royal Bank of Canada now owns 3,983 shares of the financial services provider’s stock worth $275,000 after purchasing an additional 3,412 shares in the last quarter. Finally, Campbell & CO Investment Adviser LLC acquired a new stake in shares of Lakeland Financial in the second quarter valued at $356,000. Hedge funds and other institutional investors own 74.09% of the company’s stock.
Several brokerages have recently weighed in on LKFN. Stephens restated an “equal weight” rating and issued a $58.91 price objective (down previously from $70.00) on shares of Lakeland Financial in a report on Tuesday, July 27th. Zacks Investment Research upgraded Lakeland Financial from a “hold” rating to a “buy” rating and set a $79.00 price objective for the company in a report on Thursday, September 30th.
Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings data on Sunday, October 24th. The financial services provider reported $0.94 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.93 by $0.01. Lakeland Financial had a return on equity of 14.44% and a net margin of 39.42%. During the same period in the prior year, the company posted $0.89 earnings per share. As a group, sell-side analysts expect that Lakeland Financial Co. will post 3.72 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Friday, November 5th. Shareholders of record on Monday, October 25th will be given a $0.34 dividend. This represents a $1.36 annualized dividend and a yield of 1.89%. The ex-dividend date of this dividend is Friday, October 22nd. Lakeland Financial’s payout ratio is currently 41.21%.
In other news, EVP Kristin Pruitt sold 375 shares of the stock in a transaction dated Friday, September 3rd. The stock was sold at an average price of $68.00, for a total transaction of $25,500.00. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, EVP Michael E. Gavin sold 3,000 shares of the stock in a transaction dated Thursday, August 12th. The shares were sold at an average price of $72.54, for a total value of $217,620.00. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 6,625 shares of company stock worth $471,423. Insiders own 4.40% of the company’s stock.
About Lakeland Financial
Lakeland Financial Corp. is a bank holding company, which engages in the provision of banking products and services. It offers commercial and consumer banking, trust and wealth management, brokerage, and treasury management commercial services. The company was founded on February 8, 1983 and is headquartered in Warsaw, IN.
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