Lakeland Financial Corporation (NASDAQ:LKFN – Get Free Report) declared a quarterly dividend on Tuesday, October 13th. Stockholders of record on Sunday, October 25th will be paid a dividend of $0.52 per share by the financial services provider on Thursday, November 5th. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.6%. The ex-dividend date is Friday, October 23rd.
Lakeland Financial has raised its dividend payment by an average of 0.1% annually over the last three years and has increased its dividend every year for the last 14 years. Lakeland Financial has a dividend payout ratio of 51.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Lakeland Financial to earn $4.50 per share next year, which means the company should continue to be able to cover its $2.08 annual dividend with an expected future payout ratio of 46.2%.
Lakeland Financial Price Performance
Shares of NASDAQ LKFN opened at $57.02 on Thursday. The stock has a market capitalization of $1.42 billion, a PE ratio of 13.04 and a beta of 0.77. Lakeland Financial has a one year low of $54.36 and a one year high of $64.55. The business’s fifty day moving average price is $59.68 and its 200-day moving average price is $60.28.
Institutional Investors Weigh In On Lakeland Financial
A number of institutional investors and hedge funds have recently made changes to their positions in the business. GAMMA Investing LLC lifted its position in Lakeland Financial by 14.5% during the third quarter. GAMMA Investing LLC now owns 1,934 shares of the financial services provider’s stock valued at $112,000 after purchasing an additional 245 shares during the last quarter. Versant Capital Management Inc grew its stake in Lakeland Financial by 3,327.5% in the 3rd quarter. Versant Capital Management Inc now owns 1,748 shares of the financial services provider’s stock worth $101,000 after buying an additional 1,697 shares in the last quarter. Sequoia Financial Advisors LLC purchased a new position in Lakeland Financial in the 2nd quarter worth approximately $445,000. WINTON GROUP Ltd increased its holdings in shares of Lakeland Financial by 1.1% in the 2nd quarter. WINTON GROUP Ltd now owns 21,407 shares of the financial services provider’s stock worth $1,321,000 after buying an additional 242 shares during the last quarter. Finally, Integrated Wealth Concepts LLC bought a new position in shares of Lakeland Financial in the 2nd quarter worth $41,000. Hedge funds and other institutional investors own 81.15% of the company’s stock.
About Lakeland Financial
Lakeland Financial Corporation is the holding company for Lake City Bank, an Indiana-based community bank headquartered in Warsaw. Founded in 1872, Lake City Bank serves individuals, businesses, nonprofit organizations and municipalities throughout northern Indiana.
The bank provides a broad range of financial products and services, including consumer and commercial deposit accounts, residential and commercial loans, agricultural lending, treasury management and cash-management services.
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