Lakeland Financial Corporation (NASDAQ:LKFN – Get Free Report)’s stock price crossed above its 200-day moving average during trading on Friday . The stock has a 200-day moving average of $59.21 and traded as high as $61.93. Lakeland Financial shares last traded at $61.83, with a volume of 108,106 shares traded.
Wall Street Analyst Weigh In
LKFN has been the subject of several recent analyst reports. Wall Street Zen upgraded shares of Lakeland Financial from a “sell” rating to a “hold” rating in a research note on Sunday, April 19th. Weiss Ratings upgraded shares of Lakeland Financial from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday, May 29th. Finally, Hovde Group increased their target price on shares of Lakeland Financial from $63.00 to $66.00 and gave the company a “market perform” rating in a report on Tuesday, April 28th. One research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus price target of $66.50.
Read Our Latest Stock Report on Lakeland Financial
Lakeland Financial Price Performance
Lakeland Financial (NASDAQ:LKFN – Get Free Report) last announced its quarterly earnings results on Monday, April 27th. The financial services provider reported $1.04 earnings per share for the quarter, beating analysts’ consensus estimates of $1.01 by $0.03. Lakeland Financial had a return on equity of 14.79% and a net margin of 25.81%.The business had revenue of $69.71 million during the quarter, compared to analysts’ expectations of $70.42 million. During the same quarter last year, the business posted $0.78 earnings per share. As a group, research analysts predict that Lakeland Financial Corporation will post 4.3 EPS for the current fiscal year.
Lakeland Financial Dividend Announcement
The firm also recently announced a quarterly dividend, which was paid on Tuesday, May 5th. Shareholders of record on Saturday, April 25th were issued a dividend of $0.52 per share. This represents a $2.08 annualized dividend and a yield of 3.4%. The ex-dividend date was Friday, April 24th. Lakeland Financial’s dividend payout ratio (DPR) is 48.71%.
Insiders Place Their Bets
In other Lakeland Financial news, EVP Eric H. Ottinger sold 2,136 shares of the company’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $61.49, for a total value of $131,342.64. Following the sale, the executive vice president owned 33,257 shares of the company’s stock, valued at $2,044,972.93. This represents a 6.04% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Steven D. Ross sold 1,281 shares of the stock in a transaction that occurred on Wednesday, May 6th. The shares were sold at an average price of $62.50, for a total transaction of $80,062.50. Following the completion of the sale, the director owned 27,001 shares in the company, valued at $1,687,562.50. This represents a 4.53% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last quarter, insiders sold 9,336 shares of company stock worth $570,251. Insiders own 3.00% of the company’s stock.
Institutional Investors Weigh In On Lakeland Financial
A number of large investors have recently bought and sold shares of LKFN. Bank of America Corp DE increased its position in Lakeland Financial by 4.8% during the first quarter. Bank of America Corp DE now owns 321,410 shares of the financial services provider’s stock worth $18,443,000 after buying an additional 14,584 shares in the last quarter. Royal Bank of Canada lifted its position in shares of Lakeland Financial by 1.7% in the first quarter. Royal Bank of Canada now owns 48,725 shares of the financial services provider’s stock valued at $2,796,000 after acquiring an additional 817 shares in the last quarter. Quantinno Capital Management LP lifted its position in shares of Lakeland Financial by 26.1% in the first quarter. Quantinno Capital Management LP now owns 7,171 shares of the financial services provider’s stock valued at $412,000 after acquiring an additional 1,486 shares in the last quarter. Entropy Technologies LP acquired a new stake in shares of Lakeland Financial during the first quarter valued at $235,000. Finally, Arrowstreet Capital Limited Partnership purchased a new stake in Lakeland Financial during the 1st quarter worth about $483,000. Institutional investors and hedge funds own 81.15% of the company’s stock.
Lakeland Financial Company Profile
Lakeland Financial Corporation is a bank holding company based in Warsaw, Indiana, that operates through its principal subsidiary, Lakeland Bank. The company offers a full range of commercial and consumer banking services, including deposit products such as checking accounts, savings accounts and certificates of deposit, as well as a variety of loan offerings spanning commercial real estate, agricultural, mortgage, consumer and small-business lending.
Originally organized in 1893 as Kosciusko County State Bank, the enterprise reorganized as a bank holding company in 1984 to facilitate strategic growth and diversification.
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