Lakeland Financial Co. (NASDAQ:LKFN) insider Kristin Pruitt sold 300 shares of the company’s stock in a transaction on Thursday, August 16th. The shares were sold at an average price of $50.05, for a total value of $15,015.00. Following the completion of the transaction, the insider now owns 6,400 shares of the company’s stock, valued at approximately $320,320. The sale was disclosed in a filing with the SEC, which is available through the SEC website.
NASDAQ:LKFN traded down $0.13 during trading on Friday, reaching $49.98. The company’s stock had a trading volume of 44,864 shares, compared to its average volume of 85,840. The company has a market capitalization of $1.24 billion, a PE ratio of 20.91, a price-to-earnings-growth ratio of 1.60 and a beta of 0.77. The company has a debt-to-equity ratio of 0.42, a current ratio of 0.99 and a quick ratio of 0.99. Lakeland Financial Co. has a 12 month low of $41.30 and a 12 month high of $52.43.
Lakeland Financial (NASDAQ:LKFN) last announced its quarterly earnings data on Wednesday, July 25th. The financial services provider reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.04. The firm had revenue of $47.23 million during the quarter, compared to the consensus estimate of $47.05 million. Lakeland Financial had a return on equity of 14.83% and a net margin of 29.95%. sell-side analysts anticipate that Lakeland Financial Co. will post 3.06 earnings per share for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, August 21st. Shareholders of record on Tuesday, August 7th will be paid a $0.10 dividend. The ex-dividend date is Monday, August 6th. This represents a $0.40 dividend on an annualized basis and a yield of 0.80%. Lakeland Financial’s dividend payout ratio (DPR) is presently 16.74%.
LKFN has been the subject of a number of recent analyst reports. BidaskClub downgraded Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Friday, April 20th. Zacks Investment Research downgraded Lakeland Financial from a “buy” rating to a “hold” rating in a research note on Wednesday, May 23rd. Boenning Scattergood initiated coverage on Lakeland Financial in a research note on Friday, June 8th. They issued a “neutral” rating for the company. Finally, Keefe, Bruyette & Woods restated a “hold” rating and issued a $51.00 price objective on shares of Lakeland Financial in a research note on Thursday, July 26th. Three analysts have rated the stock with a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average target price of $53.50.
A number of large investors have recently made changes to their positions in the business. BlackRock Inc. grew its stake in Lakeland Financial by 9.0% in the 2nd quarter. BlackRock Inc. now owns 2,071,608 shares of the financial services provider’s stock valued at $99,829,000 after purchasing an additional 171,904 shares during the period. Neuberger Berman Group LLC grew its stake in shares of Lakeland Financial by 9.3% during the 1st quarter. Neuberger Berman Group LLC now owns 1,086,450 shares of the financial services provider’s stock worth $50,227,000 after acquiring an additional 92,780 shares during the period. Dimensional Fund Advisors LP grew its stake in shares of Lakeland Financial by 0.7% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,035,976 shares of the financial services provider’s stock worth $49,924,000 after acquiring an additional 7,379 shares during the period. Victory Capital Management Inc. grew its stake in shares of Lakeland Financial by 0.5% during the 2nd quarter. Victory Capital Management Inc. now owns 953,321 shares of the financial services provider’s stock worth $45,941,000 after acquiring an additional 4,449 shares during the period. Finally, Vaughan Nelson Investment Management L.P. grew its stake in shares of Lakeland Financial by 3.6% during the 1st quarter. Vaughan Nelson Investment Management L.P. now owns 878,934 shares of the financial services provider’s stock worth $40,634,000 after acquiring an additional 30,687 shares during the period. Hedge funds and other institutional investors own 72.32% of the company’s stock.
About Lakeland Financial
Lakeland Financial Corporation operates as the bank holding company for Lake City Bank that provides various banking products and services in Indiana. The company offers various deposit products, including noninterest bearing deposits; interest-bearing checking, savings, and money market deposits; and NOW and demand deposits.
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