Lakeland Financial (NASDAQ:LKFN) Issues Quarterly Earnings Results
by Amy Steele · The Cerbat GemLakeland Financial (NASDAQ:LKFN – Get Free Report) announced its quarterly earnings data on Monday. The financial services provider reported $1.04 EPS for the quarter, topping the consensus estimate of $1.01 by $0.03, Zacks reports. The business had revenue of $69.71 million for the quarter, compared to analyst estimates of $70.04 million. Lakeland Financial had a net margin of 24.51% and a return on equity of 14.19%. During the same quarter in the previous year, the firm posted $0.78 earnings per share.
Lakeland Financial Stock Up 3.1%
LKFN opened at $61.55 on Tuesday. The company has a market capitalization of $1.56 billion, a price-to-earnings ratio of 15.35 and a beta of 0.72. The firm has a 50-day moving average price of $58.55 and a 200-day moving average price of $58.95. Lakeland Financial has a twelve month low of $53.43 and a twelve month high of $69.40.
Lakeland Financial Announces Dividend
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 5th. Stockholders of record on Saturday, April 25th will be paid a $0.52 dividend. The ex-dividend date is Friday, April 24th. This represents a $2.08 annualized dividend and a dividend yield of 3.4%. Lakeland Financial’s dividend payout ratio (DPR) is presently 51.87%.
Analyst Ratings Changes
LKFN has been the topic of several research reports. Stephens set a $66.00 price objective on shares of Lakeland Financial in a research report on Tuesday, January 27th. Wall Street Zen raised shares of Lakeland Financial from a “sell” rating to a “hold” rating in a research report on Sunday, April 19th. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Lakeland Financial in a research report on Tuesday, April 21st. Finally, Hovde Group lowered shares of Lakeland Financial from an “outperform” rating to a “market perform” rating in a research report on Wednesday, January 7th. One investment analyst has rated the stock with a Buy rating and three have given a Hold rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $68.00.
Check Out Our Latest Analysis on LKFN
Insider Activity
In other news, Director M Scott Welch acquired 10,000 shares of Lakeland Financial stock in a transaction that occurred on Thursday, March 12th. The stock was bought at an average price of $56.23 per share, with a total value of $562,300.00. Following the completion of the purchase, the director owned 212,006 shares in the company, valued at approximately $11,921,097.38. The trade was a 4.95% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Bradley J. Toothaker sold 5,685 shares of the business’s stock in a transaction that occurred on Monday, February 23rd. The shares were sold at an average price of $58.36, for a total transaction of $331,776.60. Following the transaction, the director directly owned 20,178 shares of the company’s stock, valued at approximately $1,177,588.08. This represents a 21.98% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders bought 25,000 shares of company stock valued at $1,419,050 in the last quarter. Corporate insiders own 3.00% of the company’s stock.
Hedge Funds Weigh In On Lakeland Financial
Several hedge funds have recently bought and sold shares of LKFN. First Trust Advisors LP grew its stake in Lakeland Financial by 403.6% during the second quarter. First Trust Advisors LP now owns 383,525 shares of the financial services provider’s stock valued at $23,568,000 after acquiring an additional 307,371 shares in the last quarter. Millennium Management LLC grew its stake in Lakeland Financial by 327.9% during the first quarter. Millennium Management LLC now owns 199,323 shares of the financial services provider’s stock valued at $11,848,000 after acquiring an additional 152,738 shares in the last quarter. Bank of America Corp DE grew its stake in Lakeland Financial by 68.8% during the third quarter. Bank of America Corp DE now owns 321,031 shares of the financial services provider’s stock valued at $20,610,000 after acquiring an additional 130,897 shares in the last quarter. Jane Street Group LLC purchased a new position in Lakeland Financial during the first quarter valued at approximately $6,500,000. Finally, Tudor Investment Corp ET AL purchased a new position in Lakeland Financial during the fourth quarter valued at approximately $5,416,000. Hedge funds and other institutional investors 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.