Lakeland Financial (NASDAQ:LKFN) Issues Quarterly Earnings Results, Beats Expectations By $0.11 EPS

by · The Cerbat Gem

Lakeland Financial (NASDAQ:LKFN – Get Free Report) issued its earnings results on Monday. The financial services provider reported $1.16 earnings per share for the quarter, topping the consensus estimate of $1.05 by $0.11, Briefing.com reports. The company had revenue of $69.80 million during the quarter, compared to the consensus estimate of $69.45 million. Lakeland Financial had a net margin of 24.51% and a return on equity of 14.41%. During the same quarter in the prior year, the firm posted $0.94 EPS.

Lakeland Financial Trading Down 2.1%

Shares of LKFN opened at $60.02 on Wednesday. Lakeland Financial has a twelve month low of $50.00 and a twelve month high of $70.80. The firm has a market capitalization of $1.53 billion, a price-to-earnings ratio of 14.97 and a beta of 0.73. The firm’s fifty day simple moving average is $58.69 and its 200-day simple moving average is $61.53.

Lakeland Financial Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, February 5th. Stockholders of record on Sunday, January 25th will be given a dividend of $0.52 per share. This is a boost from Lakeland Financial’s previous quarterly dividend of $0.50. This represents a $2.08 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date of this dividend is Friday, January 23rd. Lakeland Financial’s dividend payout ratio is presently 54.88%.

Analyst Ratings Changes

A number of brokerages recently issued reports on LKFN. Keefe, Bruyette & Woods decreased their price target on Lakeland Financial from $68.00 to $66.00 and set a “market perform” rating for the company in a research note on Tuesday, October 28th. Raymond James Financial reiterated an “outperform” rating and issued a $68.00 target price (down from $74.00) on shares of Lakeland Financial in a report on Tuesday, October 28th. Stephens set a $66.00 price objective on Lakeland Financial in a report on Tuesday. Weiss Ratings restated a “hold (c)” rating on shares of Lakeland Financial in a report on Thursday, January 22nd. Finally, Hovde Group lowered shares of Lakeland Financial from an “outperform” rating to a “market perform” rating in a report on Wednesday, January 7th. One equities research analyst has rated the stock with a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $68.00.

Check Out Our Latest Stock Analysis on LKFN

Institutional Investors Weigh In On Lakeland Financial

Several large investors have recently modified their holdings of LKFN. Osaic Holdings Inc. lifted its position in Lakeland Financial by 186.0% during the 2nd quarter. Osaic Holdings Inc. now owns 469 shares of the financial services provider’s stock worth $29,000 after acquiring an additional 305 shares during the period. EverSource Wealth Advisors LLC grew its holdings in Lakeland Financial by 1,212.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 630 shares of the financial services provider’s stock valued at $39,000 after buying an additional 582 shares during the last quarter. Dynamic Technology Lab Private Ltd purchased a new position in Lakeland Financial during the first quarter worth $215,000. Jump Financial LLC purchased a new stake in shares of Lakeland Financial in the second quarter valued at $226,000. Finally, Engineers Gate Manager LP purchased a new stake in shares of Lakeland Financial in the second quarter valued at $254,000. 81.15% of the stock is owned by institutional investors and hedge funds.

About Lakeland Financial

(Get Free Report)

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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